THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF THE DUON CAPITAL GROUP IN 2013

Size: px
Start display at page:

Download "THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF THE DUON CAPITAL GROUP IN 2013"

Transcription

1 THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF THE DUON CAPITAL GROUP IN 2013 WYSOGOTOWO, 10 MARCH

2 Summary Continued trend of dynamic growth in revenues (+56% year-to-year) and results at all operational levels (EBITDA +54% year-to-year) The Group s net profit reached a historical high of PLN 10.7 million The forecast result for 2013 has been realised and the 2014 forecast assumes further significant increase of revenues and results PLN million EUR million sales revenues EBIT EBITDA net profit cash flows from operating activities total assets liabilities net debt equity weighted average number of shares (units) 102,468, ,779, ,468, ,779,112 book value per share (in PLN) earnings per share (in PLN) SALES REVENUES (PLN M) EBITDA (PLN M) NET INCOME (PLN M) , , , ,6 6 6, ,2 5 4,5 2-3,

3 SUMMARY INFORMATION ABOUT THE DUON GROUP INFRASTRUCTURE SEGMENT INFRASTRUCTURE SEGMENT ACTIVITIES AND DEVELOPMENT STRATEGY BUSINESS MODEL AND MARKETS OF THE INFRASTRUCTURE SEGMENT NETWORK NATURAL GAS LNG TRADING SEGMENT TRADING SEGMENT ACTIVITIES AND DEVELOPMENT STRATEGY BUSINESS MODEL AND MARKETS OF THE TRADING SEGMENT NATURAL GAS TPA ELECTRICAL ENERGY TPA WHOLESALE TRADE SIGNIFICANT RISK FACTORS AND THREATS CHARACTERISTIC FOR THE ACTIVITIES OF DUON DUON IN IMPLEMENTATION OF STRATEGY AND DEVELOPMENT PERSPECTIVES FINANCIAL RESULTS OF THE DUON GROUP IN CONSOLIDATED PROFIT AND LOSS ACCOUNT CONSOLIDATED BALANCE SHEET CONSOLIDATED CASH FLOW STATEMENT STRUCTURE OF SALES CONCENTRATION OF CUSTOMERS AND SUPPLIERS INVESTMENTS AND ASSESSMENT OF IMPLEMENTATION OF INTENDED INVESTMENTS. BŁĄD! NIE ZDEFINIOWANO ZAKŁADKI LIABILITIES TRANSACTIONS WITH RELATED ENTITIES SIGNIFICANT COURT PROCEEDINGS REALISATION OF FORECAST RESULTS IN RESULTS FORECAST IN DUON IN THE CAPITAL MARKET CORPORATE GOVERNANCE CORPORATE GOVERNANCE PRINCIPLES ADOPTED BY DUON S.A. GROUP INTERNAL AUDIT AND RISK MANAGEMENT SYSTEMS IN RELATION TO THE PROCESS OF PREPARING FINANCIAL STATEMENTS SHAREHOLDING MANAGEMENT BOARD SUPERVISORY BOARD REMUNERATION OF THE MANAGERIAL AND SUPERVISORY STAFF SHARES HELD BY THE MANAGERIAL AND SUPERVISORY STAFF PRINCIPLES FOR AMENDING THE ARTICLES OF ASSOCIATION ORGANISATION OF THE CAPITAL GROUP INCENTIVE PROGRAMME ENTITY AUTHORISED TO AUDIT FINANCIAL STATEMENTS REPRESENTATIONS ON THE RELIABILITY OF THE COMPILED CONSOLIDATED FINANCIAL STATEMENTS CONCERNING THE ENTITY AUTHORISED TO AUDIT FINANCIAL STATEMENTS

4 1. Information about the DUON Group The DUON Capital Group is one of the leading independent providers of natural gas and electric energy in Poland. The Group s customers comprise industrial entities, small and medium companies as well as individual and municipal customers. The DUON Group s mission is to completely satisfy the energy needs of customers through products and services based on natural gas and electricity, and the strategic goal of the Group is to become the largest independent supplier of gas and electricity in Poland. This goal will be accomplished by the Group s activities in two complementary segments: infrastructure and trading. Figure 1. Areas of the DUON Group s activities Infrastructure segment Trading segment Network natural gas 9 locations 420 km of networks 40 m m 3 in 2013 About 3,200 customers LNG 21 locations 50 km of networks 16 tanks Market share of over 80% 34 m m 3 in 2013 About 800 customers Natural gas TPA Reserved power on interconnectors 270 GWh for own needs of the Group in k MWh to external customers in 2013 Electric energy TPA 15,300 customers at the end of GWh in 2013 Heat and/or electric energy gas boilers, cogeneration Dual fuel combined delivery of gas and energy Source: own study 1.1. Infrastructure segment Infrastructure segment activities and development strategy The Group s activities in the infrastructure segment focus on the supply of network natural gas and LNG (Liquefied Natural Gas) through its own infrastructure, its own distribution networks and LNG re-gasification stations. Currently, the Group has, via DUON Dystrybucja, approx. 400 km of its own gas pipelines in 9 network locations connected to the national gas system and approx. 50 km of gas pipelines in locations based on LNG, connected to 21 re-gasification stations. Approx. 4,000 customers are connected to the gas pipelines owned by the DUON Group, including 600 institutional customers and 3,400 households. 4

5 As part of the infrastructure segment, the Group also sells LPG, heat and LNG transport services as well as so- called emergency power supply services (temporary emergency power supplies for failure periods or repair of gas systems). Figure 2. Map of the infrastructure segment locations Source: own study Development of the distribution segment is obtained by investing in infrastructure for gas sales in new locations and increasing the sales of gas in the locations currently supported. Within the infrastructure segment, construction projects for cogeneration systems and boiler houses fuelled by natural gas are also being developed, since due to the environmentally-friendly EU regulations this is the preferred fuel for newly established systems of this type. Realisation of the cogeneration project is dependent on stability of supporting system for such projects granted by the government. 5

6 Business model and markets of the infrastructure segment Network natural gas The main source of the DUON Group s revenues in the infrastructure segment is the distribution and sale of natural gas. Natural gas is a clean, environmentally-friendly fuel with a wide range of applications. It may be used to heat premises, produce energy for industrial purposes or as a feedstock in certain industrial processes. From a chemical perspective, the main component of natural gas is methane. It is a fossil fuel, but it is also possible to obtain so-called biogas from, among other things, agricultural feedstock and wastes. Depending on the methane content, natural gas is divided into high-methane and nitrogen-rich gas. The DUON Group sells mainly high-methane gas, however a small share in sales is also attributable to nitrogen-rich gas. Gas is supplied in the traditional way, i.e. using high-pressure gas pipelines and distribution networks wherever possible due to technological reasons and cost-effectiveness in terms of investment expenditure. Before the gas reaches the distribution system and consumers, it passes through the stations and points of pressure reduction to adapt to the current needs of customers. Subsequently, fuel gas is supplied directly to the user; maintenance-free and without interruption. It does not require storage facilities at the consumer level. All of this makes the use of network natural gas extremely convenient. Currently, DUON supplies network gas to the infrastructure segment mostly via a trading company operating within the DUON Group (DUON Marketing and Trading) which buys gas in the wholesale market at gas exchanges and under direct contracts (OTC) in Poland and abroad. Network natural gas distribution market Most distribution networks in Poland belong to Polska Spółka Gazownictwa Sp. z o.o. owned by the group formed by the largest national gas distributor PGNiG S.A. (a total of about 119 thousand km of networks 1, representing over 74% of the total length of the national distribution network). Therefore, DUON, with a total of 470 km of gas pipelines, holds a small share in the national distribution market. On the other hand, the business model for the distribution of natural gas using gas pipelines is based on the existence of natural monopolies in locations where the distribution companies have their own infrastructure, and where the dominance of a single supplier in that market is marginal. From this point of view, the distribution business is very stable. Under current legal and organisational conditions, smaller distribution companies (including DUON Dystrybucja S.A.) combine their activities with the gas trading business, i.e. in addition to the provision of distribution services, they purchase natural gas for resale. The level of gasification in Poland is still insufficient, which provides the potential for development of the gas system through further investment in infrastructure. Moreover, in locations where the distribution companies have their networks, there is the possibility of acquiring new customers through marketing and sales campaigns and, eventually, through the construction of terminals LNG For locations where the construction of a transmission pipeline is unprofitable or impossible, e.g. due to environmental conditions, the DUON Group offers the supply of natural gas using LNG technology. LNG (Liquefied Natural Gas) is natural gas in the liquefied phase, resulting from cooling it to -163 C. The volume of such liquid is 600 times lower than in its gaseous form. The liquefaction of natural gas is connected with its 1 source: 6

