FY 2008 consolidated results
Brussels February 20th, 2009
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 upto-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 Summary Highlights 2008 Financials 2008 Outlook 2009
3
Summary • Highlights 2008 - Results in line with new regulation: higher OLO, incentive, bonus ‘07 - Slight decrease of yearly consumption, mostly due to economic crisis - Full realisation of investment plan; excellent network reliability - Amongst the lowest tariffs in Europe for the 6th year in a row - Growing volume traded on Belpex - European market in progress: CASC, Coreso, ENTSO-E - First consulting contracts
• Financials 2008
- Dividend increased to € 1,37 a share
• Outlook 2009 - Net profit - Capex
4
Agenda Summary Highlights 2008 Financials 2008 Outlook 2009
5
1. Energy Consumption in Elia’s balancing zone Consumption per month
Yearly Energy consumption as seen from Elia’s network decreased slightly to 88 TWh
9000000 8000000 7000000
(88,9 TWh in 2007)
6000000 5000000
2007 2008
4000000
Main reasons • Economic crisis during Q4 (mainly industrial customers)
3000000 2000000 1000000 0 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Imports and exports per month in 2008
• Increasing local generation at customer sites • Increasing generation from renewable sources at distribution level
1000
500
0 Imports from The Netherlands Exports to The Netherlands
-500
Imports from France Exports to France Net Balance
-1000
Net import level increased (mainly from the Netherlands side) with 58,2% to 10,6 TWh (6,7 TWh in 2007)
-1500
No impact on regulated profit -2000 Ja
6
n
b Fe
ar M
A
pr
M
ay
n Ju
Ju
l
Au
g
p Se
ct O
v No
c De
(except cash management)
2. Fixed tariffs for the period 2008-2001 Means strong visibility for the cost basis of Elia’s customers Tariffs for use of the grid and tariffs for ancillary services: comparison 2001 - 2008 16 14 12 10 8 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4)
Onthe380/ 220/ 150kV network
Annual power
7
At transf ormer output tothe70/ 36/ 30kV network
System management
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4) Onthe70/ 36/ 30kV network
Ancillary services
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (Q4) (Q2to Q4) At transf ormer output tomediumvoltage
Loss compensation
•0
8 •Infrastructure •Losses •System Services
•Sweden
•Spain
•Slovenia
•Slovak Rep
•Romania
•Portugal
•Poland
•Norway
•Netherlands
•Lithuania
•Latvia
•Italy
•Ireland
•Hungary
•Greece
•Great Britain
•Germany
•France
•Finland
•Estonia
•Denmark West
•Denmark East
•Czech Republic
•Bulgaria
•Belgium
•Austria
•€ / MWh
Among the lowest tariffs in Europe
•30
•25
•20
•15
•10
•5
•Other regulatory charges
3. Investments 2008 Breakdown CAPEX
• Full realisation of Capex plan 2008
CAPEX 2008 € 161,2 m
• Focus on internal demand as well as for
9% 10%
• Excellent reliability of the network
33%
• supporting local generation at sites of industrial customers • facilitation the connection of co-generation and renewables units
48%44%
Replacements Driven by internal consumption Driven by interconnections with neighbours Driven by import levels & generation localisation
9
Investments 2008: a few examples • Extensions and developments at the port of Antwerp (project BRABO) High-voltage “Petrol” station in Antwerp commissioned - improved reliability - needed by economic development
High-voltage station “Scheldelaan” - extension for the connection of the cogeneration unit of Exxon - commissioned in December 2008
Investments of about € 20m
10
Investments 2008: a few examples •
