Powering a world in progress
Elia Facts & Figures 2010 EN
01 • ELIA GROUP
Elia Group - Key figures Consolidated IFRS results (in million €, results per share in €) Revenue
1,037.5
Net profit
123.2
Total assets
5,904
Net profit
2.26
Dividend Number of Elia Group employees (FTE) Length of the networks in kilometres (31/12) Residents (in millions)* * In the area covered by the networks
1.40 1,755.47 18,173 29
02 • ELIA GROUP
Elia Group - Financial ratios
(under IFRS)
Ratios
2010
2009
2008
2007
2006
Pay-out ratio
68.4%
79.4%
63,9%
80.5%
80.8%
Return on equity
7.3%
6.2%
7,6%
5.9%
5.9%
Return on capital employed
6.7%
6.3%
6,5%
6.3%
6.0%
Net debt / Equity
127%
179%
175,8%
159.7%
158.6%
Leverage (Debt / Debt + Equity)
56%
65.8%
63,7%
62.1%
61.9%
EBITDA / Financial charges
3.3
2.5
3,1
3.0
3.0
Net debt / EBITDA
7.6
7.5
7,1
7.1
7.1
EBITDA margin
39.5%
42.5%
44.1%
42.2%
41.1%
EBIT margin
27.2%
29.3%
31.4%
29.3%
28.7%
Net-profit margin
11.9%
10.9%
13.6%
10.6%
10.7%
Dividend yield on equity
4.2%
4.9%
4.9%
4.7%
4.7%
Tax rate
21.4%
19%
21.2%
29.7%
28.2%
Margins
03 • ELIA GROUP
Profile The Elia Group is organised around its two major constituent electricity transmission system operators: Elia in Belgium and 50Hertz Transmission in Germany. In Belgium, Elia comprises two legal entities, Elia System Operator NV/SA and Elia Asset NV/SA, which operate as a single economic entity under the generic name Elia, and a subsidiary, Elia Engineering. Elia, the Belgian transmission system operator, holds licences for its 380 kV to 150 kV national grid and for the 70 kV to 30 kV networks in Belgium’s three regions. 50Hertz Transmission, one of the four German transmission system operators and active in the north and east of Germany, is held jointly by Elia (60%) and Industry Fund Management (IFM) (the remaining 40%). The acquisition was concluded in May 2010 after it had been approved by the EU authorities. The Elia Group is now amongst the top five transmis-
sion system operators in Europe. Through its actions it has set an example in terms of its independence, its role as a driving force behind development of the European market, its commitment to the security of supply of electricity and its contribution to the integration of energy generated from renewable sources. The primary mission of the Elia Group is to ensure the reliable and entirely safe transmission of electricity generated by generation units to consumers connected to its grids in Belgium and Germany (distribution system operators and major industrial consumers). Given its strategic position at the intersection between the electricity markets in the west, east and north of Europe, the Elia Group safely manages electrical power imports, exports and transits on its networks in Belgium and Germany. It is also playing a key role in establishing a fully-fledged electricity market in Europe
04 • ELIA GROUP
through its (direct and indirect) participation in the shareholdings of the APX-Belpex-Endex and EPEX exchanges. The Elia Group also offers a range of consultancy and engineering services to its customers and to the community as a whole. Its approach encompasses respect for the environment and provides support for EU, national and regional sustainable development policies, with the Group ensuring it involves the various stakeholders in its activities at national and European levels. The Elia Group applies the rules relating to corporate governance as well as the provisions of the corporate governance codes applicable to companies quoted on the stock exchange. Elia System Operator has been quoted on the regulated Euronext Brussels market since June 2005.
05 • ELIA GROUP
TenneT GmbH
Berlin
TenneT Amprion Brussels
EnBW TNG
Planned Offshore wind farms Power stations High-voltage lines
06 • ELIA GROUP
The Elia Group’s activities As a transmission system operator, Elia Group has three main, interdependent tasks: Operation of the electrical system Elia constantly monitors the balance of its control area. Since electrical energy cannot be stored, a balance must be continually maintained, in real time, between the quantities of electricity injected into the system and the quantities taken off it (i.e. consumed). Security of supply in Belgium depends on this.
Operation of the infrastructure Elia maintains high-voltage installations: lines, cables, transformers, and so on. Depending on market requirements and given the need for sound operation of the electrical system, Elia operates and upgrades its grid using state-of-the-art technologies.