7 thorough purification, removing carbon dioxide, nitrogen, water, mercury, etc. After the LNG is restored to its gaseous phase, hardly any pollution is left in it and the gas is almost entirely devoid of moisture. Thanks to liquefaction and considerable volume reduction, LNG can be transported in tanks, even at long distances, by sea on tank ships or on land by road tankers, in a relatively cheap manner and without the need to build capital-consuming gas pipelines. Most experts share the opinion that LNG as liquefied gas poses no threat to the user because, in the event of a spill, it does not explode but rather evaporates and dissolves in the air or burns slowly. Liquefied natural gas is transported in tanks. Subsequently, as a result of re-gasification in special LNG regasification stations, natural gas in its gaseous form is pumped into the distribution system, from where it is sent to the customers. This technology allows for the supply of natural gas in gaseous form to all locations where topographical, environmental or economic problems prevent connection to the transmission system. LNG is transported in tanks belonging to and entirely managed by PGS Sp. z o.o. a company whose sole owner is DUON Dystrybucja S.A. Applications of LNG technology LNG plays a very important role in the Group s strategy. The regulations and procedures in force extend the time required for the connection of the constructed gas pipeline to the national network of gas transmission pipelines. Therefore, LNG is used as a temporary solution until the completion of all legal and constructional procedures related to the Issuer s connection to the Operator s (Gazociągów Przesyłowych Gaz-System S.A.) network or to distribution networks managed by a local Distribution System Operator. This solution allows for rapid market coverage due to the earlier commencement of gas deliveries to customers, and a shortening of the investment process and investment return period. Figure 3. Map of the Polish gas transmission system Source: OGP Gaz-System S.A. LNG is also an alternative solution for distant locations. There are so-called white spots in the national gas system where no connection to the system will be possible in the foreseeable future due to technical and financial reasons. In such instances, LNG becomes an economically-attractive energy source for production 7

8 plants and individual customers. The construction of a network or of local gas supply points requires investment in LNG re-gasification stations. LNG is also used to cover the peak demands of network customers who require supplies of large amounts of gas in a short period of time and who exceed the ordered capacity specified in contracts with a network operator. Sources of LNG supply Currently, the PGNiG Group, which owns two systems for the production of liquefied natural gas, is the only significant producer of LNG in Poland. One system is located in Odolanów and the other in Grodzisk Wielkopolski. There is also a small LNG-producing installation based on methane from coal mines, owned by private investors. LNG is also imported to the Polish market. At present, a significant majority of the LNG imports are sourced from Russia, via a system in Kingisepp (near St. Petersburg). That system belongs to ZAO Kriogaz from the Gazprombank Group. LNG produced in that system is partly transported to Poland and partly distributed across Russian territory. The launch of a new LNG plant constructed by Gas-oil, a Gazprom Group subsidiary, is expected in 2014, and LNG imports to Poland will be possible from there. The new system is located in Kaliningrad, i.e. in an advantageous location from the perspective of the distance from north-eastern Poland. Additionally, the Gazprombank Group, via Kriogaz, plans further investment in gas liquefaction stations after 2014, and it will be possible to import the gas to Poland from these. The launch of an LNG terminal under construction since 2009 in Świnoujście is planned for Polskie LNG S.A. (belonging to OGP Gaz System S.A.) is the Investor in the project. At the first stage of the operation, the LNG terminal will make it possible to collect 5 billion m³ of natural gas annually. It will be possible to increase the transmission capabilities of the terminal up to 7.5 billion m 3 per annum in the future. LNG can also be delivered from terminals located in Western Europe currently, gas is delivered from Zeebrugge (Belgium) and in the future from Rotterdam in Holland. A terminal is also being built in Klaipeda in Lithuania. Competition and size of the low-tonnage LNG market There are a few entities supplying LNG to end recipients in Poland. The DUON S.A. Group has the leading share on the market; it sold approximately 34 million m 3 of natural gas distributed in the liquefied phase in The total LNG market in Poland in 2013 is estimated at approximately 40 million m 3. As regards LNG transport, the DUON Group also occupies the leading position. It has sixteen tanks for LNG transport, using which it is able to provide the transport for internal needs and third parties. Due to the features and conditions of LNG distribution, i.e. in particular the possibility of transport to any place in the country and the quality- and combustion-efficiency-to-price ratio, the energy carrier is competitive towards the majority of other petroleum carriers whose distribution does not depend on transmission grids and whose features make it possible to consider them substitutes. They include: LPG (propane-butane gas), fuel oils (mazut, medium, light, Eksterm), coal (pulverised coal, eco-pea, coke), biomass. Network natural gas is not an LNG substitute, due to the basic difference between LNG and network natural gas, i.e. the method of delivery to the end recipient. 8

9 Prospects for the development of the LNG market The development of the LNG market in Poland depends primarily on product availability. The commissioning of new LNG installations in the Kaliningrad area and opening of a terminal in Świnoujście will provide additional LNG supplies for the Polish market in the near future Trading segment Trading segment activities and development strategy As part of the trading segment, the Group sells natural gas and electric energy to end recipients on a TPA basis (Third Party Access), i.e. via the networks of operators of transmission and distribution systems. Sales are carried out by DUON Marketing and Trading S.A. Gas and electric energy are purchased on wholesale markets in Poland and Europe (e.g. energy and gas exchanges and OTC transactions) and delivered to individuals and corporate customers via the third party infrastructure. The Group also offers joint supply of electric energy and natural gas under the so-called dual fuel formula. The progressive liberalisation of the electricity and natural gas markets creates opportunities for the Group in the trading segment. On the gas market, there is a gradual development of the wholesale market and the launch of new cross-border powers (gas interconnectors) which allow the import of gas from Europe. In the longer term, the abolition of gas tariffs for institutional clients is expected. These factors open up opportunities for the DUON Group to win new customers by giving them an offer competitive to those of existing gas suppliers. The process of electricity market development is at a more advanced stage, therefore the Group managed to attract many customers who have benefited from the right of changing supplier. Within the trading segment, the DUON Group offers two main products: natural gas and electric energy on a TPA (Third Party Access) basis. The Group also conducts wholesale trade in these products Business model and markets of the trading segment Natural gas TPA General characteristics of the natural gas market in Poland The natural gas market in Poland is a quasi-monopolistic one, dominated by a single vendor, namely PGNiG. That entity acquires natural gas from its own mines and from import and sells it directly to end recipients. The national gas extraction covers approx. 28% of the recipients demand. The remaining demand is covered by the import contract including, in particular, the long-term contract concluded with Russian company Gazprom Export, guaranteeing gas supplied based on the take-or-pay clause. In 2012, import from the East covered approx. 58.4% of the national demand for natural gas. These deliveries were supplemented with deliveries constituting intra-community purchases from Germany and the Czech Republic covering approx. 12.8% of demand. In 2012 the overall natural gas consumption in Poland amounted to 15.4 billion m 3. Deliveries of gas from abroad amounting to 11.3 billion m 3 were supplemented with gas from domestic sources amounting to 4.3 billion m 3. There are some 6.66 million consumers on the Polish gas market, with a majority being households (6.46 million). The share of households in the total gas consumption is just under 30%. The remaining 70% is consumed by enterprises, out of which some 16% is used by small and medium-sized firms. 9

10 Wholesale market Activity related to the wholesale trade in natural gas in Poland, understood as the sale of gas to entities that resell it further (including, e.g. sale to DUON Dystrybucja S.A.), has been dominated by PGNiG S.A. so far, operating only within the PGNiG Capital Group. In principle, gas trading enterprises not belonging to PGNiG CG have not dealt with wholesale trade thus far. In 2012, the trade in natural gas took place only under bilateral contracts, and gas sale via the exchange or hubs significant from the perspective of the opportunity of trade exchange and gaining significance in the EU did not function in Poland. This situation is gradually changing. In December 2012, the Polish Power Exchange, which enables the functioning of the wholesale gas market in Poland, was launched. In January 2013, the new Instruction of Transmission Grid s Operation and Maintenance (IRiESP) came into force an element that is essential for the operation of a commodity market and wholesale trade. The IRiESP introduced, among others: principles of functioning of the so-called virtual point, defined as a point of gaseous fuel delivery inside the transmission system of unspecified physical location where the trade in gaseous fuel takes place, the possibility of offering natural gas transmission services via auctions in the case of connections between the national transmission system and the transmission systems of other countries, changes to the method of contracting transmission services (single framework agreement), operation of a balancing services market, providing tools for balancing of the system. 2 In September 2013, the so-called small energy three-pack, i.e. amendments to the Energy Law Act and certain other acts, came into force. The small three-pack has obligated PGNiG to sell a certain volume of gas in the Energy Exchange. In 2013, this obligation applied to the sale of 30% of gas entered in the transmission network. In the coming years, this share will be increased (40% in 2014 and 55% in 2015). This obligation was not met in 2013, and the turnover in the Gas Exchange market was insignificant in terms of the entire market (the volume of all transactions performed in 2013 amounted to 214 million cubic metres, with just 38 million cubic meters on the spot market). Retail market The high concentration of the Polish gas market resulting from the leading position of PGNiG CG (ca. 95% of the market) has been influencing the structure of the retail market and the speed of changes taking place there for many years. Entities with the largest sales volumes in 2011 (having ca. 5% of the market in total), in addition to PGNiG CG are: Egesa Grupa Energetyczna S.A., G.E.N. Gaz Energia S.A., EWE energia Sp. z o.o., Grupa Duon S.A., ENESTA S.A>, Polenergis Kogeneracja Sp. z o.o., HANDEN Sp. z o.o. These enterprises conduct trade business involving the resale of natural gas purchased from PGNiG S.A. to end recipients. The great majority of them sell gas purchased from PGNiG S.A. via owned, local distribution networks. As mentioned previously, these enterprises mainly operate in areas not served by PGNiG S.A., i.e. with the use of owned distribution networks built by them, and fill the market gap combining distribution and trading activities. In 2013, DUON commenced sales of gas to several dozens of TPA customers (in 2012, it sold gas on this basis only within its own Capital Group). In the entire 2013, only 219 customers switched to another supplier, including 76 households and 143 business customers. The share of DUON in the total number of customer changing the supplier in the business segment was 54,5%, and in the last two quarters of 2013 exceeded 90%. Counting from the beginning of the market 2 Source: ERO 10

