FY 2008 consolidated results
Brussels
February 20th, 2009
1
Disclaimer
•
This presentation is only provided for general information purpose about
Elia and its activities. The included statements are neither reported
results nor other historical information. They are not provided to serve
as the basis for any evaluation of Elia, and cannot be binding and/or
enforceable upon Elia.
•
As forward-looking statements, they are subject to assumptions, risk
and uncertainties, actual future results may differ from those expressed
in or implied by such statements.
•
Although Elia uses reasonable cares to present information which is upto-date to the best of Elia's knowledge, Elia makes no representation or
warranty whatsoever as to the adequacy, accuracy, completeness or
correctness of such information.
•
Elia will not be liable for any consequences arising from or related to the
use or interpretation of the information contained or absent in this
presentation.
2
Agenda
Summary
Highlights 2008
Financials 2008
Outlook 2009
3
Summary
• Highlights 2008
- Results in line with new regulation: higher OLO, incentive, bonus ‘07
- Slight decrease of yearly consumption, mostly due to economic crisis
- Full realisation of investment plan; excellent network reliability
- Amongst the lowest tariffs in Europe for the 6th year in a row
- Growing volume traded on Belpex
- European market in progress: CASC, Coreso, ENTSO-E
- First consulting contracts
• Financials 2008
- Dividend increased to € 1,37 a share
• Outlook 2009
- Net profit
- Capex
4
Agenda
Summary
Highlights 2008
Financials 2008
Outlook 2009
5
1. Energy Consumption in Elia’s balancing zone
Consumption per month
Yearly Energy consumption as
seen from Elia’s network
decreased slightly to 88 TWh
9000000
8000000
7000000
(88,9 TWh in 2007)
6000000
5000000
2007
2008
4000000
Main reasons
• Economic crisis during Q4
(mainly industrial customers)
3000000
2000000
1000000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Imports and exports per month in 2008
• Increasing local generation at
customer sites
• Increasing generation from
renewable sources at distribution
level
1000
500
0
Imports from The Netherlands
Exports to The Netherlands
-500
Imports from France
Exports to France
Net Balance
-1000
Net import level increased (mainly
from the Netherlands side) with
58,2% to 10,6 TWh
(6,7 TWh in 2007)
-1500
No impact on regulated profit
-2000
n
Ja
6
b
Fe
M
ar
r
Ap
M
ay
n
Ju
l
Ju
g
Au
p
Se
t
Oc
v
No
c
De
(except cash management)
2. Fixed tariffs for the period 2008-2001
Means strong visibility for the cost basis of Elia’s customers
7
•0
8
•Infrastructure
•Losses
•System Services
•Other regulatory charges
•Sweden
•Spain
•Slovenia
•Slovak Rep
•Romania
•Portugal
•Poland
•Norway
•Netherlands
•Lithuania
•Latvia
•Italy
•Ireland
•Hungary
•Greece
•Great Britain
•Germany
•France
•Finland
•Estonia
•Denmark West
•Denmark East
•Czech Republic
•Bulgaria
•Belgium
•Austria
•€ / MWh
Among the lowest tariffs in Europe
•30
•25
•20
•15
•10
•5
3. Investments 2008
Breakdown CAPEX
• Full realisation of Capex plan 2008
CAPEX 2008
€ 161,2 m
• Focus on internal demand as well as for
9%
10%
• Excellent reliability of the network
33%
• supporting local generation at sites
of industrial customers
• facilitation the connection of
co-generation and renewables units
44%
48%
Replacements
Driven by internal consumption
Driven by interconnections with neighbours
Driven by import levels & generation localisation
9
Investments 2008: a few examples
• Extensions and developments at the
port of Antwerp (project BRABO)
High-voltage “Petrol” station in Antwerp
commissioned
- improved reliability
- needed by economic development
High-voltage station “Scheldelaan”
- extension for the connection of the
cogeneration unit of Exxon