Market facilitation Elia holds a unique, central position on the national electricity market, enabling it to serve as a market facilitator and implement services and mechanisms to ensure the proper operation and development of the market in continental Europe. Furthermore, by spearheading numerous initiatives, Elia intends to play a key role in the electrical system of Western Europe.
07 • ELIA GROUP
Other activities Elia is also taking action - in Belgium and abroad - to optimise the company’s productivity and capitalise on its existing know-how.
in consortiums such as Friends of the Supergrid. This is a major challenge given the extent of the climate challenges facing us.
Supporting market and of European system integration
A research and development centre serving the Group
The Elia Group is one of the most ”European” system operators and has taken countless initiatives with a view to establishing a European market and a safe and reliable system that will ensure the security of supply of companies and the community.
With an ”R&D” operating at Group level, Elia and 50Hertz intend to continue to play a leading role in building the European system and establishing the European market, and to demonstrate its capacity for innovation to meet the challenges facing the sector.
Leading the way in terms of integrating renewable energy and wind power
A business development centre developing new activities for the Group
The factors mentioned above mean that the two TSOs are ideally positioned to play a strong role in establishing a prospective offshore system. They mainly work in cooperation with NGOs such as the World Wildlife Fund within the Renewables Grid Initiative or
The Elia Group has also set up a business development centre to listen to what the market has to say and to develop consultancy and engineering services that are tailored to the needs of its international customers.
08 • ELIA GROUP
Staff breakdown Elia Group - 31 December 2010 Elia Transmission
Men
Women
Total
7
0
7
7
Supervisory staff
292
74
36
359.6
Employees
646
144
790
770.0
Total
946
218
1,163
1,136.6
50Hertz Transmission
FTE
Management
FTE
Men
Women
Total
Management
4
0
4
-
Supervisory staff
54
9
63
62.5
Employees
435
124
559
556.3
Total
489
133
622
618.8
09 • ELIA GROUP
9
10 • ELIA GROUP
High-voltage grids* Length of the Elia grid as at 1 January 2011 Voltage (kV)
Underground (km)
Overhead (km)
Total (km)
380
-
891
891
220
-
297
297
150
427
2,008
2,435
70
280
2,382
2,662
36
1,927
8
1,935
30
141
22
163
2,775
5,608
8,383
Total
Length of the 50Hertz grid as at 1 January 2011 Voltage (kV)
Underground (km)
Overhead (km)
Total (km)
380
55
6,830
6,885
220
3
2,862
2,865
110
2
23
25
400(DC)
15
-
15
Total
75
9,715
9,790
* Overhead connections: route length / Underground connections: electrical length
11 • ELIA GROUP
Management and supervisory bodies Elia System Operator Elia Asset 100%
CASC 9,46%
HGRT 24,5%
Coreso 22,49%
Elia RE 100%
Eurogrid SCRL 60% Elia Engineering 100%
APX 20%
Eurogrid GmbH 100% 50Hertz Transmission 100%
CAO 12,5%
Coreso 10%
EMCC 20%
50Hertz Offshore 100%
Gridlab GmbH 100%
12 • ELIA GROUP
Board of directors Two new directors (one independent director and one representative of the shareholders) were appointed to sit on the board of directors, following an amendment to the Articles of Association that was adopted by an Extraordinary General Meeting held on 13 January 2011, with a view to increasing the number of directors from 12 to 14, of whom half are independent directors.
Chairman
The boards of directors of Elia System Operator and of Elia Asset are identical, with each comprising 14 members. The directors have no management role within Elia System Operator or Elia Asset. Half of them are independent directors, appointed by the General Meeting and having gained from CREG a positive unanimous opinion on their independence. At the time of the General Meeting held on 10 May 2011, the board of directors had the following composition, with six-year terms of office that will come to an end at the General Meeting in May 2017.
