Press pack Inauguration of the Stublach Underground Natural Gas Storage Facility 14th November 2014 A major industrial project for GDF SUEZ in the UK

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1 Press pack Inauguration of the Stublach Underground Natural Gas Storage Facility 14 th November 2014 A major industrial project for GDF SUEZ in the UK

2 Summary index I - Stublach underground natural gas storage 2 A key asset for UK energy security of gas supply II - Stublach underground natural gas storage 3 New highly flexible salt cavern gas storage for the UK III - Underground natural gas storage 4 Part of the mix ensuring continuity of energy supply IV - Storing gas in salt caverns 5 What does it look like? What is it for? V - Storengy in the UK 6 Safety and responsibility at the heart of all we do VI - Storengy 7 A world leader in underground gas storage A renowned expert in underground energy VII - GDF SUEZ Infrastructures 9 Europe s leader in natural gas infrastructure VIII - GDF SUEZ in the UK 10 A leading player in the UK energy sector Electricity Generation Retail and Trading A major player in the B2B energy services market GDF SUEZ Exploration & Production UK Ltd Contacts 15-1-

3 I. Stublach underground natural gas storage A key asset for the UK security of gas supply Stublach: a key gas installation for the UK The Stublach underground natural gas storage facility is located near Northwich in Cheshire on a 1,040 acre site. When fully developed, Stublach will store up to 400 million cubic metres (mcm) of gas in 20 purpose built salt caverns over 500 metres below ground, providing close to 10% of the current UK underground gas storage capacity. 2 caverns have been commissioned so far and 3 more will be available for storage in 2015/16, bringing the total gas storage volume to circa 100 mcm. When fully operational, Stublach will have the capability to deliver up to 30 mcm of gas per day to the market. It will be will be the largest onshore underground natural gas storage site in the UK. As a very fast-cycle storage, it can offer rapid products to the market and is able to meet seasonal needs as well as peak demand within the day. Commercial operations have now commenced. Stublach benefits from an exemption order granted by Ofgem, allowing various ways to access the market, notably through flexible products offered to third parties. Source: GSE Stublach is a highly valuable facility to ensure flexibility in the gas chain and it will contribute to enhancing UK energy security of supply. Stublach: a UK site supported by the expertise and experience of an international utility company Storengy is a 100% subsidiary of GDF SUEZ. Storengy is working closely with land owner INEOS to develop the caverns. INEOS supplies water and off-takes the brine for use in the local chemical industry. Facilities on Stublach site -2-

4 II. Stublach underground natural gas storage A highly flexible salt cavern storage for the UK With a current 6% gas storage ratio (storage capacity/gas consumption), the UK is well below the EU average of 22%. As the UK becomes more dependent on gas imports and the likelihood of an increasingly flexible demand, new storage sites like Stublach will play an important role to meet the gas market needs. As one of the most flexible facilities in the UK, Stublach will offer an efficient way to mitigate risks of reduced supply from other sources and will be able to respond to market demands. Stublach: key characteristics A very fast-cycle salt cavern storage with high injection and withdrawal rates: up to 30 mcm/day A significant working gas volume reaching up to 400 mcm in 20 caverns Flexible products and services adapted to our customers needs Wide range of fast-cycling and marked-to-market products, allowing users to inject or withdraw their gas many times during the year. Total UK Space (bcm) Delivery (mcm/d) UK UNDERGROUND GAS STORAGES (existing and under construction) Existing Under Construction Total Hatfield Moore Space: 0.07 bcm Delivery: 2 mcm/d Space: 0.2 bcm Delivery: 22mcm/d Space: 0.4 bcm by 2020 Delivery: 30mcm/d by 2020 Space: 0.1 bcm Delivery: 15 mcm/d Space: 0.05 bcm Delivery: 11 mcm/d Holford Stublach Hill Top Farm Hole House Farm Hornsea Albrough Rough Humbly Grove Space: 0.3 bcm Delivery: 18 mcm/d Space: 0.3 bcm Delivery: 40 mcm/d Space: 3.3 bcm Delivery: 41 mcm/d Space: 0.3 bcm Delivery: 7 mcm/d Source: Gas 10 years statement internal Depleted field Salt Cavern Fast Salt Cavern Fast Salt Cavern Projects -3-