11 liberalization up to 2013, there were 429 customers who switched to another supplier, including 254 households and 175 entrepreneurs. Figure 4. Numbers of customers who changed their gas supplier (incrementally, according to the number of connections) XII.2011 XII.2012 III.2013 VI.2013 IX.2013 XII.2013 Source: Liberalisation of the gas market Even though recipients officially obtained the right to replace the vendor (industrial recipients in 2004, households in 2007), in practice it was difficult to take advantage of that right. Barriers of access to the national gas market have included limited possibilities of the acquisition of transmission capacity and storage volumes as a prerequisite of the introduction of new entities to the national system, and the lack of possibilities of gas purchases on the wholesale market due to its non-existence. The lack of a wholesale market with associated infrastructure, i.e. a virtual market, a balancing market or a market of differentiated offers, reduced potential participants interest in entry to that market. Recipients had no possibility of diversifying gas deliveries and practically no influence on prices, regardless of the constancy and volume of power consumption. For new vendors and recipients interested in vendor replacement, the barrier includes restrictions contained in contracts with the existing vendor, the lack of effective procedures regulating vendor replacement and the existing tariff structure which requires the separation of the tariff for infrastructural services, fully regulated, and the price for gas as a commodity, which should be priced according to market terms. In February 2013, the ERO published a document entitled Road Map of gas price release, presenting a proposed programme of activities needed to achieve systemic changes in the domestic gas market, leading to the development of competition and, consequently, the release of natural gas prices for all recipients. The ERO, in the Road Map... also proposed legislative changes to improve the process of choosing a different vendor (the possibility of renegotiating complex agreements with PGNiG), the establishment of a market maker of a gas market, dates of gas prices liberalisation for individual groups of institutional customers, and pointed to the need for infrastructure development (including the development of interconnection in Lasów, construction of new interconnections between Poland and Lithuania, as well as between Poland and Slovakia, and construction of an LNG terminal). Changes on the Polish gas market are monitored by European Union bodies, since one of the goals for integration of Poland with other Union states is the guarantee of a harmonised energy market by In 11

12 Europe, the majority of trading in the gas market constitutes trade completed through hubs and energy exchanges, and is thus contrary to the Polish market where the majority of trading is completed through bilateral contracts with the dominant entity. Hence further legislation and organisational changes on the Polish gas market are obligatory from the perspective of Union conditions Electrical energy TPA Since October 2011, DUON has been selling electric energy throughout Poland to end customers on a TPA basis (Third Party Access to distribution infrastructure). DUON holds a concession for the sale of electricity and concluded General Distribution Agreements, allowing it to sell electricity to customers based on network infrastructure belonging to distributors (OSD). Institutional customers can buy electricity from DUON according to an individual valuation and a base price list, resulting from the specificity of the segment. The Company has a developed network of indirect sales sales representatives throughout the country, acquiring both corporate and individual customers. In the case of the household segment, DUON offers special products packages of electric energy. DUON offers such packages in places where the customer does not usually expect to be able to buy electric energy, such as newsagent s stores, auction portals, etc. This sales model is more beneficial in terms of sales costs. Electric energy market The model of the electricity market in Poland is similar to the one used across the European Union. Publication of the Energy Law in April 1997 is considered as the beginning of the development of the Polish electric energy market. The law sanctioned the roadmap for the liberalisation of the Polish energy market, which in the next ten years was to move from a natural monopoly to a fully competitive segment. As across the European Union, energy companies were first required to separate within their structure by 2004 functions related to the marketing and distribution of energy so that customers would slowly become accustomed to the fact that they would soon be able to choose different representatives of one of these segments. During that period, only the largest companies (> 10 GWh) were able to change vendors. This was supposed to alter after 1 July 2007, when all customers were to be able to change their vendors and energy groups were obliged to separate activities related to distribution and introduce the so-called unbundling (separation of distribution and trade activity). In theory, Poland has had a free energy market since 2007, which means that every customer can change energy supplier. At the same time, due to administrative decisions, there is still an obligation to approve tariffs for electric energy for households, so full liberalisation applies only in relation to the institutional customer segment. By the end of 2013, over thousand recipients changed their electric energy vendor, including thousand households (G tariff group) and 92.5 thousand companies (A, B and C tariff groups). In the scale of the entire market, the percentage of recipients who took advantage of their right is still very small (approx. 1.37%). The share of DUON in the number of changes of the electrical energy vendor in the household segment in 2013 reached 11,3%, and 16,4% in the business sector. 12

13 Figure 5. Number of customers who changed electric energy vendor in Poland (incrementally) Tariff Group G Tariff Groups A, B, C 0 XII 2010 VI 2011 XII 2011 VI 2012 XII 2012 I 2013 II 2013 III 2013 IV 2013 V 2013 VI 2013 VII 2013 VIII 2013 IX 2013 X 2013 XI 2013 XII 2013 Source: own study based on Wholesale trade The main activity within wholesale trade is management of the portfolio of energy, gas and property rights necessary to secure the needs of the Company s end customers. As a result of transactions concluded on the Polish, German and Czech markets, the prices, volumes and foreign exchange rates are hedged Significant risk factors and threats characteristic for the activities of DUON Infrastructure segment risks Risk related to the realisation of investment projects The DUON Group invests in gas infrastructure, namely re-gasification stations and distribution networks. Risks occur at all stages of investment, e.g. pre-investment analysis, selection of contractors, obtaining permits (documentary and administrative) and implementation. These risks are related to such factors as the chance of error in analysis of the formal and technical possibilities of investment implementation, wrong selection of contractor, the possibility of administrative delays or failure to obtain permits, increase in the prices of building materials, implementation errors and contractor s delays, and the possibility of deterioration in the financial situation of the customer for whom the investment is implemented. The materialisation of such risks may cause delays at individual stages of a project as well as delay in the implementation of the entire project or failure to complete an investment project, which may subsequently 13

14 result in losing part of the entire amount of capital expenditure and an obligation to pay contractual penalties to the customer for whom the investment was implemented. In order to protect the Group against this type of risk, experienced staff prepare a pre-investment analysis for each project. Contractors are selected from a group of qualified and experienced entities. Contracts with customers contain provisions to safeguard the interests of the DUON Group in the event of unwarranted circumstances. In addition, prior to obtaining the relevant approvals and administrative decisions, the Group bears only the amount of investment expenditure which is necessary at that stage. The contractor s works are constantly monitored by authorised employees of the Group. Additionally, LNG installations are built in a modular way and to a certain standard in order to be able to move them to a different location in the event of, e.g. a deterioration in the financial situation of the customer and resignation from gas reception. Risk related to the use of existing infrastructure The DUON Group operates a network of gas pipelines and LNG stations which may be subject to breakdowns caused by, e.g. the interference of third parties or the technical condition of assets. Property damage and other malfunctions may cause temporary or long-term disruption in the supply of gas to customers. In order to protect the Group against the effects of the occurrence of this type of risk, appropriate procedures are used, necessitating, among others, 24-hour monitoring of gas installation parameters and regular property inspections. The Group hires specialised entities providing gas emergency services in order to take immediate action in case of failure. Risk of disturbances in LNG transport Liquefied gas is transported to customers in tanks, often over long distances. In the case of tank failure, an accident involving one, or administrative problems associated with the need to obtain appropriate permits, there may be a delay in supplying LNG to gas stations and, consequently, the inability to supply gas to customers. In order to reduce this risk, all road tankers are monitored using a GPS system and undergo periodic inspections, whilst drivers take part in specialised training. The Group also implements operational procedures in case of emergency. In addition, with the increase in the scale of operations, the Group invests in further means of transport for LNG, so that their number is sufficient, even in the event of long-term failure. Risk of material destruction of assets and injury to life and health DUON distributes natural gas, which is an explosive fuel. As a result of an explosion caused either by chance events or negligence on the part of employees and third parties, there is a risk of destruction of distribution assets and injury to life and health of both employees and the public. To avoid such events, the DUON Group applies appropriate security procedures. Installations are constructed using the highest quality equipment, selected in terms of operational safety at the design stage. In addition, the Group has comprehensive insurance coverage providing potential cost reimbursement in the event of the aforementioned events (property insurance and civil liability insurance). Risk of disturbances in gas supply Disturbances in network and liquefied gas deliveries can result both from breakdowns of infrastructure (e.g. gas liquefaction installations, pipeline damage) and difficulties in obtaining gas from suppliers (e.g. restrictions on gas imports for PGNiG, lack of permits for import of LNG from Russia). Deficiencies in gas supply can result in loss of revenue and the need to pay penalties to customers. The Group aims to minimise such risk by way of the diversification of gas deliveries. In addition, in the case of LNG, gas reserves are established in tanks in the event of temporary restrictions in supply. Furthermore, major recipients are required to have the possibility of using an alternative source of energy (back-up). 14

