FY 2011 Consolidated results New tariffs 2012-2015 in Belgium Outlook 2012
Analyst meeting Brussels February 29th, 2012
1
Disclaimer •
This presentation is only provided for general information purpose about Elia and its activities. The included statements are neither reported results nor other historical information. They are not provided to serve as the basis for any evaluation of Elia, and cannot be binding and/or enforceable upon Elia.
•
As forward-looking statements, they are subject to assumptions, risk and uncertainties, actual future results may differ from those expressed in or implied by such statements.
•
Although Elia uses reasonable cares to present information which is up-to-date to the best of Elia's knowledge, Elia makes no representation or warranty whatsoever as to the adequacy, accuracy, completeness or correctness of such information.
•
Elia will not be liable for any consequences arising from or related to the use or interpretation of the information contained or absent in this presentation.
2
Agenda
1. Summary 2. Highlights 2011 3. Financials 2011 4. Outlook 2012 3
Summary •
Operational highlights • Approved tariffs for period 2012-2015 in Belgium; very good visibility • Full realisation of investment plan; 99,999% network reliability • Building on strengths of Elia-TSO and 50Hertz: AWC project • Mild weather and decentralized generation impacting demand
•
Financials 2011 • Superior results in Belgium and Germany • Dividend: increase with 5% to € 1,47 a share
•
Outlook • Organic growth: RES driven capex on and off-shore • Market integration & Innovation
4
Agenda
1. Summary 2. Highlights 2011 3. Financials 2011 4. Outlook 2012 5
Energy Consumption 9,0
Elia’s network: 83.4 TWh (1)
8,0 7,0 6,0
Economy
•
Mild weather
•
Decentralised generation
TWh
•
5,0 4,0 3,0 2,0 1,0 0,0 jan
feb
mar
apr
may
june 2009
july
aug
2010
2011
jan
feb
sep
oct
nov
dec
6,0
50Hertz’s network: 59.0 TWh
5,0
•
Mild weather
•
Decentralised generation
•
Renewables
TWh
4,0 3,0 2,0
1,0 0,0 mar
apr
may
june 2009
july 2010
aug
sep
oct
nov
2011
(1) The Elia consumption indicator covers the majority of electricity consumption. It includes all production directly connected to the Elia grid plus net import-export balance
6
dec
Investments Non electrical investments, 9% Renewables & generaton localisation, 7%
Elia Transmission: € 130.4 m
Interconnections; 1%
• postponement customer projects
• Reliability: 99,999%
Internal consumption, 24%
Replacements, 59%
Non electrical investments, 8%
Replacements, 7%
Internal consumption, 17%
50Hertz Transmission: € 245.4 m (of which 60% for Elia) • Onshore : € 114,5 m • Offshore : € 130,9 m
Renewables & generaton localisation, 68%
• Reliability: 1,21 incidents per 100km
7
EU Directives and Belgian law
Main changes induced by 3d E-Directive • Full Ownership Unbundling (Certification process)
• Elia’s transmission grid includes North Sea grid(s) • TSO “drawing rights” for ancillary services • CREG full responsibility for tariffs, supply price formulas
• Powers of regulator, TSO roles and responsibilities • Closed distribution system
8
EU Directives and German law
Main changes induced by 3d E-Directive & “Energie Wende” • Full Ownership Unbundling (Certification process)
• 50Hertz responsibility for offshore wind connection in the Baltic Sea • Accelerated planning procedures (one-stop-shop, etc.) • Stronger TSO rights for system security
• National 10-Year-Network-Development-Plan • Powers of regulator, TSO roles and responsibilities
9
Elia tariff settlement for 2012-2015 Main features impacting profit
- Fair remuneration: OLO + (3,5% x Elia Beta) with floor = OLO + 70 bp - Incentives: can be distributed as dividend - Y1:
potential € 25m profit after taxes over 2012-2015
- New Y2:
compensates 35bp difference on fair remuneration - max. 10 % of real replacement capex (approx. € 5m net (budget) per year) - on a project basis: min 90% and max 110% of budget
- Goodwill: to be reserved in equity - net amount after taxes (approx. € 19,6m (budgeted) a year) - After reservation, remunerated at “fair remuneration”
- Transfer pricing agreement confirmed
Among the lowest tariffs in Europe Components of TSO transmission tariffs 2011 (EUR per MWh)
(1)
(1) The data of Macedonia were not available in the beginning of 2011 when the comparison was made for the expected tariffs 2011
11
RES are growing fast‌. leading to important changes 2010 2000 2020
total PV wind
1. Large flows all over Europe
29/02/2012
2. Thousand From a few small largelocal generation generation unitsunits
12
Building on Elia & 50Hertz strenghs First HVDC offshore-grid in the world • up to 6000 MW wind production • 2000 MW interconnector for 4 states • Participation: Eurogrid International (10%) • Partners: Google, Marubeni, Good Energies and Atlantic Grid Developers • Investment: € 2,7m till PJM ISO approval • 12,59% ROE approved by US regulator
+
Consultancy contract for Elia group
13
Agenda
1. Summary 2. Highlights 2011 3. Financials 2011 4. Outlook 2012 14
Segment reporting Elia & 50Hertz Transmission
Elia System Operator NV Economic entity
Elia Asset NV 100%
Elia Engineering 100%
Eurogrid International CVBA 60% Elia Re 100%
CASC 8,33%
HGRT 24,5%
Coreso 22,49%
APX -Endex 20% Eurogrid GmbH 100%
CAO 12,5%
Coreso 10,0%
EMCC 20%
Gridlab GmbH 100%
E offshore A LLC 100%
50Hertz Transmission 100%
Atlantic Grid Investment A Inc 100%
50 Hertz Offshore 100%
Atlantic Grid A Interm. Holdco 10% Atlantic Grid A Operational Holdco
15
Consolidated key figures Elia Group 2011 Elia Group Elia Group Consolidated Consolidated (Elia+60% of 50Hertz) (Elia+60% of 50Hertz) Income statement (€m)
2011
2010
Change in %
Consolidated turnover
1278,4
1037,5
23,2%
REBITDA
448,9
409,4
9,6%
EBITDA
448,9
687,9
-34,7%
REBIT
308,0
281,9
9,3%
Operating profit, including non recurring items (EBIT)
308,8
560,4
-45,0%
Financial result
-128,6
-123,2
4,4%
Taxes
-43,3
-34,0
27,4%
Consolidated net profit, including non recurrent items
137,5
401,7
-65,8%
Consolidated net profit, excluding non recurrent items Profit, including non-recurrent items, per share (€)
137,5 2,28
123,2 7,36
11,6% -69,0%
Profit, excluding non-recurrent items, per share (€)
2,28
2,26
0,9%
Dividend per share
1,47
1,40
5,0%
31-Dec-11
31-Dec-10
Total assets
5.843,8
5.904,0
-1,0%
Equity attributable to the equity holders of the Company
2.046,9
2.007,2
2,0%
Net debt
2.532,9
2.551,4
-0,7%
33,9
33,3
2,0%
60.355.217 60.355.217
60.355.217 54.549.957
0,0% 10,6%
Balance sheet (€m)
Equity per share (€) (based on # of shares at year-end) Total number of shares (end of period) Weighted average number of shares
16
Elia Transmission 2011 Key figures Strong results within a stable regulatory framework IFRS
Change
Income statement (€ million)
2011
2010
In %
Consolidated turnover
801,8
763,3
5,0%
EBITDA (1)
354,0
336,8
5,1%
Operating result (EBIT)
251,7
229,6
9,6%
Financial result
-117,6
-112,6
4,4%
Taxes
-29,8
-20,8
43,3%
Consolidated net profit
105,7
94,6
11,7%
31/12/2011
31/12/2010
Total assets
4.473,8
4.518,1
-1,0%
Net debt
2.448,1
2.385,2
2,6%
Balance sheet (€ million)
(1) EBITDA = EBIT + depreciation + changes in provisions
•
Operating margins positively impacted by higher turnover
•
Financial results negatively impacted by 2010 exceptionals (sale of Belpex)
•
Net profit increased due higher fair remuneration: •
higher Belgian 10year bund (OLO) and
•
no exceptional costs such as in 2010 (capital increase & acquisition costs 50Hertz)
17
Elia Transmission net profit Breakdown of net profit 2011 € 105,7m