5 p/th III. Underground natural gas storage Indispensable during winters in the UK Gas storage plays a key role as a flexible and responsive tool to changing market conditions. Fast-cycle storage is needed in order to: Respond to intermittency in supply (e.g. wind power) or spikes in demand Mitigate price risks Help avoid network congestion. Recent winters in the UK outlined the role of storage to enhance security of supply... Cold snap the 2 first weeks of February 2012 In the UK, storage represented about 20% of total supply but additional withdrawals accounted for more than 70% of total supply-side growth. On 7 th February, spot prices breached 100 pence per therm (with day-ahead at p/th, which compares to 52.6p/th as of 3 rd November 2014) due to reduced Russian supply towards Europe. 50% of European gas supply came from storage. March 2013, coldest in 50 years % Gas Stock Level 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 01/10 01/11 01/12 01/01 01/02 01/03 01/ NBP Day-ahead prices Winter Winter Winter Winter With reduced LNG deliveries, the UK relied heavily on imports from Norway and the continent, especially via the Interconnector UK (IUK) (up to 20% of supplies). An outage on the IUK on 22 nd March sent the day-ahead above 100 p/th for the first time since Storage level fell under 5% in early April /10 01/11 01/12 01/01 01/02 01/03 01/04 Winter Winter and current market dynamics highlights the interest of gas storage. High Summer-Winter spread 2014 The summer/winter spread across Europe has widened significantly. A mild winter in 2013/14 resulted in abundant gas and a weak gas demand drove summer gas prices significantly down, whereas the current geopolitical tensions between Russia and Ukraine are supporting winter 2014 prices. As a consequence, gas storage was a particularly relevant way to mitigate the effect of these price fluctuations. -4-

6 IV. Storing gas in salt caverns What does it look like? What is it for? There are three major types of underground gas storage: salt caverns, aquifers, depleted oil/gas fields. Salt caverns represent around 7% of underground gas storage in the world. The advantage of Salt Caverns is that they provide the fastest deliverability (highest gas injection and withdrawal rates). Salt Caverns offer excellent flexibility: Both for long term seasonal and short term peak gas demand Together with rapid access to gas for electricity markets (Combined Cycle Gas Turbine Electricity Generation) Developing an underground gas storage facility involves the following steps: First the cavern is created, by drilling into the salt strata, then injecting water to dissolve the salt. When fully created the cavern is tested ahead of injecting the gas to displace the brine. Secondly, the gas compression facility is set up, by constructing the gas and electricity infrastructure connections, installing the compression, dehydration (gas drying) and gas metering equipment. gas compression operating well salt cavern rock salt Cemented casing Roofprotecting fluid Water under pressure Brine -5-

7 V. Storengy in the UK Safety and responsibility at the heart of all we do Safety first For Storengy, safety is key. In 2013 and 2014, Storengy UK won a RoSPA* Gold Award. To win a Gold Award, Storengy had to demonstrate a well developed health and safety management system with a culture of outstanding control of risk and a very low level of injury. Over the last 7 years at Stublach nearly 3,000,000 man-hours have been worked constructing the facility. Through out the construction we have delivered a world class safety performance. Stublach: a sustainable and locally integrated development Brine produced through the creation of the caverns is used in the local chemical industry. During the construction work at Stublach, Storengy has taken great care to protect the habitats of endangered species. Great Crested Newts, the most heavily protected species in the UK, live on the agricultural land of the site. With the advice of a local ecologist, Storengy UK has taken special protection measures to secure the movements of the newts between ponds. An enclosure with specially designed plastic fences was set up ahead of the works to keep them safe during the works. Storengy UK aims to benefit the local community and to have a long-term positive effect in the region. Storengy uses the products and services of numerous local companies. Storengy has set up a Local Liaison Committee to meet regularly with the local Councillors and has created a Community Development Fund supporting over 30 local projects. These projects have included a range of improvements to village halls, with its latest project providing equipment for a new sensory room in a local primary school. Stublach gas plant * RoSPA: Royal Society for the Prevention of Accidents -6-

8 VI. Storengy A world leader in underground gas storage Storengy is a subsidiary of GDF SUEZ, part of its Infrastructures business line. Its business is based on recognised expertise in the design and operation of complex industrial sites and rare expertise in underground modelling. Storengy is one of the few operators in the world to combine skills as varied as market analysis, subsurface sciences, drilling and completion techniques, underground reservoir engineering, operation of surface industrial facilities and industrial safety. Relying on this wide range of expertise, Storengy has become one of the world leaders in underground natural gas storage. With nearly 60 years experience and a total worldwide storage capacity of 12.5 billion cubic metres (bcm), Storengy designs, develops and operates all types of storage facilities. It provides its customers with innovative products through its experience in offering sales & marketing services in various markets and their relevant regulatory environments. Storengy develops and operates underground natural gas storage sites in France, Germany and the United Kingdom. Storengy, an internationally recognised partner, is also represented in Canada and China. Additionally, the company provides its industrial know-how and expertise in the field of underground operations to numerous partners around the world for a variety of projects. 22 storage sites in Europe ~1,000 employees 12.5 bcm of total storage capacity ~ 40 clients Key figures 1st storage operator in Europe 3rd largest storage operator in the world 22 storage sites 1,000 employees 12.5 bcm of total storage capacity -7-