15 Take-or-pay risk Some factors limiting fuel gas consumption may occur on the side of gas recipients, exposing DUON to the risk of losing parts of revenues and resulting in the creation of a financial liability towards a supplier for orderedbut-not-collected fuel gas, in accordance with take-or-pay clauses. That risk is partly transferred to customers in the form of take-or-pay clauses in agreements with recipients. Moreover, key customers are monitored on an on-going basis, both in terms of their financial situation and their operations, so the Group can respond promptly to a possible reduction in planned consumption. The takeor-pay risk is gradually reduced by the trading company increasing the share of gas purchased in the open market. Risk related to fluctuations of gas prices and tariffs In Poland, gas is still sold based on tariffs, which causes the risk of delays in tariff changes relative to changes in the price of gas, due to the need to consult prices with the regulator. In addition, there is a risk that a tariff may not be approved at the expected level. Another component of price fluctuation risk is currency risk, to which the Group is exposed due to imports of gas. When a price is changed by a supplier, the Group immediately applies for a change in tariff. Tariffs are prepared in accordance with applicable law and the Group maintains an on-going contact with the Energy Regulatory Office which improves the process of approving and adjusting tariffs. Competition risk This risk is connected with the possibility of losing customers in the area of gas sales to competitors, or in the area of gas distribution and sales to alternative fuels (e.g. coal or fuel oil). In the case of LNG, there is a risk of customers switching to network gas when infrastructure allowing for network gas supply is constructed in a given area. The area of gas distribution is less exposed to the risk of losing customers to competitors because of the natural monopoly existing in areas where the distribution company operates. Competition risk is monitored on an on-going basis by comparing the prices of other energy carriers and gas suppliers. Moreover, regular contact with customers is maintained through sales representatives in the case of key customers and through the customer service and local maintenance offices in the case of smaller customers. In justified cases, individual offers are prepared. Risk of sales dependence on atmospheric conditions Fuel gas is used by most of DUON s customers for heating purposes. Gas consumption depends, to a great extent, on atmospheric conditions (mainly air temperature). In order to limit the impact of that risk to DUON s business, the Group undertakes measures aiming to offset the seasonal character of sales caused by atmospheric factors, i.e. to complement the portfolio through manufacturing companies with constant gas consumption. Risk related to the reliability of customers and collection of receivables Upon entering into agreement with large customers, the Group always tries to verify their ability to settle their obligations in a timely manner. Moreover, in the case of major recipients, the Group requires collateral for payments. Due to changing economic conditions, the financial situation of customers may deteriorate, which is connected with the risk of occurrence of overdue payments, directly influencing the financial position of the DUON Group. In the case of gas sales, that risk is particularly important because of the need to observe Energy Law procedures, such as the inability to stop the supply of gas/electricity immediately upon the expiry of the payment term. Moreover, there is a risk of failure of recovery process due to the slowness of the courts and law enforcement agencies in Poland. 15

16 Trading segment risks Risk of a change in the size of consumption by recipients This risk is particularly relevant in the case of new customers with an unknown consumption profile. In the case of contracting insufficient quantities, there is a risk that the Group may be forced to buy additional products in the market during periods of price increases. In the case of contracting excessive quantities, the excess must be sold on the market at unattractive prices. That risk is managed based on internal procedures which include constant monitoring of consumption and weekly sales forecasts. Risk of price fluctuations Unexpected price fluctuations on the wholesale market generate the risk of the inability to implement established trading strategy and, as a consequence, result in financial losses. In addition, in the case of trading on foreign markets, there is a foreign currency risk. The DUON Group sets limits on open positions and Stop Loss prices in order to reduce this risk, and purchasing strategies are updated weekly. The purchasing portfolio is adequately diversified. The Group also applies hedging strategies in relation to foreign exchange rates. Competition risk In the case of homogeneous products such as electricity and gas, a key tool in the competition for customers is the price. There is a risk that entities with well-established market positions and large capital capacities may offer these products at reduced prices in relation to market valuation. DUON performs on-going analysis of the market and competitors offers and adapts its sales strategy to the current market situation. Risk related to the financing and possibility of establishing contract collateral Trading activities, particularly in the case of young entities such as DUON Marketing and Trading S.A. require the ability to establish collateral for concluded contracts, mainly in the form of cash deposits, prepayments and guarantees. Such requirements are set by exchanges and the majority of wholesalers. Limited access to working capital may thus constitute a barrier to the development of the Company and achievement of the desired margins. The Group prepares current and long-term forecasts of the demand for cash. It also has open guarantee lines, allowing for the establishment of collateral for contracts. Risk related to the regulations on the gas and electricity markets The DUON Group operates on a regulated market, and its development in terms of sales of gas and electric energy on a TPA basis is highly dependent on the introduction of necessary legal and organisational changes. Delays in the liberalisation of the market, as well as the introduction of unfavourable (from DUON s point of view) regulations, may constitute a barrier to the development of DUON. Therefore, the Management Board of the Group closely follows the legislative proposals and takes part in public consultations on them. Risk related to the vendor switching procedure Recently, customers in Poland may select the supplier of electric energy and gas. The vendor switching procedure may take a long time when first carried out because there are no regulations concerning deadlines by which each party must complete the required actions. On its part, DUON stays in contact with distributors, aiming to standardise the switching procedure. It also provides a specialised team of advisors who are able to carry out the vendor switching process on behalf of the customer as soon as practicable. Risk related to the reliability of customers and collection of receivables 16

17 Upon entering into agreements with large customers, the Group always tries to verify their ability to settle their obligations in a timely manner. Moreover, in the case of major recipients, the Group requires collateral for payments. Due to changing economic conditions, the financial situation of customers may deteriorate, which is connected with the risk of the occurrence of overdue payments, directly influencing the financial position of the DUON Group. In the case of gas sales, that risk is particularly important because of the need to observe Energy Law procedures, such as the inability to stop the supply of gas/electricity immediately upon the expiry of the payment term. Moreover, there is a risk of failure of the recovery process due to the slowness of the courts and law enforcement agencies in Poland. 2. DUON in Implementation of strategy and development perspectives In 2013, the Management Board consistently implemented the assumed strategy for the development of the Group in both segments of activity. Infrastructure segment In 2013, the total amount of investments in infrastructure, i.e. network development and LNG stations, was over PLN 6.5 million. The construction of 3 LNG stations (in Przasnysz, Suwałki and Leoncin) was completed. The number of gas recipients increased by approx. 200 on a year-to-year basis. The volume of gas sold reached nearly 74 million m 3 increasing by approx. 8,5% in relation to the previous year. In 2013, a total of 290 new connection agreements were signed, with some already performed. In connection with the increasing sales of LNG gas, the fleet of cryogenic road tankers has been increased by 3 new tankers and 2 tractors. As part of business activity optimisation, in February 2013 assets (distribution network) in Wiecznia Kościelna were sold off. In view of a relatively small scale of operations in that location, the loss of margin there did not have a material impact upon the 2013 results. Currently, a new tariff for gas in the infrastructure segment is in process of approval. Its successful conclusion may contribute to an improvement of margins in this segment. As regards gas purchase costs, further optimisation is available. In January 2014, a contract was signed with Gazprom Eksport for the supply of LNG from a new installation in Kaliningrad, which should be commissioned this year. The commissioning of the facility will allow for the acquisition of an additional source of LNG in a favourable location relative to customers located in north-eastern Poland, which would allow for optimisation of LNG transportation costs. In accordance with the contract DUON will be able to receive several million cubic metres of gas per year from this source. In 2015, a LNG terminal is to be launched, constituting another source of liquefied gas for the DUON Group. A LNG terminal is also under construction in Klaipeda in Lithuania, and there are plans to create possibilities for loading LNG on road tankers at a terminal in Rotterdam (hitherto the entire gas from that terminal has been subjected to re-gasification and then distributed via pipelines). Development of further LNG installations in the Kaliningrad area has been announced by Kriogaz, controlled by Gazprombank. It will be possible to further develop sales of LNG based on LNG from these new sources. 17