2010 € 94,6m
IFRS adjustments Review CREG
22,1 22,4
0,2 9,5 16,2
5,3 7,7
Non regulated Belgian costs
16,2
APX and HGRT Incentive Y factor
63,8 53,5
-1,2 -4,9
Goodwill Fair remuneration
-7,3 -3,2
18
Reconciliation Be GAAP - IFRS IFRS Impact on Net Profit as of 31 December 2011
36,4
12,0 4,6
2,2
1,4
10,1
1,7
10,0
120,0 105,7 83,6
19
50Hertz acquisition case First year yield return IFM Global Infrastructure Fund 100%
Elia (Belgium)
LuxCo (Luxembourg)
60% €278.7m
40% €185.9m
Bank/bond financing € 500m Eurobond € 350m 5-year committed credit facility: – EEG - capex - working capital
€464.6m
•
Elia:
€278.7m
•
IFM:
€185.9m
- Closing: May 19th, 2010
100%
- First dividend paid out by 50Hertz to final shareholders in September 2011 amounts to:
Eurogrid GmbH (Germany) 100%
- Acquisition price:
- Bought with a discount of about 40% to RAB
Eurogrid Int (Belgium) €464.6m
- Acquisition by Elia and IFM in 2010
€ 60.680.000 Fiscal unity
50Hertz
•
Of which for Elia : € 36.408.000
•
Of which for IFM : € 24.272.000
Net return for Elia on Acquisition price of 50Hertz Offshore
Other minority subsidiaries
€278.7m amounts to
13,06% yield
20
Incentive Y-factor 2008-2011 Gross Y-factor - actuals
Net Y-factor - actuals
8,0
9,6 282,4
CREG review
7,7
28,1
6,3
6,4
Taxes to be paid by the shareholders
5,1
20,0
4,2 4,4
4,4 2008 2008
2009
2010
2011
2009
2010
2011
Total
Total
€ 25 million for period 2008 – 2011 Initial agreement with CREG in 2008
€ 20 million for period 2008-2011 Total contribution to net profit
21
Shortages / Surpluses 2011 & Cumulative Overview cumulative end 2011
Overview surplus/shortage 2011 Grid connection…
Cross border Other Subtotal
-5,1
Year 2008
-22,4
Year 2009
-6,4 -28,8 13,1
Financial result
6,9
Income taxes
12,5
Other
-12,8 -15,7 -22,7
Year 2010
37,1
Year 2011
Total BE gaap
4,8 -9,3
IFRS adjustment
24,6
5,8
Subtotal
38,3
Index
Total IFRS
15,3
0,4
Total
Impact CREG Review
Year 2007
28,6
Ancillary services
Operational delta
Liability
-33,7
Imbalance Subtotal
Asset
Liability
Budget = 675,6
Non controllab Non controllable le costs revenues Budget = 436,3
Tariffs
Asset
4,8
€ 9,4 million of Belgian GAAP to be recovered from future tariffs
-2,6 7,4
(-) : Asset: shortage to be recovered in future tariffs (+) : Liability: surplus to be reimbursed to future tariffs
For 2008-2011: total budget was
almost equal to reality
22
50Hertz Transmission 2011 Key figures IFRS Income statement (€ million) Consolidated turnover REBITDA (excluding non recurring items) EBITDA (1) REBIT (excluding non recurring items) Operating result (EBIT) Financial result Taxes Net profit including non recurring items Net profit excluding non recurring items Balance sheet (€ million) Total assets Net debt
2011 60% consolidated 477,7 94,9 94,9 56,3 56,3 -11,0 -13,5 31,8 31,8 31/12/2011 1.371,6 85,7
2010 Proforma 60% consolidated 475,0 124,1 402,6 85,2 363,7 -16,4 -23,8 323,6 45,0 31/12/2010 1.386,8 166,3
Change in % 0,6% -23,5% -76,4% -33,9% -84,5% -32,9% -43,3% -90,2% -29,3% -1,1% -48,5%
(1) REBITDA = REBIT + depreciation + changes in provisions
•
2011 Turnover in line with 2010
•
EBITDA and EBIT decrease due to one off recognition in 2010 of bargain price adjustment of €286,5 million
•
REBITDA and REBIT decrease due to no one-off auctioning revenues as in 2010 and accounting adjustments of 2010 as well as higher personnel and maintenance costs in 2011 23
50Hertz Transmission net profit Breakdown of net profit decrease compared to 2010 mainly due to malus on Corridor model (impact of nuclear moratorium) and to lower base year profit compensated by EEG bonus and one-off 2010 financing costs for Eurogrid Gmbh
2011 â‚Ź 54,3m
2010 â‚Ź 61,8m
9,8 3,4 9,0
4,7
IFRS adjustments EuG Gmbh 60,0 46,0
EEG & other non profit Base year Other non influencable costs