Jennifer Debatisse Jean-Marie Laurent Josi Clement De Meersman Jane Murphy Miriam Maes Johan De Roo Dominique Offergeld Jacques de Smet Leen Van den Neste Claude GrĂŠgoire Steve Stevaert
Luc Van Nevel
Independent
Vice-Chairmen Francis Vermeiren Thierry Willemarck
Publi-T Independent
Directors Publi-T Independent Independent Independent Independent Publi-T Publi-T Independent Arco Publi-T Publi-T
13 • ELIA GROUP
Management Committee Daniel Dobbeni, Chairman and Chief Executive Officer Jacques Vandermeiren, Vice-Chairman and Chief Corporate Officer Jan Gesquière, Chief Financial Officer Hubert Lemmens, Chief Innovation Officer Roel Goethals, Chief Officer European Activities and Participations Frank Vandenberghe,Chief Officer Energy & System Management Markus Berger, Chief Officer Asset Management
14 • ELIA IN BELGIUM
15 • ELIA IN BELGIUM
Elia Transmission* Key figures Consolidated IFRS results
2010
2009
2008
2007
2006
2005
Operating income
763.3
771.3
757.3
731.7
711.5
714.2
EBITDA1
336.8
327.9
334.1
308.5
292.5
295.9
Net profit
94.6
84.0
103.1
77.6
75.9
76.5
Regulated asset base (RAB)2
3,743
3,766
3,764
3,583
3,443
3,443
Average RAB2
3,758
3,765
3,673
3,512
3,442
3,371
Number of employees (31/12)
1,136
1,205
1,231
1,249
1,227
1,221
Length of the grid in kilometres (31/12)
8,383
8,379
8,412
8,406
8,367
8,344
* The criteria relating to 50Hertz Transmission are detailed in a separate publication. 1 EBITDA = Operating income - cost of goods and services - personnel costs - provisions - write-downs 2 Calculated in accordance with Belgian accounting principles (Belgian GAAP)
16 • ELIA IN BELGIUM
Sites Lochristi Lendelede
Antwerp (Merksem) Genk (Stalen) Schaarbeek Brussels
Diegem Liège (Bressoux)
Courcelles (Gouy) Namur Villeroux
Headquarters National Control Centre Regional Control Centre Elia Engineering Service Center
17 • ELIA IN BELGIUM
Investments Investments (IFRS)
In million € 200 180 160
161.2
140 120 100
142.5
141.4
2007
2006
121.5 113.9
80 60 40 20 0 2010
2009
2008
The initial sum of € 146.6 million was revised on the basis of customer projects being postponed.
18 • ELIA IN BELGIUM
Personnel Safety Elia frequency and severity rates 2006-2010
Frequency rate
Severity rate
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
Elia
8.0
2.7
5.1
2.8
1.7
0.18
0.03
0.10
0.14
0.02
Headquarters
2.6
0.0
2.7
0.0
0
0.05
0.0
0.03
0.0
0
Service Area North
14.6
2.8
5.8
5.8
0
0.26
0.02
0.12
0.02
0
Service Area South
17.5
11.3
14.2
8.7
8.4
0.53
0.15
0.35
0.71
0.07
Engineering
3.3
0.0
0.0
0.13
0
0.01
0.0
0.0
0.0
0
19 • ELIA IN BELGIUM
Energy balance The consumption indicator1 for the Elia control area grew by 5.84%, from 81.8 TWh in 2009 to 86.6 TWh in 2010. The monthly values recorded in 2010 were up on the corresponding months of 2009, but were down from the corresponding months of 2008 up to October 2010 inclusive. In 2010 as a whole, consumption was 13.3% up on 2009 in the case of industrial customers connected directly to the Elia grid, and 1.8% up in the case of industrial, business and residential customers of the distribution system operators. However, it was still 1% lower than in 2008. Updated value - June 2011
1 The Elia consumption indicator covers most of electricity consumption in Belgium. It includes all the generation facilities connected to the Elia grid plus the net import-export balance. The share of consumption supplied directly by generation units connected to the distribution systems is not included in the indicator.
20 • ELIA IN BELGIUM
21 • ELIA IN BELGIUM
Year: 2010 (All values in GWh)
Imports
Exports
France:
3,167.0
France:
5,409.0
Luxembourg:
1,845.8
Luxembourg:
1,121.5
Netherlands:
7,382.7
Netherlands:
5,313.3
Net imports
551.7
Net generation
Consumption*
Generation:
76,545.2
Direct customers:
Local generation:
9,068.9
Distribution:
56,110.8
Injection by DSOs:
697.0
Total:
85,287.4
Total
86,311.2 Energy losses: 1,575.4
* Consumption on the Elia grid, including the consumption from local generation facilities.
29,176.7
22 • ELIA IN BELGIUM
Changes in monthly consumption The maximum rate of consumption on the Elia grid in 2010 was 13,845 MW, according to the value recorded on 1 December 2010 between 5.45 p.m. and 6 p.m. This is 1.4% below the all-time record, set on 17 December 2007 (14,040 MW), but is 2.3% above the maximum value recorded in 2009 (13,531 MW, dating from 8 January 2009). The lowest rate of consumption (6,278 MW) was recorded on 25 July 2010 (between 6.15 a.m. and 6.30 a.m.). This was 6.4% above the lowest rate of consumption in 2009 (5,901 MW, recorded on 26 July 2009).