Renovation of 70 kV stations - Angleur and Liberchies - Investment of about € 15m
•
Google site - Connection to 150 kV station located in Ghlin Petit Marais - Investment of about € 3,3m (repaid by client)
•
Greenwind - Windfarm of 25 MW (10 times 2,5 MW) - Connection to 70 kV station of Solre-Saint Géry - Investment of about € 0,7m (repaid by client)
•
Windvision - Windfarm of 66 MW (11 times 6 MW) - Connection to 70 kV station of Harmignies - Investment of about € 0,6m (repaid by client)
11
Investments 2008: a few examples •
Three phase shifters - Location Van Eyck & Zandvliet high
-voltage station
- Improved control of neighbouring energy flows on the Elia grid for an improved reliability - Optimisation of transmission capacity with interconnected networks - Commissioned at the end of 2008 - Investment of â‚Ź 54 m
12
4. Belgium, among the most interconnected countries YEAR 2008
COMMERCIALLY AVAILABLE IMPORT CAPACITIES
In MEGAWATT (MW)
South
North
Total
Comment
Maximum capacity allocated to the market
3600
1401
5001
Total is 42 % of peak system load of 12001 MW
Yearly average capacity allocated to the market
2532
1350
3882
Total is 39 % of average system load of 10024 MW
Ex ante guaranteed minimum capacity during line works in France
1600
833 (1 day)
2433
Total is 24 % of average system load
3,005 GWh
Netherlands 8,119 GWh
Total energy exchanges 2008-07 2008 Direction Exchanged F B 7,386 GWh B F 2,039 GWh NL B 8,119 GWh B NL 3,005 GWh Lux B 1,629 GWh B Lux 1,518 GWh Total 23,696 GWh
2,039 GWh France 7,386 GWh
13
1,629 GWh 1,518 GWh
Luxembourg
2007 Exchanged Change 8,332 GWh -11,4% 2,322 GWh -12,2% 5,266 GWh 54,2% 5,084 GWh -40,9% 2,084 GWh -21,8% 1,631 GWh -6,9% 24,719 GWh -4,1%
5. Belgian Power Exchange (Belpex) •
32 diversified participants (suppliers, traders, producers)
from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31st, 2008
•
Average daily volume was 30.372 MWh with the following average electricity prices :
•
•
Belix
€70,60 MWh (41,85/MWh)
•
Belix peak (8am-20pm)
€85,18 MWh (53,56/MWh)
•
Belix off-peak (20pm-8am)
€56,02 MWh (30,13/MWh)
Record volume of 77.623 MWh on May 3rd, 2008 equals 31% of average Belgian electricity demand
•
Market coupling induced an average export volume of 1.816 MWh and an high average import volume of 18.582MWh
•
New products : Intraday & Continuous Day ahead market
14
Belpex volume growth since november 06 Volumes BELPEX DAM & Prices BELPEX, POWERNEXT and APX DAM Period: from 21/11/2006 to 31/12/2008
MWh
Volume Belpex
Price Belpex
Price Powernext
Price APX
1.600.000 1.400.000 1.200.000 1.000.000 800.000 600.000 400.000 200.000
20 06 20 1 1 06 20 1 2 07 20 0 1 07 20 02 07 20 03 07 20 0 4 07 20 0 5 07 20 0 6 07 20 07 07 20 08 07 20 09 07 20 1 0 07 20 1 1 07 20 1 2 08 20 01 08 20 02 08 20 03 08 20 0 4 08 20 0 5 08 20 0 6 08 20 07 08 20 0 8 08 20 0 9 08 20 1 0 08 20 11 08 12
0
15
â‚Ź/MWh 100,00 90,00 80,00 70,00 60,00 50,00 40,00 30,00 20,00 10,00 0,00
FR-BE-NE TLC 2008: excellent price convergence Means more competitive wholesale prices in Belgium
Border
Belgian-French border Constrained
Belgian-
Constrained
0,8 %
Dutch border
16
F ≠ B ≠ NL
Unconstrained
Unconstrained F = B ≠ NL
15,4 %
F ≠ B = NL
F = B = NL
14,7 %
69,1 %
6. Update Group structure GDF Suez/ Electrabel
Publi-T
24,35%
Publipart
Freefloat
2.54%
33.01%
40,1%
Elia: A Single Economic Unit Elia System Operator
Licensed System Operator
99.99%
Elia Asset
50.0%
Coreso 12/2008 Real time control of EU flows
14.3%
24.5%
HGRT 12/2001
CASC-CWE 10/2008 4 countries 7 TSOs Auctioning