18 Trading segment In 2013, the share of the trading segment in the revenues and results of the Group increased significantly. Sales of electrical energy to end customers in 2013 went up by 66% to 273,000 MWh. The volume of sale of gas to TPA customers from outside the Capital Group exceeded 90,000 MWh. Wholesale trade accounted to a significant share in the overall sales. In 2013, the wholesale gas market offered particularly attractive transaction opportunities. From the purchase side, in 2013 DUON was active both on foreign and Polish markets. The gas market liberalisation process accelerated in 2013, as attested by the growing number of customers switching their gas supplier. The market awaits further legal and administrative decisions helping to shape a competitive gas market. The experiences of European countries which previously underwent market liberalisation show that it usually leads to a change of the market structure and loss by the previously dominant entity of approx % of its share for the benefit of competitive companies. DUON should be one of the beneficiaries of on-going liberalisation since it is currently ready to participate in the released gas market. DUON s significant competitive advantage, as compared to other entities interested in operations on the developing gas trade market in Poland, is the fact of holding transmission capacity on all cross-border connections between Poland and Western Europe (Lasów, Cieszyn, reverse on the Yamal pipeline), enabling it to import several dozen million cubic metres per year. DUON, as an active participant of foreign gas and energy markets, may import gas whenever it proves profitable, i.e. when there are favourable price conditions. In Poland, DUON has concluded transfer agreements with Gaz-System and distribution agreements with operators of distribution networks. DUON may also purchase gas fuel on the Polish gas exchange. All of this makes it possible for DUON to offer gas at competitive terms to recipients connected both to the transfer and distribution networks. In 2014, the TPA gas sales volume should increase several times over compared to the volume sold in In 2014, further development of electric energy sales for TPA customers is expected. We can already observe the results of electric energy market liberalisation, i.e. the gradual takeover by new trade companies such as DUON of a part of the market previously dominated by four players (PGE, Tauron, ENEA and Energa). As a result of the actions of, for example, the ERO, power recipients in Poland are increasingly aware of the possibility of changing vendor. Factors which will influence the development of the Group External factors fluctuation of the prices of gas, electricity and petroleum products, legislative changes, reflected in the pace of liberalisation of the gas and electricity markets in Poland, in particular in the scope of wholesale markets and obligations regarding tariffs, the competitive position of other players in the markets in which the Capital Group operates, foreign currency fluctuations, fluctuations of LNG gas supply, the economic situation affecting the customers demand for fuels distributed by Capital Group companies, the economic and financial standing of customers of the Capital Group companies, translating into their ability to pay current liabilities, the ability to obtain financing. 18

19 Internal factors execution of intended investments, achievement of sales targets for the acquisition of contracts, ensuring the ability to reach assumed revenues and margins, attainment of operating targets connected with the growing sales and numbers of customers, personnel policy, allowing for the maintenance of key personnel, maintenance of credibility in relationships with financial institutions Financial results of the DUON Group in Consolidated profit and loss account In PLN from to from to Sales revenues 394,323, ,304,369 Own cost of sales 348,196, ,706,346 Profit on forward contracts 726,257 1,152,456 Gross profit (loss) from sales 46,853,941 28,750,479 Selling expenses 14,386,405 8,300,147 General administrative expenses 17,406,338 13,068,793 Other operating income 9,836,314 1,559,208 Other operating expenses 9,526,397 3,951,772 Profit from bargain purchase 3,708,148 Profit (loss) on operating activities 15,371,114 8,697,122 Financial income 1,469,390 1,796,102 Financial costs 3,805,118 5,076,760 Profit (loss) before tax 13,035,386 5,416,464 Income tax 2,375,330 -,804,061 Net profit (loss) 10,660,056 6,220,525 Net profit (loss) attributable to: - shareholders of the Parent Company 10,322,288 6,213,877 - minority shareholders 337,768 6,648 NET EARNINGS (LOSS) PER SHARE (IN PLN) in PLN from to from to basic diluted The following factors had an impact on the results of the DUON Group in Infrastructure segment Development of sales In 2013, the Group began selling gas to several new institutional customers, including in Przasnysz and Suwałki, from the LNG stations built in In addition, sales to customers connected in 2012 fully contributed to the results for Sales to individual customers also went up, thanks, among others, to the extension of the 19

20 distribution network in Lubicz and Maków Mazowiecki. At the end of the year, gas was sold to 4,000 customers, with 200 customers commencing purchases in In 2013, the volume of gas sold increased by approx. 5.7 million m 3 as compared to the previous year, which translated into an improvement in the infrastructure segment s performance. Introduction of a new tariff changes of sale and purchase prices From 1 September 2012, DUON Dystrybucja introduced a new tariff for gas fuels, due to which the sale prices, and consequently the margins achieved in 2013 were higher than in the first three quarters of the preceding year. In addition, in January 2013 the prices of gas purchased from PGNiG went down slightly. LNG supply limitation Temporary limitation in LNG supply in the plant in Odolanów owed by PGNiG in the last quarter of 2013 had a negative impact on the results in the infrastructure segment. Additionally, in the same period, break in gas production occurred in Kingisepp took place. At the same time, despite earlier announcements by the investor, the start-up and commencement of sales from the newly-built natural gas liquefaction plant in Kaliningrad was delayed. The above events caused the necessity of limiting supplies to several customers. Aside from the revenues lost in December 2013 and the margin on this part of sales, limitation in supply did not result in other financial sanctions for the DUON Capital Group. Weather conditions The prolonged winter at the turn of 2012/2013 led to an increase in gas sales in the first semester of 2013 to customers using gas for heating purposes. The fourth quarter was exceptionally warm, which resulted in a decrease of gas consumption by this group of customers compared to the fourth quarter of the preceding year. Consolidation of DUON Praszka In December 2012, DUON Dystrybucja S.A. acquired 66% of shares in the heating company DUON Praszka Sp. z o.o. Therefore, the year 2013 was the first full year in which the revenues and results of DUON Praszka fully contributed to the results of the Group. In 2013, DUON Praszka generated revenues of PLN 4.7 million and EBIDTA (after removing one-off events) of PLN 0.4 million. Trading segment Development of TPA sales of electrical energy In 2013, the number TPA electrical energy customers doubled compared against the number of customers at the end of December 2012 and exceeded 15,300. Due to intensified sales activity in the households segment, the customer structure has changed. In the preceding year, the majority were institutional customers, while at the end of 2013 the share of households in the overall number of customers exceeded 40%. Just like a year ago, the share of sales to business in the whole sales volume remains at over 90%. DUON in 2013 sold 273,000 MWh of electrical energy to end consumers, i.e. 66% more than in the previous year. Revenues in this area of operations went up from PLN 39.8 million in 2012 to PLN 69 million in 2013, i.e. by 73%. The year 2013 in the domestic spot market of electrical energy was characterised by stable prices. Compared to the previous year, the margin has increased, as the year 2012 was encumbered with the start-up costs in the trading segment (including difficulties in planning consumption with an unknown customer portfolio, delays in the vendor switching procedure). 20

Financial results of 2013 Outlook 2014+ 12 March 2014

Financial results of 2013 Outlook 2014+ 12 March 2014 Financial results of 2013 Outlook 2014+ 12 March 2014 DUON benefits from liberalisation of electric energy and gas markets: summary of 2013 +56% increase of revenues to almost PLN 400 m +54% increase of

More information

MANAGEMENT BOARD REPORT ON DUON GROUP S ACTIVITIES IN 2015

MANAGEMENT BOARD REPORT ON DUON GROUP S ACTIVITIES IN 2015 MANAGEMENT BOARD REPORT ON DUON GROUP S ACTIVITIES IN 2015 Wysogotowo, 11 March 2016 Summary The year 2015 saw another period of rapid growth in income and outcomes at all levels of our activity. The

More information

THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF DUON CAPITAL GROUP IN THE PERIOD 01.01.2014 30.06.2014

THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF DUON CAPITAL GROUP IN THE PERIOD 01.01.2014 30.06.2014 THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF DUON CAPITAL GROUP IN THE PERIOD 01.01.2014 30.06.2014 Wysogotowo, 22 August 2014 1 Summary CONSOLIDATED DATA IN PLN 000 H1 2014 H1 2013 Q2 2014 Q2 2013 6

More information

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets.

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets. Poland Key Issues + With regard to electricity, coal is still the main source of fuel for power generation. Poland's generating capacity is ageing, and the country needs better incentives for investment

More information

Who we are. Natural gas TPA Development of sales driven by opportunities in the opening market Supply of gas to the Group

Who we are. Natural gas TPA Development of sales driven by opportunities in the opening market Supply of gas to the Group annual report 2012 2 Table of contents Who we are 3 The most important events in 2012 5 Letter from the President of the Management Board 8 Letter from the President of the Supervisory Board 10 About the

More information

Business Policy of CEZ Group and ČEZ, a. s.

Business Policy of CEZ Group and ČEZ, a. s. Business Policy of CEZ Group and ČEZ, a. s. Contents: Introduction 1. CEZ Group mission and vision 2. Scope of business of CEZ Group 3. Business concept Guiding principles Trade Generation Electricity

More information

IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE?

IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? Rita Raudjärv, Ljudmilla Kuskova Energy is a resource without which it is hard to imagine life in today's world. People seem to take it for granted that energy

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management s discussion in conjunction with our unaudited consolidated interim condensed

More information

Developing Estonian energy policy hand in hand with EU energy packages

Developing Estonian energy policy hand in hand with EU energy packages Developing Estonian energy policy hand in hand with EU energy packages Einari Kisel Secretary General of Energy of the Estonian Ministry of Economic Affairs and Communications 2008 will go down in history

More information

Gasoline Refurbishment in Poland

Gasoline Refurbishment in Poland Poland Key issues Although important improvements have been made to modernise Polish energy infrastructure, significant investments are still needed to ensure a sustainable supply of energy, reduce the

More information

How To Read The Unitholders Of The Kukon Island Power Station

How To Read The Unitholders Of The Kukon Island Power Station E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012 Introduction In accordance with the Electricity Generation Licence Condition 16 - Financial Information Reporting, and the Electricity

More information

Corporate and Corporate Bond Rating BioEnergie Taufkirchen GmbH & Co. KG Germany, Renewable Energy

Corporate and Corporate Bond Rating BioEnergie Taufkirchen GmbH & Co. KG Germany, Renewable Energy BioEnergie Taufkirchen GmbH & Co. KG Germany, Renewable Energy www.scoperatings.com Corporate Profile BioEnergie Taufkirchen GmbH & Co. KG ( BET ) operates a biomass cogeneration plant in Taufkirchen,

More information

REPORT On the work of the Croatian Energy Regulatory Agency For the year 2005

REPORT On the work of the Croatian Energy Regulatory Agency For the year 2005 Republic of Croatia Croatian Energy Regulatory Agency REPORT On the work of the Croatian Energy Regulatory Agency For the year 2005 Zagreb, July 2006 Croatian Energy Regulatory Agency CONTENT A. REPORT

More information

Dear Sir or Madam, President of the Management Board of Polimex-Mostostal SA. Konrad Jaskóła

Dear Sir or Madam, President of the Management Board of Polimex-Mostostal SA. Konrad Jaskóła Dear Sir or Madam, We concluded the year 2011 with sales results better than those generated in 2010. Given the market reality so difficult for the building engineering, the net result appeared to be on

More information

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 For the past few years LNG has experienced high levels of activity and investment in

More information

National Report. The President of the Energy Regulatory Office in Poland

National Report. The President of the Energy Regulatory Office in Poland National Report The President of the Energy Regulatory Office in Poland 2013 2 Acronyms and Abbreviations ACER n/d DSO EMA SA ENTSO-E ENTSO-G ERO ERO President EU IRiESD IRiESP LNG LT PPAs NES OGP Gaz-System

More information

Republic of Turkey. Date of acceptance: 9 November 2007 PART 1. Goal, scope, definitions and abbreviations. Goal and scope.

Republic of Turkey. Date of acceptance: 9 November 2007 PART 1. Goal, scope, definitions and abbreviations. Goal and scope. Republic of Turkey Unofficial Translation 1 of the Turkish Law No. 5710 2 Concerning the Construction and Operation of Nuclear Power Plants and the Sale of Energy Generated from Those Plants Date of acceptance:

More information

1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS

1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS 1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS EXECUTIVE SUMMARY Energy policy in Greece has the potential to make a significant contribution to the country s economic recovery. Increasing competition and

More information

Slovakia. Key issues. 1. General overview

Slovakia. Key issues. 1. General overview Slovakia Key issues Slovakia should enhance the independence of national regulatory authority and ensure its accountability. Slovakia should promote a regulatory framework conducive to investment in and

More information

Gas pricing and network access

Gas pricing and network access OIL & GAS Gas pricing and network access Regional Gas Competence Seminar - Mozambique 22 September - 2015 Bert Kiewiet 1 DNV GL 2015 DNV GL - Bert Kiewiet 22 September, 2015 SAFER, SMARTER, GREENER About

More information

Polimex-Mostostal Group results 1-3Q 2012

Polimex-Mostostal Group results 1-3Q 2012 Polimex-Mostostal Group results 1-3Q 2012 In accordance with reviewed condensed consolidated financial statement for the 3rd quarter 2012 Stipulation The following presentation ("Presentation") has been

More information

Standard conditions of the Electricity Distribution Licence

Standard conditions of the Electricity Distribution Licence Gas and Electricity Markets Authority ELECTRICITY ACT 1989 Standard conditions of the Electricity Distribution Licence Statutory Consultation: 29 April 2008 SECTION A: STANDARD CONDITIONS FOR ALL ELECTRICITY

More information

ALENA RAKAVA SUMMARY

ALENA RAKAVA SUMMARY ENERGY SECURITY OF BELARUS: STEREOTYPES, THREATS, TRENDS 1 ALENA RAKAVA SUMMARY The issue of energy security is on the agenda of many countries. However, the policy debate on energy security often focuses

More information

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions ACT on Payment Services 1 ) 2 ) of 19 August 2011 Part 1 General Provisions Article 1. This Act sets out rules for the provision of payment services, including: 1) the conditions for provision of payment

More information

Risk management and sensitivities

Risk management and sensitivities 8% Russia DISTRIBUTION OF OPERATING REVENUES 58% North Sea 34% Gulf of Mexico Risk management and sensitivities Prosafe operates on several continents and in various 11% unsecured debt segments of the

More information

The Petrol Group's Business Plan and Key Targets for 2015 with Targets up to 2019 Summary

The Petrol Group's Business Plan and Key Targets for 2015 with Targets up to 2019 Summary The Petrol Group's Business Plan and Key Targets for 2015 with Targets up to 2019 Summary December 2014 CONTENTS INTRODUCTION... 3 THE PETROL GROUP'S FINANCIAL PERFORMANCE PLAN FOR 2015... 3 STRATEGIC

More information

ENVIRONMENTAL IMPACT ASSESSMENT (EIA) AND THE DECISION ON ENVIRONMENTAL CONDITIONS IN RELATION TO THE INVESTMENT CONSTRUCTION PROCESS

ENVIRONMENTAL IMPACT ASSESSMENT (EIA) AND THE DECISION ON ENVIRONMENTAL CONDITIONS IN RELATION TO THE INVESTMENT CONSTRUCTION PROCESS ENVIRONMENTAL IMPACT ASSESSMENT (EIA) AND THE DECISION ON ENVIRONMENTAL CONDITIONS IN RELATION TO THE INVESTMENT CONSTRUCTION PROCESS FKA Furtek Komosa Aleksandrowicz sp.k. for Polska Agencja Informacji

More information

COMPANY UPDATE FIRST QUARTER 2016 RESULTS

COMPANY UPDATE FIRST QUARTER 2016 RESULTS COMPANY UPDATE FIRST QUARTER 2016 RESULTS ROYAL DUTCH SHELL 4 MAY 2016 Copyright of Royal Dutch Shell plc May 4, 2016 1 SIMON HENRY CHIEF FINANCIAL OFFICER ROYAL DUTCH SHELL PLC 2 DEFINITIONS & CAUTIONARY

More information

RWE npower Consolidated Segmental Statement for the year ended 31 December 2012. RWE npower Page 1 of 13

RWE npower Consolidated Segmental Statement for the year ended 31 December 2012. RWE npower Page 1 of 13 year ended 31 December 2012 RWE npower Page 1 of 13 1. Background to the Consolidated Segmental Statement ( CSS ) On 21 October 2009 the Office of Gas and Electricity Markets (Ofgem) introduced two licence

More information

National Report. The President. of the Energy Regulatory Office. of Poland. July 2014

National Report. The President. of the Energy Regulatory Office. of Poland. July 2014 National Report The President of the Energy Regulatory Office of Poland 2014 July 2014 1 2 Table of contents: Acronyms and Abbreviations... 4 1. Foreword... 5 2. Main developments in the electricity and

More information

O2 Czech Republic January to September 2014 Financial Results

O2 Czech Republic January to September 2014 Financial Results Interim report O2 Czech Republic January to September 2014 Financial Results November 12, 2014 O2 Czech Republic a. s. announces its unaudited financial results for January to September 2014. These results

More information

TAX DEVELOPMENTS IN POLAND UPDATE 2009

TAX DEVELOPMENTS IN POLAND UPDATE 2009 TAX DEVELOPMENTS IN POLAND UPDATE 2009 WARDYŃSKI & PARTNERS TAX PRACTICE APRIL 2010 1/8 INTRODUCTION The purpose of this report is to present key tax developments in Poland in 2009 which may be relevant

More information

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S

Release no. 04 2014 Report on first quarter 2014 To NASDAQ OMX Nordic Exchange Copenhagen A/S Page 1/10 22 May 2014 for ROCKWOOL International A/S Today the Board of ROCKWOOL International A/S has discussed and approved the following report on first quarter 2014. Highlights Sales in first quarter

More information

Risks and uncertainties

Risks and uncertainties Risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal risks that

More information

Credit Opinion: PGE Polska Grupa Energetyczna S.A.

Credit Opinion: PGE Polska Grupa Energetyczna S.A. Credit Opinion: PGE Polska Grupa Energetyczna S.A. Global Credit Research - 03 Jun 2014 Warsaw, Poland Ratings Category Outlook Issuer Rating PGE Sweden AB (publ) Outlook Bkd Sr Unsec MTN Moody's Rating

More information

EWE energia sp. z o.o. Distribution Grid Code (Grid Code) Międzyrzecz, October 2014

EWE energia sp. z o.o. Distribution Grid Code (Grid Code) Międzyrzecz, October 2014 EWE energia sp. z o.o. Distribution Grid Code (Grid Code) Międzyrzecz, October 2014 The English version is provided for the information purpose only. If any discrepancy arises between this translation

More information

I. Consolidated Balance Sheet

I. Consolidated Balance Sheet I. Consolidated Balance Sheet Note At 30 2013 At 31 December ASSETS Non-current assets Property, plant and equipment 3.2 361 738 357 715 Goodwill 3.3 44 061 44 061 Other intangible assets 3.4 82 472 96

More information

Rating Methodology by Sector. Electric Power

Rating Methodology by Sector. Electric Power Last updated: April 23, 2015 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role

More information

The River Devoll Project

The River Devoll Project EVN Hydropower Development in Albania The River Devoll Project Dr. Michael Laengle, CFO Agenda > EVN Overview and strategy > Albania Electricity market in SEE > The River Devoll project 2 Company profile

More information

PGE - Polish Energy Group. Nuclear power development in Poland - we need decision today. Organisation of the Polish Power Sector After Consolidation

PGE - Polish Energy Group. Nuclear power development in Poland - we need decision today. Organisation of the Polish Power Sector After Consolidation Nuclear power development in Poland - we need decision today Hanna Trojanowska Director of International Affairs and New Technologies Department PGE Polska Grupa Energetyczna S.A. Organisation of the Polish

More information

Regulations of the Clearing and Settlement House

Regulations of the Clearing and Settlement House Regulations of the Clearing and Settlement House (Financial Market) The unified text prepared by the Management Board of IRGiT on the day of September the 27th 2011, on the grounds ofirgit Supervisory

More information

ALTERNATIVE TRADING SYSTEM RULES

ALTERNATIVE TRADING SYSTEM RULES ALTERNATIVE TRADING SYSTEM RULES (text according to legal condition at 20 June 2012) 1 NOTE: Only the Polish version of this document is legally binding. This translation is provided for information only.