9 VI. Storengy A renowned expert in underground energy Storengy is one of the few companies that combine all the expertise necessary for the analysis, development and marketing, as well as the operation, of storage sites for all four technologies available : salt caverns, aquifers, depleted oil/gas fields and Lined Rock Caverns (LRC). Link to the website Geothermal energy Storengy leverages its multi-disciplinary teams and cutting-edge expertise in hydrology, geology, reservoir modelling and well drilling to position itself as a key player within the GDF SUEZ group for the development of geothermal energy. Storengy is involved in all types of geothermal projects, in both heat production and electricity generation. The company can provide expertise: Upstream to assess field potential and develop permit applications During construction to engineer and supervise drilling operations During operation to monitor and optimize production and asset maintenance (for well equipment, in particular). -8-

10 VII. GDF SUEZ Infrastructures Europe s leader in natural gas infrastructures Storengy is part of GDF SUEZ Infrastructures business line. LNG terminals, storage sites, transportation and distribution networks: GDF SUEZ s Infrastructures business line manages the biggest networks and capacities in Europe. It employs 17,660 people and in 2013 its turnover was 6.8 billion. GDF SUEZ, through its independent subsidiaries, is the leader in natural gas infrastructures in Europe: No. 1 in Europe for natural gas storage capacity No. 1 in Europe for natural gas distribution network No. 2 in Europe for natural gas transmission network No. 2 in Europe for regasification capacity in LNG terminals The Group is developing its infrastructures and projects to invest 1.5 to 2 billion euros every year up to Natural gas transport: From the place where natural gas is produced, to distribution over networks and grids, natural gas is routed over transport infrastructures. In line with current regulations, GRTgaz operates, maintains and adapts a transport network of more than 32,000 km in France. LNG terminals: when the gas production site is isolated or too far from the place of consumption to allow gas pipeline transport, natural gas is transported by LNG tankers (Liquefied Natural Gas). Elengy, a GDF SUEZ subsidiary operates three LNG terminals in France. Natural gas storage: to secure supply and provide the necessary flexibility, GDF SUEZ via Storengy, a major player in gas storage, operates 22 underground gas storage sites in France, Germany and the UK. Renowned for its unique expertise, the Group seeks to deploy storage projects in the fast growing markets outside of Europe (China, India) and to capitalize on its subsurface know-how in new areas of activities such as geothermal energy. Natural Gas distribution: to route natural gas up to the point where it will be used, the distribution grid, open to all suppliers, is the last link in the gas supply chain. GrDF operates close to 200,000 km of the gas distribution grid in France. -9-

11 VIII. GDF SUEZ in the United Kingdom A leading player in the UK energy sector In the United Kingdom, GDF SUEZ is playing a leading role in securing energy supplies, building a low-carbon economy and creating a more energy and environmentally efficient business community. GDF SUEZ has been operating in the UK for more than 30 years, delivering market-leading expertise in energy exploration, generation, storage and supply, energyefficiency services and engineering services. In 1963, GDF SUEZ started the commercial operations of its first Power Station at Ffestiniog. This project was the UK's first major pumped storage power facility. Dinorwig power station All 5 GDF SUEZ business lines are present in the UK In 2013, the Group generated over 4.6 billion revenues. With around 19,000 employees in the country, GDF SUEZ stands among the top 8 foreign employers in the UK. GDF SUEZ is active in 19 different companies across the energy chain value in the UK through the following businesses: Exploration & Production Gas storage Power generation Nuclear Renewable energy Retail business Service business