52,25% shareholder of Powernext
(1) 1 share Publi-T, 1 share Electrabel
17
Network Owner
(1)
60%
Belpex 07/2005 Belgian power exchange
100%
Elia Re 02/2002 Captive reinsurance company
100%
Elia Engineering 12/2003 Engineering consultancy firm
CASC - CWE •
Capacity Allocation Service Company for Central-West Europe (Benelux, France and Germany)
•
First concrete step towards creation of Europe’s largest regional electricity market
•
Equal shareholdership between 7 TSOs : Cegedel Net, Elia, EnBW TNG, E.ON Netz, RTE, RWE TSO, TenneT
•
Incorporated in Luxembourg on Sep 9th, 2008
•
Joint cross-border service company acting as a single auction office
•
First joint auctioning of year and month capacities on the common borders between the five countries was held on Nov 28th, 2009
•
From Spring 2009, also execution of auctions of daily capacities for borders without market coupling
18
CORESO •
Coordination of Electricity System Operators
•
Second concrete step towards creation of Europe’s largest regional electricity market
•
Joint venture, currently between RTE and Elia, based on equal shareholdership and partnership
•
Incorporated in Brussels on Dec 19th, 2008; start of operation foreseen on Feb 16th, 2009
•
The first regional technical coordination centre to be shared by several TSOs in the CWE region
•
National Grid expected to join as full member
•
Interest from Vattenfall Europe Transmission
•
The centre will develop forecast management of electricity transits within the CWE region and will monitor these flows in real time around the clock
19
7. First contracts with third parties Third party services
•
Industrial clients Distribution System Operators
Consulting
•
Marocco, Tunesia, C-Power Gulf Cooperation Council Interconnection Authority
20
8. Update Personnel Experienced employees throughout Elia’s organisation Number of Employees at 31/12/08 : 1,231 (FTE : 1125) Transm ission 7%
Average length of service in Elia: 14 years
Elia Engineering 10% Custom ers & Market 5%
Corporate 31%
21
Grid services 47%
Average age of workforce: 40 years
Agenda Summary Highlights 2008 Financials 2008 Outlook 2009
22
4-year fixed tariff system Implementation of “controllable – non controllable” costs & revenues
TODAY
PAST
NC C
Non Tariff
Costs
Non (2) Tariff
Non Controllable Costs (NC) Tariff Tariff
Controllable (1) Costs ‘(C)
Net profit
Charges
Net profit
Revenues
Charges
Revenues
(1)
Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary services & pension costs for retired employees
(2)
Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance claims
23
‌with netting of costs & revenues Reclassify costs, revenues => controllable & non-controllable NC Non Tariff C Net profit Non Controllable Costs (NC)
(2)
Tariff
C
Tariff
NC
Controllable (1) Costs ‘(C)
Net profit
Charges
Revenues
(1)
Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary services & pension costs for retired employees
(2)
Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance claims
24
X – Y Factor (controllable costs) €m
Budget including CPI
(1)
255,3 251,3
255,3
260,6
-4m -4m
254,6
–6m –6m
265,3 258,3
-7m -7m
248,6
251,3
2009
2010
-8m 262,3
CPI-X (approved)
-8m
254,3
247,3
2008
- X = -25m in total
270,3
-X -Y = -50m in total CPI-X-Y (internal budget)
2011
• Regulator approved € 251,3m net controllable costs for 2008 (255,3m CC minus € 4m imposed cost savings) • Budget Elia : 247,3 mio €
Initial budget
255,3
X factor (costsaving)
-
Y factor (potential outperformance) (1)
25
Controllable non-tariff revenues
4,0
Composition of net profit 1.
2.
3.