17,8 26,3 11,0 0,2
Corridor Model
-0,7 -14,4
-18,1
Investment budgets offshore
-25,1
-4,2 -9,6
Investment budgets onshore
24
Reconciliation German GAAP - IFRS IFRS Impact on Net Profit as of 31 December 2011
21,1
18,1 1,5
7,2
4,5
2,6
54,3 44,5
25
Shortages / Surpluses 2011 & Cumulative Overview surplus/shortage 2011 Asset Auction revenues
Asset
Liability 17,1
Volumes
Overview cumulative end 2011
Auction revenues
112,0
30,2
Volumes
Offshore recuperation
Total
-60,0
-45,7
ITC Other
58,0
-38,1
Offshore recuperation Korridor
Liability
5,1 -0,6
Korridor
ITC
-29,0
6,0
-31,9
MEA
Total
33,0
120,0
(-) : Asset: shortage to be recovered in future tariffs (+) : Liability: surplus to be reimbursed to future tariffs
26
Elia Group Financial Debt Position Elia benefits from a strong credit rating and better credit ratios Standard & Poor’s rating: Long Term:
A-
Outlook:
Stable
31-Dec-11 2.532,9 55,27% 3,17 5,59 4,89% 83,02%
Net debt (€m) Leverage (D/D+E) REBITDA/Gross Interest Net debt/REBITDA Average cost of debt % fixed of gross debt
Position as of 31/12/2011
31-Dec-10 2.551,4 55,97% 2,82 6,23 5,24% 83,01%
Maturity 600
Cash Elia
172,6
Cash Eurogrid
213,0
Net debt
Eurobond
-2.000,0
40
500 400
Shareholders' loan
-495,0
EIB
-300,0
Accrued interest
(1)
300
-60,0
Eurogrid bonds
Total
(1)
(1)
500
500
500
500
495
200
-63,5
300 100
-2.532,9
Total
-760,0
(1) Only concerns the 60% consolidated Eurogrid/50Hertz figures
Bonds
Shareholders' loan
EIB loans
2022
2020
2019
2017
(2)
2016
-510,0
0
2015
Credit facilities
2014
-250,0
Commercial Paper
2013
Un-used confirmed facilities
20 0
Eurogrid bonds
(2) Includes € 300m of Elia and 60% of €350m of Eurogrid/50Hertz 27
Dividend Policy Elia Group Elia group’s dividend policy ensures a steady and growing dividend 1,600 1,400
1,27
1,28
1,30
80,8%
80,5%
1,37
1,38
1,40
1,47
90% 85%
1,200 1,00
79,6%
80% 79,3%
,800
75%
,600
70%
,400
68,4%
65%
,200 63,9%
63,1%
,00 2005
2006
2007
2008
Dividend
2009
2010
60%
2011
Pay-out ratio
• Increase in dividend to € 1, 47 per share (+ 5,0%) • Pay-out ratio over 2011 IFRS results amount to 63,1% (impact of 50Hertz dividend) 28
Agenda
1. Summary 2. Highlights 2011 3. Financials 2011 4. Outlook 2012 29
Investments: Outlook 2012 Non electrical investments, 16%
Elia Transmission: € 138,8 m
Renewables & generaton localisation; 10%
Main drivers
Replacements, 42%
• Replacements • Internal demand
Internal consumption, 32%
• RES integration
Non electrical investments, 4%
Replacements, 3%
Internal consumption, 1%
50Hertz Transmission: € 231 m (of which 60% for Elia) • Onshore : € 108 m • Offshore : € 121 m
Renewables & generaton localisation, 92%
Main drivers • RES integration
30
Investments 2012–20 for Elia-TSO Project Brabo in port of Antwerp Reinforcement Baekeland-Mercator-Doel
Decentralised production Meer, Rijkevorsel, Merksplas
Reinforcement North border Additional PST, second circuit Gramme-Van Eyck
HVDC link with UK (Nemo) HVDC interconnection with Germany (Alegro)
Reinforcement “East loop” onshore wind
Reinforcement South border
Grain
1
Zeebrugge Rodenhuize
Doel
IFA
Eeklo Warande Mandarins
Massen hoven
Mercator
Kinroo
2 Izegem Avelgem Weppes
Bruegel
Lixhe Courcelles
Fruges Gavrelle
3
5
Avelin Chevalet Argoeuves
Tihange Achène
4 Pt/ Sambre Mastaing
Penly
6
Paluel La Capelle
Chooz
Barnabos
Aubange
1 : 1 GW DC Warande Zeebrugge Latena Remise 2 : 2*400 kV AC Warande Izegem Lonny
3 : CFD ACCR (composite) Avelin Avelgem + Mastaing Avelgem
Moulaine
Terrier
4 : 1 GW DC Capelle Courcelles Moru
La Herse
Villevaudé 5 : 2*400 kV AC Capelle Courcelles
Seuil Vesle
Plessis 6 : 2*400 kV AC Lonny Achène Chambry Gramme (étude gelée en 2009) Cergy Marne Sud Gassot Mery Sausset
31
Investments 2012–20 for 50Hertz On-shore
Batic Sea
32
