Solid first half year of 2014 for Gasunie

Groningen | press release
  • Income of € 876 million is € 113 million higher than in the first half of 2013, principally due to the termination of the repayment obligation with regard to the method decisions of GTS from the past.
  • Income normalised for the deducted repayment obligation on 2013 income, is € 2 million higher in the first half of 2014.
  • Income from new assets compensates efficiency discounts imposed by the regulator.
  • In the first half of 2014, capacities sold were at the same level as in the same period in 2013.
  • Due to the warm winter, the transported volume (621 TWh) was lower compared to the first six months of the record year of 2013 (752 TWh), which started with a cold winter. This did not have any impact on capacities sold and the related income.
  • At € 357 million, total expenses were 12% lower than in the first half of 2013 (€ 404 million) due to significant lower transport related energy costs.
  • Due to above mentioned developments and also lower financial expenses, the result after taxation increases from € 214 million in the first half of 2013 to € 357 million in the first half of 2014.
  • The normalised result after taxation in the first half of 2013 is € 297 million. In the first half of 2014, there were no effects that required normalisation.

Main developments

  • With two incidents, our safety performance in the field of pipeline damage remains below the signal value of six as set for 2014. The reportable frequency index was 5.3, whereas we had set a signal value of 4.0. Because we want to improve our performance with regard to accidents at work we have drawn up an improvement programme.
  • The large projects, such as the construction of the Beverwijk-Wijngaarden pipeline route, the expansion of the network in North Germany and the multi-year replacement programme, are all on track.
  • On 1 March, the new department Gasunie New Energy was set up. This department focuses on the development of sustainable activities in the field of energy, together with business partners where possible. One of the results so far is the letter of intent for the development of a Power2Gas installation in Delfzijl.
  • On 1 March, Han Fennema started as the new CEO of Gasunie. He succeeded Geert Graaf, who was acting CEO as of 1 September 2013.
  • On 19 May, Gasunie Zuidwending B.V. continued under the name EnergyStock B.V. A new name that better matches the growing international nature of the activities of the gas storage company. This gas storage in Zuidwending allows us to optimally adapt to the growing volatility in the gas and energy market, due to amongst others the expected increase in the supply of sustainable energy.
  • On 3 July, Gate terminal announced expanding its Small-scale LNG activities. The new facility is intended for the distribution of LNG for inland waterway transport, road transport, and industrial use.

Han Fennema, CEO Gasunie, about the results

"In the past half year, Gasunie again contributed to a reliable energy supply in the Netherlands and the surrounding countries. There were no interruptions in gas transport. As for safety, we will take additional measures to reduce the number of accidents at work. Our aim is to achieve a safe, reliable and, above all, affordable energy supply. We are convinced that energy partners will collaborate in new chains in order to make energy supply as a whole more sustainable. Gasunie wishes to play an active part in this endeavour. This year, we have therefore set up a new organisational unit: Gasunie New Energy. Together with partners, we aim to explore the feasibility of sustainable technologies that can be applied on a larger scale.

Together with our partner in Gate terminal, Royal Vopak, we have decided to expand the LNG facilities in Rotterdam. This is an important step towards making LNG more accessible as a clean and efficient fuel for our customers in the transport sector and industry. This expansion will also reinforce the already strong position of the Netherlands as a gas hub for Europe."

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