Gwh/month
°C
9,00
25,00
8,00 20,00 7,00 6,00
15,00
5,00 10,00 4,00 3,00
5,00
2,00 0,00 1,00 0,00
-5,00 Jan
Energy 2009 (GWh)
Feb
March April
Energy 2010 (GWh)
May
June
July
Aug
Sept
Average temperature 2009
Oct
Nov
Dec
Average temperature 2010
23 • ELIA IN BELGIUM
Imports and exports Monthly in 2010 / physical border flows Imports
Exports
January February March April May June July August September October November December -2.000
-1.500
-1.000
Exchanges with France
-500
0
Exchanges with the Netherlands
500
1.000
Exchanges with Luxembourg
1.500
24 • ELIA IN BELGIUM
Reliability Security of supply remained at a high level in 2010. • The average number of interruptions on the Elia grid per consumer (Average Interruption Frequency)2 was 0.129, equivalent to one interruption per customer every 7.8 years. • The average duration of interruptions was 37 minutes 24 seconds. • Spread across all customers, the average duration of interruptions was 4 minutes 51 seconds per customer (Average Interruption Time)1, equivalent to an average availability of more than 99.999%, which is higher than the average for the last decade. Belgium thereby emerges, year on year, as one of the best countries in Europe in terms of quality of electricity supply.
25 • ELIA IN BELGIUM
Average Interruption Time
Average Interruption Frequency
Average Interruption Duration
Reliability of the Elia grid
Number of days in the year
2006
05:14
0.130
41:23
99.9990%
365
2007
03:32
0.090
39:07
99.9993%
365
2008
03:07
0.080
38:29
99.9994%
366
2009
01:34
0.091
17:12
99.9997%
365
2010
04:51
0.129
37:24
99.9991%
365
In accordance with the international recommendations, the statistics relating to continuity of the electricity supply only include interruptions of more than three minutes. 1 Average Interruption Time indicates the average number of minutes of interruption time for all customers on the Elia grid.
2 Average Interruption Frequency indicates the average number of annual interruptions per customer. A number of 0.09 indicates that each customer experiences an interruption every 11 years. Average Interruption Duration indicates the average duration of a customer interruption.
26 • ELIA IN BELGIUM
Promoting RUE amongst our customers As part of its public service obligations in Flanders, Elia implements an action plan each year aimed at encouraging Rational Use of Energy (RUE) amongst its industrial customers. In this connection, Elia provides its customers with the resources required to make recurrent savings of 2.5% on their primary energy consumption for each MWh supplied, in the case of facilities connected at between 36 kV and 70 kV. The objective set for 2010 was savings of 45.2 GWh of electric power, while savings of 27.1 GWh have been made. A total of 30 projects were launched and our customers undertook to invest in some 52 energy-saving projects. Thanks to the initiatives Elia has taken amongst its industrial customers, cumulative energy savings since 2003 stood at 455 GWh at the end of December 2010, i.e. some 148,000 tonnes of CO2.
27 • ELIA IN BELGIUM
Green certificates Federal and regional legislators have developed market mechanisms aimed at encouraging investments in facilities for generating electricity from renewable energies. These include the �green certificates� awarded to generators by the regulator, vouching for the green credentials of their electricity. Suppliers produce the certificates annually in proportion to their sales, with the proportion being set by law. As a transmission system operator, Elia is required by law to purchase the certificates offered to it at a minimum price. Elia submits these certificates to the market via the power exchange Belpex. The balance between the price at which Elia purchases the certificates and the price at which they are sold on Belpex is covered by a levy on the transmission tariffs.
28 • ELIA IN BELGIUM
Sales of green energy certificates Prices and volumes Number 2,250
â‚Ź/certificate
Green certificates (GC) in Flanders 2,090
2,050 1,850 1,650 1,450 1,250 1,050 850
672
650 450 250 50
981
118.74 117.47
313
258 17-02-06
110.76
25-10-06
02-02-07
663
112
109.13 421
28-09-07
29-02-08
Date of sale
117.52
970
112 363
24-10-08
12-03-09
10-12-09
Price
125.00 120.00 115.00 110.00 105.00 100.00 97 95.00 90.00
20-10-10
Number
Powering a world in progress
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Boulevard de l’Empereur 20 B-1000 Brussels T + 32(0)2 546 70 11 F + 32(0)2 546 70 10 info@elia.be
Designed and written by the Elia Communication Department Graphic design: www.stefandavid.be Content editor: Jacques Vandermeiren - June 2011