Fair remuneration (€ 59m in budget 2008) •
Equity remuneration based on formula
•
Deduction over-depreciation of the past (€ 8,2m net) till Q3 2012
Decommissioning (€ 14m in budget 2008) •
Goodwill from decommissioning included in tariffs
•
Reserved for financing future investments
Incentivisation on controllable costs •
26
Ceiling = same amount as efficiency gain (X-factor)
Overview of Key 2008 IFRS Figures IFRS Income statement (€ million) Consolidated turnover EBITDA (1) Operating result (EBIT) Financial result Taxes Consolidated net profit (incl equity m.) Net profit per share (€) Dividend per share (€) Balance sheet (€ million) Total assets Equity Net debt Equity per share (€) Total number of shares (end of period)
2008 2007 757,3 731,7 334,1 308,5 237,9 214,7 (109,3) (104,0) (27,2) (32,9) 103,1 77,6 2,14 1,62 1,37 1,30 31/12/2008 31/12/2007 4.228,1 3.977,9 1.348,1 1.338,6 2.370,5 2.196,7 28,04 27,85 48.076.949
(1) EBITDA = EBIT + depreciation + changes in provisions
27
48.061.695
Change In % 3,5% 8,3% 10,8% 5,1% -17,3% 32,9% 32,3% 5,4% 6,3% 0,7% 7,9% 0,7% 0,03%
2008 Profit and Loss Bottom-up Approach of Elia’s P&L in 2008 (EUR m): calculation of net profit
654,2
Non tariff
61,2
Tariff Shortfall
18,2
Costs Tariff
677,9
Average RAB 2007 Reference equity (33%) Cost of equity Equity reference remuneration (A)
2008 A 3.673 1.212 (1) 5,62% 68,1
Av. equity / Av. assets Deviation on ref. equity Equity deviation remuneration D-factor (B)
35,93% 36,45% 2,93% (3) 3,45% 5,14% 4,63% 5,5 5,8 -8,2
-8,2
Fair remuneration (A+B+C)
65,5
59,2
Goodwill decommissioning Controllable cost incentive
15,0 4,4
14,2 0,0
1,9
0,0
86,8
73,4
Net profit Belgian GAAP (tariffs)
Net profit
Consolidation Belpex
Charges (1) (2) (3)
28
Revenues
OLO of 4,4414%; Beta of 0,336 and a risk premium of 3,5% Av. Equity =1.319,9 and Av. Assets = 3.673,4 OLO of 4,4414 & deviation rate of 70 bp
(2)
Over-depreciation (C)
Bonus 2007 103,1
2008 E 3.611 1.192 5,17% 61,6
IFRS reconciliation Net profit IFRS
0,3 16,0 103,1
Controllable items : Budget <> Reality
29
17,4
23,8
Budget
Reality
Revenues = 6,4
Total outperformance = € 8,4m
X factor = € 4m
Y profit = € 4,4m
270,7 Reality
Budget
272,7
Costs = -2
First results from increased efficiency
Extra revenues thanks to third party services and first consulting contracts
Reconciliation Be GAAP - IFRS IFRS Impact on Equity and Net Profit as of 31 December 2008 103,1
87,1
(5,6)
2,8
Regulatory Assets
Elia Re
4,1
(5,8)
3,0
Capitalisation Software
Deferred taxes
Other
Net Profit
17,5
31/12/2008 Belgian GAAP
Employee Benefits
72,6
1.367,9
17,8
(1)
15,0
10,7
Elia Re
Others
31/12/2008 IFRS
1.348,1
Equity
(135,9)
31/12/2008 Belgian GAAP
Employee benefits
Regulatory assets
Capitalisation software
(1) Mainly relates to Inventory valuation (€2,6m) and goodwill Bel engineering (€ 6,9m)
30
31/12/2008 IFRS
Regulated Asset Base 2008 Evolution 2008 RAB
3,764,4
3.582,4
132,4 (91,8)
Year-end 2007
Average RAB
(1)
Depreciation Divestm. & Decommissioning
3.512 (1)
31
(18,2)
159,6
Capex
Change in WCR
Year-end 2008
3.673 Includes â&#x201A;Ź 15 million goodwill decommissioning
Working Capital Requirements Changes in Working Capital Requirements (EUR m) 98,8
(1)
18,2
132,4
Shortfall 2008
Total Change in WCR
16,1
2008
(45,6)
44,9
Inventory, trade & all debtors <1 year
(1)
32
Tax receivable, including interests due
