RWE s position in the Czech Utility and other CEE Markets
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1 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
2 Today s Topics I CEE market overview II III Regulation of RWE s CEE markets 2
3 I CEE market overview Energy markets in CEE are attractive and dynamic markets Electricity Gas Country risk Volume 1 (TWh) Growth 2 % p.a. Volume 1 (bcm) Growth 2 % p.a. Poland % % Czech Rep % % Romania % % Bulgaria % 5 5.1% Slovakia % 7 3.7% Hungary % % Slovenia % 1 2.6% Croatia % 3 n/a Serbia % 3 n/a Macedonia 6 3.1% 0-1 Total sales to end customers 2 Expected annual growth Source: European Union/CARDS (Community Assistance for Reconstruction, Development and Stabilisation), RWE estimates 3
4 I CEE market overview Liberalisation in EU member countries will be legally completed by middle of 2007 Poland All customers except households All customers except households Czech Republic All customers except households Slovakia All customers except households All customers except households Hungary All customers except households All customers except households Electricity Gas Jan. July Jan. July Dec
5 I CEE market overview Successful investment in CEE poses specific challenges Horizontal and vertical integration of electricity and gas business in the CEE region remains an ambitious target Good combination of gas and electricity assets within CEE but generation plants, grid and supply areas not geographically congruent Energy markets of the Czech Republic, Slovakia and Hungary are mostly privatised, thus objective is consolidation of activities Gas and electricity markets of Poland, Croatia and Slovenia with only minor privatisations yet privatisation processes at slow pace Strong regulation of transport, distribution and particularly including retail of electricity and gas persists in former state owned energy markets In CEE countries purchasing power still has significant potential to grow The political and legal framework is not as reliable as it is in Western Europe yet (lower level of security of property for example) 5
6 II RWE has a strong position in CEE along the whole value chain Electricity Natural gas Generation (market share % 1 ) Hungary: 16% Matra Croatia: 6% TE Plomin Poland: <1% CHP Będzin Exploration, production DEA has a 100% stake in Medusa Oil & Gas that holds 11 rights for gas exploration in Poland Transportation, transit Czech Rep.: 100% RWE Transgas Distribution, retail (market share 2 %) Hungary: 31% ELMÜ, EMASZ, MASZ Slovakia: 15% VSE (Košice) Poland: 5% STOEN Distribution, retail (market share 2 %) Czech Rep.: 83% 3 SCP, STP, ZCP, VCP, SMP, JMP Hungary: 46% FÖGÁZ, TIGÁZ Poland: <1% GTE 1 Based on installed generation capacity 2 Based on total sales to end customers, including shareholdings 20% 3 After asset swap (JCP, PP) in February
7 II RWE Energy has a strong market position in 4 CEE countries today 2005 Electricity Sales Gas Sales 1 Customers 3 27 TWh 158 TWh 7.7 m STOEN Warsaw Customers 0.8 m 1 Electricity sales 5.8 TWh RWE Transgas Prague Customers 2.2 m 3 Gas sales TWh VSE Košice Customers 0.6 m 1 Electricity sales 4.5 TWh 2 ELMÜ, EMASZ, MASZ, FÖGÁZ, TIGÁZ Customers Electr. 2.1 m 1 ; Gas 2.0 m 1 Electricity sales (incl. Matra) 16.7 TWh Gas sales 58 TWh 2 1 Including shareholdings > 20% 2 Not consolidated at RWE Energy 3 After asset swap (JCP, PP) in February
8 II Successful integration in the Czech Republic: RWE Transgas and 6 distribution companies Acquisition in 2002 Divestment of non strategic minor participations in PRE, SČE and STE Principle of management union, centre of excellence and centre of competence Further consolidation of the group in progress EBITDA development of the Czech gas business Czech Republic 150% 120% 90% 60% 30% 100% 91% 94% 87% 123% ZČP SČP PP STP JČP VČP JMP Gas Transit SMP 0% e 8
9 II Successful integration in Hungary: ELMÜ/EMÁSZ Acquisition in 1995 RWE reinforced its strategic position in Budapest through the FŐGÁZ-DDGÁZ swap between E.ON and RWE Further consolidation of the Hungarian RWE assets in progress Efficient regulatory management to cope with pressure from regulation EBITDA development in Hungary Hungary 250% 218% 252% 229% ÉGÁZ ÉDÁSZ FÖGÁZ ÉMÁSZ 200% FŐGÁZ TIGÁZ TITÁSZ 150% 100% 100% KÖGÁZ DÉDÁSZ DDGÁZ DÉGÁZ DÉMÁSZ 50% e MASZ with trading licence for entire HU 9
10 II Successful integration in Slovakia: VSE Acquisition in 2003 Financial and organisational restructuring Preparation for 2 nd regulatory period, legal unbundling and market opening Continuous focus on operational efficiency EBITDA development of VSE Slovakia 200% 150% 100% 100% 125% 132% 159% CZ ZSE SSE Banská Bystrica PL VSE Kosice UA 50% AT Bratislava HU 0% e 10
11 II Successful integration in Poland: STOEN Acquisition in 2002 STOEN is the nucleus for further growth in Poland Market share of 5% but 39% of so far privatised distributors EBITDA development at STOEN Warsaw is the most dynamic region in Poland RWE continuously improves efficiency and customer service Increase market share to some 15 20% is key objective Poland 220% 180% 171% 202% 196% 140% 100% 100% 114% STOEN (Warsaw) 60% e 11
12 II RWE s CEE activities play an increasing role for the economic performance of the Group 2005 RWE Group CEE 1 CEE in % Electricity sales TWh/a Gas sales TWh/a Revenues EUR m 41,819 4, EBITDA EUR m 8, Operational result EUR m 6, Investments EUR m 4, Staff 2 85,928 11, Consolidated figures only 2 Full time equivalent 12
13 III Regulation of RWE CEE markets RWE Transgas main challenge is the development of regulation Commodity Complete market opening by Jan. 1, % market opening All DSO companies legally unbundled Transportation Remains completely regulated 1 st Regulatory Period 2002 RWE Investment of 4.1 billion and consolidation of CZ Assets Establishing of Energy Regulating Office (ERO) Dec. 30, 2004 CZ Energy Act came into force First step market opening (>15 mill m 3 and co-generation = 28%) Second step market opening (all non-household customers = 70%) TSO legally unbundled Reintroduction of price regulation nd Regulatory Period
14 III Regulation of RWE CEE markets Price investigation of the Czech regulator and price re-regulation are main risks in the short term Regulation of commodity seems rather price than competition oriented Full price re-regulation since Jan.1, Valid for dominant suppliers with market share >40%. Includes de-facto regulation for storage tariffs (Revenue Cap) Expected end of re-regulation March 31, 2007 Incentive regulation of transportation and distribution (presently X-factor) will remain a challenge in the long term Further competition in CZ dependent on customer segment margins Growing competition mainly for key account customers due to lower cost to serve in this customer segment At the current level of margins little competition for residential and commercial customers expected yet 14
15 III Regulation of RWE CEE markets Regulation and State interference are also key issues in Poland, Slovakia and Hungary Strong regulation along energy supply and grid* Market-consolidation towards large state owned and vertically integrated companies Only few utilities have been privatised yet and privatisation process very slow Strong regulation, full price regulation for households even after full liberalisation announced Competitors strive for margin shift from retail to generation CzRep Poland Slovakia Strong regulation along the entire value chain Limited liquidity in the electricity market (power purchase agreements) and import contracts Dominant position of state-owned TSO (MVM) Hungary * Partly regulation of generation as well 15
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