More information

Terms and Conditions of the Orange Fab Programme: Poland and Eastern Europe effective since 07.10.2015

Terms and Conditions of the Orange Fab Programme: Poland and Eastern Europe effective since 07.10.2015 Terms and Conditions of the Orange Fab Programme: Poland and Eastern Europe effective since 07.10.2015 PREAMBLE The Orange Fab Programme: Poland and Eastern Europe (the Orange Fab Programme ) aims at the

More information

Brief assessment of the standing of KGHM POLSKA MIEDŹ S.A. for financial year 2008

Brief assessment of the standing of KGHM POLSKA MIEDŹ S.A. for financial year 2008 Brief assessment of the standing of KGHM POLSKA MIEDŹ S.A. for financial year 2008 (approved by the Supervisory Board of KGHM Polska Miedź S.A. on 8 May 2009) In accordance with chapter III point 1 sub-point

More information

Preparing for Changes in Market Design

Preparing for Changes in Market Design Preparing for Changes in Market Design EMART Conference Didier Lebout, Strategy and Development Director Gazprom Marketing and Trading France Amsterdam, 21 November 2012 In this presentation GM&T Ltd:

More information

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS APPROVED by Order No. VAS-6 of 12 May 2006 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL

More information

ING Bank N.V. Certificates Programme

ING Bank N.V. Certificates Programme FOURTH SUPPLEMENT DATED 9 MAY 2014 UNDER THE CERTIFICATES PROGRAMME ING Bank N.V. (Incorporated in The Netherlands with its statutory seat in Amsterdam) Certificates Programme This Supplement (the Supplement

More information

LAW OF UKRAINE On the natural gas market This Law defines legal fundamentals of the functioning of the natural gas market in Ukraine founded on

LAW OF UKRAINE On the natural gas market This Law defines legal fundamentals of the functioning of the natural gas market in Ukraine founded on LAW OF UKRAINE On the natural gas market This Law defines legal fundamentals of the functioning of the natural gas market in Ukraine founded on principles of free competition, due protection of consumers

More information

DANISH DISTRICT ENERGY PLANNING EXPERIENCE

DANISH DISTRICT ENERGY PLANNING EXPERIENCE MOWAT ENERGY, A RESEARCH HUB AT THE MOWAT CENTRE, AT THE REQUEST OF THE ONTARIO MINISTRY OF ENERGY FUTURE INNOVATION IN ENERGY PLANNING: A SPECIAL SESSION TO ADVISE ON ONTARIO S LONG-TERM ENERGY FUTURE

More information

TERMS AND CONDITIONS OF PAYMENT ORDER IN FOREIGN EXCHANGE TRANSACTIONS AT PKO BP SA BANK

TERMS AND CONDITIONS OF PAYMENT ORDER IN FOREIGN EXCHANGE TRANSACTIONS AT PKO BP SA BANK TERMS AND CONDITIONS OF PAYMENT ORDER IN FOREIGN EXCHANGE TRANSACTIONS AT PKO BP SA BANK TABLE OF CONTENTS SECTION 1 General provisions... 1 I. General rules for payment execution in foreign exchange transactions...

More information

Main trends in industry in 2014 and thoughts on future developments. (April 2015)

Main trends in industry in 2014 and thoughts on future developments. (April 2015) Main trends in industry in 2014 and thoughts on future developments (April 2015) Development of the industrial sector in 2014 After two years of recession, industrial production returned to growth in 2014.

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

1 TABLE OF CONTENTS... 1 2 DEFINITIONS AND UNITS... 4. 2.1 Definitions... 4. 2.2 Units applied... 7 3 GENERAL PROVISIONS... 8. 3.1 Introduction...

1 TABLE OF CONTENTS... 1 2 DEFINITIONS AND UNITS... 4. 2.1 Definitions... 4. 2.2 Units applied... 7 3 GENERAL PROVISIONS... 8. 3.1 Introduction... 1 TABLE OF CONTENTS 1 TABLE OF CONTENTS... 1 2 DEFINITIONS AND UNITS... 4 2.1 Definitions... 4 2.2 Units applied... 7 3 GENERAL PROVISIONS... 8 3.1 Introduction... 8 3.2 Rights and obligations of the Operator...

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management s discussion in conjunction with our unaudited consolidated interim condensed

More information

Shares Mutual funds Structured bonds Bonds Cash money, deposits

Shares Mutual funds Structured bonds Bonds Cash money, deposits FINANCIAL INSTRUMENTS AND RELATED RISKS This description of investment risks is intended for you. The professionals of AB bank Finasta have strived to understandably introduce you the main financial instruments

More information

Electricity & Gas Retail Markets Annual Report 2014

Electricity & Gas Retail Markets Annual Report 2014 Electricity & Gas Retail Markets Annual Report 2014 DOCUMENT TYPE: REFERENCE: Information Paper CER/15/15112 DATE PUBLISHED: June 2015 QUERIES TO: info@cer.ie The Commission for Energy Regulation, The

More information

Security of electricity supply

Security of electricity supply Security of electricity supply Definitions, roles & responsibilities and experiences within the EU Thomas Barth Chairman of Energy Policy & Generation Committee EURELECTRIC Outline Security of Supply a

More information

1 Introduction. 1.5 Margin and Variable Margin Feature

1 Introduction. 1.5 Margin and Variable Margin Feature Risk Disclosure Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors and you should ensure that you understand the risks

More information

Baltic Pipe Polish diversification project

Baltic Pipe Polish diversification project Baltic Pipe Polish diversification project Oil & Gas Department Based on materials from PGNiG S.A. Brussels, February 2008 Risk of Dependency Dependency on one supplier only, creates a high risk in every

More information

Towarowa Giełda Energii S.A. Statute unified text

Towarowa Giełda Energii S.A. Statute unified text Towarowa Giełda Energii S.A. Statute unified text 1 1. The Company s name shall be Towarowa Giełda Energii Spółka Akcyjna. The Company may use an abbreviated name Towarowa Giełda Energii S.A. 1 and counterparts

More information

2015 EX-POST EVALUATION

2015 EX-POST EVALUATION 2015 EX-POST EVALUATION Of the project entitled Enhancement of regional competitiveness through Corporate Social Responsibility measures FINAL REPORT Evaluation conducted by: PREPARED BY: Aleksandra Stanek-Kowalczyk

More information

Summary: Gas Balancing Study Austria

Summary: Gas Balancing Study Austria : On behalf of: Energie-Control Austria, Rudolfsplatz 13a, 1010 Wien, Austria Prepared by: KEMA Consulting GmbH, Kurt-Schumacher-Str. 8 53113 Bonn, Germany Bonn, May 2012 Copyright 2012, KEMA Consulting

More information

Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE. June 24, 2009 GAS EXPORTS

Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE. June 24, 2009 GAS EXPORTS Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE June 24, 2009 GAS EXPORTS As estimated by CEDIGAZ, the International Association for Natural Gas, in 2008 global

More information

Consolidated Financial Statements

Consolidated Financial Statements STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 110 Consolidated Financial Statements This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is permitted

More information

Polish support schemes for renewable and cogeneration sources

Polish support schemes for renewable and cogeneration sources Polish support schemes for renewable and cogeneration sources Introduction Ever since the Energy Law came into force, i.e. since 1997, country legislator saw the need to support renewable energy sources

More information

Standard conditions of the Electricity Distribution Licence

Standard conditions of the Electricity Distribution Licence Gas and Electricity Markets Authority ELECTRICITY ACT 1989 Standard conditions of the Electricity Distribution Licence Standard conditions of the Electricity Distribution Licence 30 October 2015 SECTION

More information

CHARCOAL PRODUCTION AND COMMERCIALIZATION IN KENYA. Robert Pavel Oimeke Ag. Director Renewable Energy Energy Regulatory Commission, Kenya

CHARCOAL PRODUCTION AND COMMERCIALIZATION IN KENYA. Robert Pavel Oimeke Ag. Director Renewable Energy Energy Regulatory Commission, Kenya CHARCOAL PRODUCTION AND COMMERCIALIZATION IN KENYA Robert Pavel Oimeke Ag. Director Renewable Energy Energy Regulatory Commission, Kenya Joint UN Habitat / IRENA workshop: Renewables for Growing Cities