Based on Belgian GAAP accounts
Trade creditors & others
Accrued charges & deferred income
Breakdown Costs Evolution of Costs between 2008 and 2007 (EUR m) 654,2
135,0
-2,7%
153,7
+1,9%
138,8
Ancillary services (reserve energy)
150,8
Raw materials, Services & Other goods
+4,2%
114,0
Personnel Expenses (mainly pension funds & inflation)
14,0
-27,8%
19,4
Others
96,2
+2,6%
93,8
Depreciation
109,3
+5,1%
118,8
27,2
2008
33
653,7
-17,3%
104,0 32,9
2007
Financial charges Taxes
Non - Tariff Revenues Breakdown of Non – Tariff Revenues in 2008 and 2007 (EUR m) 68,1 61,2
28,2
16,2
13,0 3,8
(2)
2008 34
-34,6%
43,1
International revenues
(mainly due to lower wholesale price differentials and lower revenues from congestion)
+2,5%
15,8
Fixed assets own construction capitalised
12,3
Telecom & third party services
+5,7%
-3,1
(1)
Others
2007
(1)
In 2007 « others » include € -13m reversal of the regulatory asset as a result of a new collectieve agreement (one-off payment)
(2)
In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable
Tariff Revenues Breakdown of Tariff Revenues in 2008 and 2007 (EUR m) 677,9
653,6
32,7 113,4 20,9
-12,1%
32,3 129,0
-75,
6%
85,6
510,9
Tariffs for ancillary services Tariffs out of previous surpluses
+25,6%
406,7
Tariffs for grid use
9,9
18,2
2008 Tariff shortfall 35
Connection tariffs
2007 0,5 4,9 4,5
Operational Appeal Bonus 2005 Settlement Bonus 2006
Non controllable items : Budget <> Reality
Tariff = + 1,4
Reality
Revenues = - 21,4
Budget
Costs =
Revenues = - 21,4 m
Reality
Budget
Reality
Net profit =
-8,8 m
Tariff = + 1,4 m
Reality
Budget
Net profit = +8,8
Budget
+ 10,6 m
Tariff shortfall = 18,2 m
Costs = 10,6
36
Overview treatment of surpluses Overview of allocation and use of total surpluses In millions of EUR
Surplus 2003 Bonus 2003 Used Total 2003 Surplus 2004 Bonus 2004 Used Total 2004 Surplus 2005 Bonus 2005 Surplus 2006 Used Totaal 2005 Surplus 2006 Malus 2006 Used Totaal 2006
Surpluses/ (Shortages) 134,6 3,2 137,8 118,9 3,5 122,4 35,1 2,3 3,8 41,2 56,2 1,8
2004 25,4 -25,4 0,0
2005 36,4 3,2 -39,6 0,0 28,0 -28,0 0,0 7,4 -7,4 0,0
58,0
Reversal decided by regulator for period 2008-2011 Used Subtotal 359,4 Shortage 2007 -0,5 Bonus 05 & 06 -9,4 Totaal 2007 -9,9 Shortage 2008 -18,2 Total Surplus
331,3
(1) To be allocated by CREG in the next regulatory period
37
2006 36,4
2007 36,4
-36,4 0,0 9,8 3,5 -13,3 0,0
-36,4 0,0 9,8 -9,8 0,0 27,7 2,3 3,8 -33,8 0,0 5,6 -5,6 0,0
2008
2009
2010
23,8
23,8
23,7
23,8
23,8
23,7
22,8
34,0
2011
Total 134,6 3,2 -137,8 0,0 118,9 3,5 -51,1 71,3 35,1 2,3 3,8 -41,2 0,0 56,2 1,8 -5,6 52,4
46,0
123,7 -20,9 102,8 -0,5 -9,4 -9,9 -18,2
50,6 1,8 52,4 20,9 -20,9
-0,5 -9,4 (1) -9,9 -18,2
(1)
74,7
Financial Debt Position Elia benefits from a strong credit rating Standard & Poor’s rating: Long Term:
A-
Outlook:
Stable
2.397,7
2.230,1
2.500 2.000 1.500
350,0
164,2
1000,0
250
883,5 (1)
31/12/2008
31/12/2007
Net debt Leverage (D/D+E)
2.370,4 63,7%
2.196,7 62,1%
Net debt / EBITDA Average cost of debt % Fixed of gross debt
7,1 5,15% 70,0%
7,1 4,99% 73,2%
99,8 Unused Credit lines as of 31/12/08 European Investment Bank Committed bank loan Uncommitted bank loan Commercial paper program
996,8
1.000 500
€ millions
883,5
Amount (€ m) 65 50 80 188
0 31/12/2008 Shareholders' loans ST bank loans
(1)
31/12/2007 Eurobonds EIB + CP + Accrued interests