Elia’s off-shore in North Sea
33
Elia group Powering a World in Progress
34
Questions & Answers Investors Relations – Contact details Bert Maes Tel: + 32 (0)2/546.72.39 Mail: bert.maes@elia.be Website: http://www.elia.be
35
Appendices
36
Belgium: Mature regulation with fixed tariffs for 4 years 4 year regulatory period (2008-2011; 2012-2015) Classify costs, revenues => controllable & non-controllable NC C
2
Non Tariff
Non Controllable Costs (NC)
Net profit
C Tariff
Controllable Costs (C)
1
Tariff
NC
Net profit
Charges
Revenues
1. Mainly consists of purchases of materials, services and other goods and remuneration except the ancillary services and pension costs for retired employees; 2. Mainly consists of telecom services, third party services, surplus value on sale fixed assets and insurance claims
Belgium: components of the regulated net profit 1. Fair remuneration • Equity remuneration based on formula : Belgian 10year OLO + (3,5% rp * Elia beta with min. of 0,20) • Equity target ratio of 33% of RAB 2. Decommissioning • Goodwill from decommissioning included in tariffs • Reserved for financing future investments (cannot be distributed as a dividend) 3. Incentivisation on controllable costs (Y1) • Ceiling of € 25m = same amount as efficiency gain (X-factor) 4. Incentivisation on replacement capex (Y2) • max. 10 % of real replacement capex (approx. € 5m net (budget) per year) • on a project basis: min 90% and max 110% of budget
5. Transfer pricing agreement • 60% of the margin on the results of foreign consulting activities • Financial participations - in RAB: dividends and surplus values: 60% to Elia and 40% to tariff reductions - outside RAB: All costs and revenues outside Belgian regulation
50Hertz Transmission 31.12.2011 Regulatory framework German GAAP EEG COSTS & OTHER NON PROFIT ITEMS • • • • • •
50Hertz pays all infeed tariff of renewable energy sources within its area This volume of renewable energy is sold on daily basis on EPEX The difference between infeed tariffs & price received on the Power exchange is recovered by “Umlage” (=levies) Fully pass through (T0) In principle always a zero impact on net profit (Exceptional bonus is possible – Malus is impossible) Same treatment in IFRS and HGB
INVESTMENT BUDGETS ONSHORE • • • • • •
Investments realised since RAB base year (not included in Basis year) Costs to recover: Σ [depreciation, cost of debt (60% of CAPEX) and OPEX (0.8 %), Return on investment (40% of the CAPEX à 9.29 %)] Budget approved case by case by BnetzA Fully pass through but T2 mechanism meaning costs incurred are put in revenues only 2 years later Transferred to base year mechanism (see purple column) from start of next regulatory period Same accounting treatment in IFRS and HGB
KORRIDOR MECHANISM (ancillary services) • • • • •
Covers the ancillary services (grid losses, redispatching, balancing costs … ) Fully pass through (with T2 mechanism) with incentive element Incentive element : 1% deviation from budget is pass through, Maximum bonus/malus is 5% of budget; as long as within 5%, 75% of difference is pass through & 25% is for shareholders IFRS : 75% is regulatory asset or liability to be reversed in 2 years (T2) HGB : 75% is only regulatory liability to be reversed in 2 years (no regulatory assets in HGB although netting is allowed since 2011)
39
50Hertz Transmission 31.12.2011 Regulatory framework German GAAP TENNET OFFSHORE COSTS (Recovered through transmission tariffs) • • • •
Tennet offshore costs invoiced to 50HZ, recoverable through 50Hertz transmission tariffs Fully pass through, without remuneration, with T2 mechanism meaning costs invoiced by Tennet will be put in revenues 2 years later; IFRS: this cost will be booked as a regulatory asset no impact on the IFRS bottom line; HGB: no regulatory asset is allowed and therefore difference between Tennet costs of this year minus Tennet costs of 2 years ago leads to a regulatory gap loss