More information

RWE s position in the Czech Utility and other CEE Markets

RWE s position in the Czech Utility and other CEE Markets RWE Energy Capital Market Day 2006 RWE s position in the Czech Utility and other CEE Markets Dr. Ulrich Jobs Chief Executive Officer RWE Transgas, a.s. October 26, 2006 Today s Topics I CEE market overview

More information

Rating Methodology by Sector. Electric Power

Rating Methodology by Sector. Electric Power Last updated: July 13, 2011 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role as

More information

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS APPROVED by Resolution No. 10 of 10 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED

More information

TRADING RULES FOR A SCHEME OF FUTURES CONTRACTS ON WIBOR REFERENCE RATES

TRADING RULES FOR A SCHEME OF FUTURES CONTRACTS ON WIBOR REFERENCE RATES TRADING RULES FOR A SCHEME OF FUTURES CONTRACTS ON WIBOR REFERENCE RATES Statement of the Polish Financial Supervision Authority issued in connection with a decision concerning approval of the Trading

More information

REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING. Second half

REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING. Second half + REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING 2016 2013 Q1 REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING Second half ISSN 2424-4791 (ONLINE) REVIEW OF THE SURVEY OF ENTERPRISES

More information

IFIEC Europe Brussels, 30 April 2008

IFIEC Europe Brussels, 30 April 2008 INTERNATIONAL FEDERATION OF INDUSTRIAL ENERGY CONSUMERS IFIEC Europe Brussels, 30 April 2008 Draft Guidelines on Article 22 A contribution from IFIEC Europe Introduction Directive 2003/55/EG concerning

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

BANKING UNIT POLICY DOCUMENTS

BANKING UNIT POLICY DOCUMENTS BANKING UNIT POLICY DOCUMENTS POLICY DOCUMENT ON THE REGULATORY PROVISIONS FOR THE UNDERTAKING OF LENDING ACTIVITIES BY INSTITUTIONS AUTHORISED UNDER THE FINANCIAL INSTITUTIONS ACT 1994 FACTORING FORFAITING

More information

Institute of Power Engineering

Institute of Power Engineering Research and Development Unit, Mikołaja Reja 27 Str. 80-870 Gdańsk e-mail: oga@ien.gda.pl ph: 058 349-81-00 fax: 058 341-76-85 GSM: 602 639 079 Reg. Number: OG-79/10 SMART METERING IN POLAND - IMPLEMENTATION

More information

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012 SUPPLEMENTAL INVESTOR INFORMATION Fourth Quarter 2012 Kevin Bryant Tony Carreño VP Investor Relations and Strategic Director Investor Relations Planning & Treasurer 816-556-2782 816-654-1763 anthony.carreno@kcpl.com

More information

NOBLE BANK S.A. CAPITAL GROUP

NOBLE BANK S.A. CAPITAL GROUP NOBLE BANK S.A. CAPITAL GROUP REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31ST 2008 I. GENERAL 1. General information NOBLE

More information

Vattenfall Full Year 2013 results

Vattenfall Full Year 2013 results Vattenfall Full Year 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Press conference, 4 February 2014 2013 Highlights Net sales increased 2.6% to SEK 172bn (167) Underlying EBIT increased 1.3%

More information

Investor Compensation Fund

Investor Compensation Fund Vs 2.0 Oct 2015 TopFX Ltd, authorised and regulated by CySEC ( license no.138/11). Registered. INFORMATION TO CLIENTS OF TOPFX LTD IN RELATION TO THE INVESTOR COMPENSATION FUND FOR CUSTOMERS OF CYPRIOT

More information

LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015

LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 Wrocław, 27 August 2015 1. SUPPLEMENTARY INFORMATION TO THE SEMI-ANNUAL REPORT...

More information

SECTOR ASSESSMENT (SUMMARY): ENERGY 1

SECTOR ASSESSMENT (SUMMARY): ENERGY 1 Country Partnership Strategy: Kazakhstan 2012 2016 SECTOR ASSESSMENT (SUMMARY): ENERGY 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. Overview. Oil accounts for about a quarter

More information

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions The present English text is furnished for information purposes only. The original Polish text published in the Journal of Laws is binding in all respects. ACT of 27 May 2004 on Investment Funds 1 Part

More information

August 2000. A Review of the Development of Competition in the Industrial and Commercial Gas Supply Market

August 2000. A Review of the Development of Competition in the Industrial and Commercial Gas Supply Market August 2000 A Review of the Development of Competition in the Industrial and Commercial Gas Supply Market Executive summary This document explains the conclusions of Ofgem s 1999 review of the development

More information

Electricity and natural gas price statistics 1

Electricity and natural gas price statistics 1 Electricity and natural gas price statistics 1 Source: Statistics Explained (http://epp.eurostat.ec.europa.eu/statistics_explained/) - 21/11/2011-09:11:44 Electricity and natural gas price statistics Data

More information

The Swedish Natural Gas Act and Ordinances

The Swedish Natural Gas Act and Ordinances The Swedish Natural Gas Act and Ordinances The Swedish Natural Gas Act and Ordinances CONTENTS Chapter 1 Introductory Provisions... 4 Chapter 2 Concession... 5 Chapter 3 Obligations of the Natural Gas

More information

ESRI Research Note. The Irish Electricity Market: New Regulation to Preserve Competition Valeria di Cosmo and Muireann Á. Lynch

ESRI Research Note. The Irish Electricity Market: New Regulation to Preserve Competition Valeria di Cosmo and Muireann Á. Lynch ESRI Research Note The Irish Electricity Market: New Regulation to Preserve Competition Valeria di Cosmo and Muireann Á. Lynch Research Notes are short papers on focused research issues. They are subject

More information

Committee on Industry, Research and Energy. on EU strategy for liquefied natural gas and gas storage (2016/2059(INI))

Committee on Industry, Research and Energy. on EU strategy for liquefied natural gas and gas storage (2016/2059(INI)) European Parliament 2014-2019 Committee on Industry, Research and Energy 2016/2059(INI) 10.5.2016 DRAFT REPORT on EU strategy for liquefied natural gas and gas storage (2016/2059(INI)) Committee on Industry,

More information

CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014

CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014 CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014 The following management s discussion and analysis ( MD&A ), prepared as of December 11, 2014, should

More information

Schroder International Opportunities Portfolio - Schroder Asian Income (the Fund )

Schroder International Opportunities Portfolio - Schroder Asian Income (the Fund ) This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus¹. It is important to read the Prospectus before deciding

More information

Micro CHP (Combined Heat & Power) and its relevance to the gas industry

Micro CHP (Combined Heat & Power) and its relevance to the gas industry Micro CHP (Combined Heat & Power) and its relevance to the gas industry Potential for micro CHP Given the dire current market conditions for CHP in the liberalised European energy markets, the optimistic

More information

CRITICAL READING OF THE WUPPERTAL INSTITUTE STUDY

CRITICAL READING OF THE WUPPERTAL INSTITUTE STUDY University of Liège FACULTY OF APPLIED SCIENCES INDUSTRIAL CHEMISTRY LABORATORY PROFESSOR ALBERT GERMAIN CRITICAL READING OF THE WUPPERTAL INSTITUTE STUDY Greenhouse Gas Emissions from the Russian Natural

More information

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013

FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and

More information

Agenda. Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations

Agenda. Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations SECOND QUARTER 2013 Conference Call Notes August 2, 2013 2 Agenda Forward-looking Statements Denis Jasmin, Vice-President, Investor Relations President and CEO Remarks Robert G. Card, President and Chief

More information

NATURAL GAS DEMAND AND SUPPLY Long Term Outlook to 2030

NATURAL GAS DEMAND AND SUPPLY Long Term Outlook to 2030 1. Background On different occasions, Eurogas is asked to present its views on the future of the European gas industry. The forecasts are mainly needed for conferences and bilateral discussions with European

More information

Deutsche Wohnen AG.» Investor Presentation. September 2010

Deutsche Wohnen AG.» Investor Presentation. September 2010 Deutsche Wohnen AG» Investor Presentation September 21 1 » Agenda 1 2 3 4 Introduction to Deutsche Wohnen Portfolio Overview and Operations Financial Highlights Guidance and Strategic Objectives 2 » 1

More information

Russia s gas sector and gas export developments. Marc-Antoine Eyl-Mazzega June 2015

Russia s gas sector and gas export developments. Marc-Antoine Eyl-Mazzega June 2015 Russia s gas sector and gas export developments Marc-Antoine Eyl-Mazzega June 215 IEA: 29 Members, worldwide engagement IEA member countries Accession country Key Partner countries Countries co-operating

More information

Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security

Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security Abstract Martina Mokrišová Department of Finance and Accounting Faculty of Management University

More information

ENERGY EFFICIENCY IN POWER PLANTS

ENERGY EFFICIENCY IN POWER PLANTS Plenary session Producing more with less: Efficiency in Power Generation ENERGY EFFICIENCY IN POWER PLANTS Frans van Aart, Wim Kok, Pierre Ploumen KEMA Power Generation & Sustainables ENERGY EFFICIENCY

More information

Vattenfall Q2 2013 results

Vattenfall Q2 2013 results Vattenfall Q2 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference call for analysts and investors, 23 July 2013 Q2 Highlights Impairment charges on thermal assets and goodwill amounting to

More information