12 VIII. GDF SUEZ in the UK Electricity Generation GDF SUEZ Energy UK-Turkey operates a diverse portfolio of assets, including gas, coal, pumped storage and renewable generation, as well as a retail business, gas distribution and a trading function in the country. GDF SUEZ Energy UK-Turkey employs around approximately 800 people in the UK (and more than 300 in Turkey). Generation business One of major electricity generators with a merchant generation fleet of thirteen operational assets with a total capacity of: 8.2 GW gross capacity in operation (1) 4.9 GW net capacity in operation (1) Represents approx. 6% of the UK installed generation capacity. Five of the power plants and the trading operations are 75% owned by GDF SUEZ and 25% by Mitsui. In March 2014, GDF SUEZ acquired West Coast Energy company, a renewable energy developer, to significantly bolster its pipeline of development opportunities. Asset portfolio 1.Barlockhart 8 MW 2.Blantyre 12 MW 3.Carsington 8 MW 4.Crimp 2 MW 5.Deeside 515 MW 6.Eggborough 1,960 MW 7. First Hydro 2,088 MW 8. Flimby6 MW 9. Indian Queens 129 MW 10. Rugeley 1,026 MW 11. Saltend 1,197 MW 12. Scotia 20 MW 13. Sober 12 MW Pumped storage plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales (First Hydro 2,088 MW). A 70 MW wind generation portfolio is being actively developed by the West Coast Energy affiliate. Gas-fired assets: Deeside facility (515 MW) in Flintshire and Saltend power station (a combined cycle cogeneration plant, CCG) in Hull with a longterm offtake contract to provide steam to local industrial customers. Coal-fired power stations: Rugeley (1,026 MW) Indian Queens (129 MW) and minority interest in Eggborough (1,960 MW). (1) As at 30 June

13 VIII. GDF SUEZ in the UK Retail and Trading Retail Operating in the UK supply market since 1999, GDF SUEZ Energy UK is a retail business, supplying electricity and gas to industrial and commercial customers. 665 million therms gas and 10.4 TWh power portfolio 5,500 business premises with power 5,500 business premises with gas One of the top seven UK suppliers of power and gas to business customers In addition to supplying energy we are a market leader in demand-side services and a growing provider of export contracts and Power Purchase Agreements (PPAs). GDF SUEZ Energy UK also have a 30% ownership interest in Opus Energy, an electricity and gas supplier to around 150,000 small and medium sized business premises, which was established in Trading GDF SUEZ Energy UK-Turkey has a trading business which trades UK power, UK gas, EU carbon and coal, to manage the commodity price exposures associated with its generation assets and retail market position. Trading via IPM Energy Trading Limited Manages the commodity price exposures associated with the generation and retail activities Trading operations -12-

14 VIII. GDF SUEZ in the UK A major player in the B2B energy services market Under its brand Cofely, GDF SUEZ Energy Services is a global player in energy efficiency, multi-technical services and outsourcing for cities, buildings, industry and infrastructures. Our experts design, develop and manage tailored smart and sustainable solutions for our customers benefit. Key figures 1 billion revenue in ,200 employees Asset overview 200 million investment in UK energy infrastructure (energy centres & district energy networks) Management of 2 GW of thermal generation 14,000 sites managed in UK 23.6 million m 2 of space managed Cofely UK: technical Services at Victoria & Albert Museum, London Cofely UK: FM and energy services at Queen Elizabeth Olympic Park Cofely UK: energy Services at BP s Sullom Voe terminal, Shetland Islands Cofely Fabricom GDF SUEZ is an organisation providing high value consultancy, engineering, management and construction expertise and capability to the oil gas, power, chemical and renewables industries. We are one of the leading multi-disciplined engineering, project management and construction organisations in the UK. Key figures 110 million revenue in employees Cofely Fabricom: offshore high voltage substation (OHVS) for offshore windfarm -13-

15 VIII. GDF SUEZ in the UK GDF SUEZ Exploration & Production UK Ltd GDF SUEZ E&P UK Ltd is an increasingly significant player in oil and gas exploration and production in the UK Continental Shelf. Since entering the region in 1997, the company has built up a substantial portfolio of assets in the Central and Southern North Sea, and West of Shetland, comprising more than 50 licenses, 20 of which as operator*. The company entered the UK onshore E&P activity in October 2013 when it agreed to acquire a 25% share in 13 UK onshore licences across the Bowland Shale of Cheshire and the East Midlands. GDF SUEZ E&P UK is operator of the Cygnus development, the largest gas discovery in the Southern Gas Basin and the sixth largest field discovery in the past 25 years in the UKCS in the last 25 years. With gross 2P (proved and probable) reserves of approximately 18 billion cubic metres. First gas is targeted for late Cygnus is located 150 kilometres off the coast of Lincolnshire. *As awarded by DECC (Department of Energy and Climate Change) Key figures Interest in almost 50 offshore licences, 20 as operator Entry in 13 onshore licences with unconventional gas potential Partner in 2 pipeline systems (ETS and CMS) Over 200 staff in offices in London and Aberdeen 8 th largest UK offshore acreage holder 57 Mboe (Millions of barrels of oil equivalent) 2P reserves Offshore installation of Cygnus AWHP (Southern North Sea) Two jackets for the Alpha complex Cygnus Alpha Wellhead Platform Cygnus Alpha Wellhead Platform -14-

16 Contact: Storengy: For more information :

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