In September 2009, a shareholders’ loan of € 387,7m will be repaid. This loan together with the short bank loans will be refinanced through a new Eurobond to be launched before September
38
Interest rate Euribor + 5 bp Euribor + 25 bp To be negotiated To be negotiated
Reimbursement schedule till 2022 The duration of the refinancing of â&#x201A;Ź 800 million in 2009 will take into account the several other maturity dates; refinancing will be achieved before September 2009 Reimbursement schedule till 2022
900 800 700
MM â&#x201A;Ź
600 500 400 300 200 100 0 2009
2010
2011
Eurobond
2012 EIB
2013
2014
2015
Synatom
2016
Publi-Part
ING Publi-Part
39
2017
2018
2019
Dexia
2020 ING
2021
2022
Dividend Policy Elia’s dividend policy ensures a steady and growing dividend 2,1 91,8%
In EUR
1,6
1,27
89,6%
1,27
89,9%
1,28
1,30
90%
1,37
85%
1,1 80%
0,6 79,3%
0,1 -0,4
75,7%
2004
2005 Dividend
2006
2007
2008
Pay-out ratio
• Increase in dividend to € 1,37 per share • Pay-out ratio over 2008 Belgian Gaap result is 75,7% (63,9% under IFRS)
40
75% 70%
Agenda Summary Highlights 2008 Financials 2008 Outlook 2009
41
Outlook CAPEX 2009 CAPEX 2009 € 117 m
• Capex = €117 m (€157m initially)
17% 37%
8% 44%
38%
• Main reasons: • Reduced energy consumption due to economic crisis • Delayed projects by industrial customers • Reduction of financing requirements • No impact on regulated profit (ROE remuneration)
42
Replacements
Driven by interconnections with neighbours
Driven by internal consumption
Driven by renewables & generation localisation
Outlook 2009: RAB 3.856 3.764 84
2008
(92)
(17)
Depreciation
Divestm. & Decomm.
(1)
117
Capex
Average 3.673 RAB (1) Contains â&#x201A;Ź 14m of goodwill reduction due to decommissioning
43
Change in WCR
2009
3.810
Outlook 2009 : Fair remuneration Determination of net profit 2009 by the regulator (Belgian GAAP) (3)
Average RAB 2009 Reference equity (33%) Cost of equity (3) Equity reference remuneration (A) (3)
Av. equity / Av. RAB Deviation on reference equity Equity deviation remuneration (3) D-factor (B)
-8,2
Fair remuneration (A+B+C) =(1)
59,3
(3)
(2)
Controllable cost incentive (3) (3) = Y Net profit as set by tariffs
44
35,12% 2,12% (2) 4,63% 3,7
Over-depreciation (C)
Goodwill decommissioning
(1) (2) (3)
CREG 3.810 1.257 5,08% (1) 63,8
(=1+2+3)
14,2 0,0
Not available for profit distribution; â&#x201A;Ź14,2 is the estimated yearly amount for the period 2008-2011
73,5
OLO of 3,9278%; Beta of 0,3301 and a risk premium of 3,5% OLO of 3,9278% and deviation rate of 70bp To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning and real controllable cost savings
New Projects, Services, Activities Major projects investigated pending regulatory approval
•
- 380 kV line towards Belgian coast (off-shore wind energy) - Connection of a future 450 MW power plant in Seneffe - Interconnections with UK, Germany and Luxembourg
Services
•
To be launched in 2009 • Belpex : launch of Green Certificates Exchange • Coreso : 24h real time control of electricity flows in CWE area • CASC : secondary market for cross-border transmission capacity • ENTSO-E : 42 TSOs out 34 European countries Contemplated for 2010 and beyond • Market coupling between Benelux – Germany – France
Activities
•
Pursuing « operational excellence » Consulting and services for third parties, partnership
45
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
46