50HZ OFFSHORE COSTS (20,3%) (Recovered through transmission tariffs) • • • • • •
Offshore costs incurred by 50Hz, recovered through 50Hertz transmission tariffs Costs to recover : Σ [depreciation, cost of debt (60% of CAPEX), Opex, trade tax and Return on investment (40% van CAPEX à 9.29 %)] Budget approved case by case by BnetzA Fully pass through withT2 mechanism meaning costs incurred now will be put in revenues 2 years later IFRS: this cost will be booked as a regulatory asset no impact on the IFRS bottom line; HGB: no regulatory asset is allowed and therefore difference between 50Hertz costs of this year minus 50Hertz costs of 2 years ago leading to a regulatory gap loss
50HZ OFFSHORE COSTS (79,7%) (To be invoiced to 3 other TSO‟s) • • • • •
Offshore costs incurred by 50Hertz to be invoiced to three other TSO‟s Costs to recover : Σ [depreciation, cost of debt (60% of CAPEX), Opex, trade tax and Return on investment (40% van CAPEX à 9.29 %)] Budget approved case by case by BnetzA Fully pass through with T0 mechanism meaning costs (see here above) incurred now will be invoiced to 3 other TSO‟s in year T0 Same accounting treatment in IFRS and HGB
40
50Hertz Transmission 31.12.2011 Regulatory framework German GAAP TRANSMISSION ONSHORE BASE YEAR • • • • •
5-year Incentive mechanism based on base year (base year 2006 – Period 2009-2013) Costs to recover: Σ (depreciation, cost of debt (60% of CAPEX), ROE, trade tax and opex) of base year are fixed as revenues for the duration of each 5 year regulatory period This revenue amount evolves with inflation minus productivity factor of 1,25% and minus efficiency factor of 0,04% ROE (7,56% on 40% of Capex until 2005; 9,29% on 40% of CAPEX as from 2005) Same accounting treatment in IFRS and HGB
OTHERS NON INFLUENCABLE COSTS •
This mainly includes „regulatory shortages/surplus‟ – Volumes excess (Pus account, volumes 2007/2008 to give back in 2011) – Auctioning revenues from 2008 which will be given back with a 2 year time delay, building costs subsidies, Strassfurth (only applicable in 2010 and 2011) – No remuneration for shareholders – IFRS : auctioning revenues and volumes are booked as regulatory asset and liability – HGB only recognizes regulatory liability
Eurogrid GMBH • •
Non regulated entity making some profits on the difference between interest income on the shareholder loans to 50Hertz and cash pooling agreement minus the cost of debt for issued Eurobonds Same accounting treatment in IFRS and HGB
41
RES share is growing fast...
3. Which role for nuclear/fossil production units in 2020? Min. take off (summer night) Marginal cost
Max. take off (winter day)
â‚Ź/MWh
Peak units (reserve, incidents) Coo, ‌
f (wind, sun)
P.V.
(priority)
0
1
6
10
13
15
GW
Max. available capacity
Wind
(priority)
Biomass and/or cogeneration (priority - must run)
Nuclear
CCGT
Fossil (coal-gas-fuel)
42
… and consolidation of power exchanges Tennet 56.1%
Gasunie 20.9%
Fluxys 3.0%
Elia Nordpool Spot
20.0%
APX – Endex Belpex
APX Group 100%
BELPEX ´ ´ ´
Tennet 51%
Elia 24.5%
RTE 24.5%
EPEX Spot
HGRT 52,8%
Powernext 50%
EPEX Spot
43
Shortages / Surpluses 2011 & Cumul Overview surplus/shortage 2011 Asset KWK Stassfuhrt
Overview cumul end 2011 Asset
Liability 18,1
Auction revenues MEA
-4,1
Auction revenues
-3,5
Volumes Offshore recuperation
57,9
Offshore recuperation
Total
58,0
-60,0
-21,1 -29,0
-45,9
ITC Other
112,0
Volumes
Korridor Korridor
Liability
5,1 -0,6
ITC
MEA 5,8
Total
6,0
33,0
120,0
(-) : Asset: shortage to be recovered in future tariffs (+) : Liability: surplus to be reimbursed to future tariffs 44