- commissioned in December 2008
Investments of about € 20m
10
Investments 2008: a few examples
•
Renovation of 70 kV stations
- Angleur and Liberchies
- Investment of about € 15m
•
Google site
- Connection to 150 kV station located in Ghlin Petit
Marais
- Investment of about € 3,3m (repaid by client)
•
Greenwind
- Windfarm of 25 MW (10 times 2,5 MW)
- Connection to 70 kV station of Solre-Saint Géry
- Investment of about € 0,7m (repaid by client)
•
Windvision
- Windfarm of 66 MW (11 times 6 MW)
- Connection to 70 kV station of Harmignies
- Investment of about € 0,6m (repaid by client)
11
Investments 2008: a few examples
•
Three phase shifters
- Location Van Eyck & Zandvliet high -
voltage station
- Improved control of neighbouring
energy flows on the Elia grid for an
improved reliability
- Optimisation of transmission capacity
with interconnected networks
- Commissioned at the end of 2008
- Investment of € 54 m
12
4. Belgium, among the most interconnected countries
YEAR 2008
COMMERCIALLY AVAILABLE IMPORT CAPACITIES
In MEGAWATT (MW)
South
North
Total
Comment
Maximum capacity allocated to the market
3600
1401
5001
Total is 42 % of peak system load of 12001 MW
Yearly average capacity allocated to the market
2532
1350
3882
Total is 39 % of average system load of 10024 MW
Ex ante guaranteed minimum capacity during line
works in France
1600
833
(1 day)
2433
Total is 24 % of average system load
3,005 GWh
Netherlands
8,119 GWh
Total energy exchanges 2008-07
2008
Direction Exchanged
F
B
7,386 GWh
B
F
2,039 GWh
NL
B
8,119 GWh
B
NL
3,005 GWh
Lux
B
1,629 GWh
B
Lux
1,518 GWh
Total
23,696 GWh
2,039 GWh
France
7,386 GWh
13
1,629
GWh
1,518
GWh
Luxembourg
2007
Exchanged Change
8,332 GWh
-11,4%
2,322 GWh
-12,2%
5,266 GWh
54,2%
5,084 GWh
-40,9%
2,084 GWh
-21,8%
1,631 GWh
-6,9%
24,719 GWh
-4,1%
5. Belgian Power Exchange (Belpex)
• 32 diversified participants (suppliers, traders, producers)
from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31st, 2008
• Average daily volume was 30.372 MWh
with the following average electricity prices :
•
Belix
€70,60 MWh (41,85/MWh)
•
Belix peak (8am-20pm)
€85,18 MWh (53,56/MWh)
•
Belix off-peak (20pm-8am)
€56,02 MWh (30,13/MWh)
• Record volume of 77.623 MWh on May 3rd, 2008
equals 31% of average Belgian electricity demand
• Market coupling induced an average export volume of 1.816 MWh
and an high average import volume of 18.582MWh
• New products : Intraday & Continuous Day ahead market
14
Belpex volume growth since november 06
Volumes BELPEX DAM & Prices BELPEX, POWERNEXT and APX DAM
Period: from 21/11/2006 to 31/12/2008
MWh
Volume Belpex
Price Belpex
Price Powernext
Price APX
1.600.000
1.400.000
€/MWh
100,00
90,00
80,00
1.200.000
70,00
1.000.000
800.000
600.000
60,00
50,00
40,00
30,00
400.000
20,00
200.000
20
06
20 11
06
20 12
07
20 01
07
20 02
07
20 03
07
20 04
07
20 05
07
20 06
07
20 07
07
20 08
07
20 09
07
20 10
07
20 11
07
20 12
08
20 01
08
20 02
08
20 03
08
20 04
08
20 05
08
20 06
08
20 07
08
20 08
08
20 09
08
20 10
08
20 11
08
12
0
15
10,00
0,00
FR-BE-NE TLC 2008: excellent price convergence
Means more competitive wholesale prices in Belgium
Border
Belgian-French border
Constrained
Belgian-
Constrained
F ≠ B ≠ NL
Unconstrained
F = B ≠ NL
Dutch
0,8 %
border
Unconstrained
16
15,4 %
F ≠ B = NL
F = B = NL
14,7 %
69,1 %
6. Update Group structure
GDF Suez/
Electrabel
Publi-T
24,35%
Publipart
Freefloat
2.54%
33.01%
40,1%
Elia: A Single Economic Unit
Elia System
Operator
Licensed System Operator
99.99%
Elia Asset
50.0%
Coreso
12/2008
Real time
control of
EU flows
14.3%
24.5%
HGRT
12/2001
CASC-CWE
10/2008
4 countries
7 TSOs
Auctioning
52,25%
shareholder
of Powernext
(1) 1 share Publi-T, 1 share Electrabel
17
Network Owner
(1)
60%
Belpex
07/2005
Belgian
power
exchange
100%
Elia Re
02/2002
Captive
reinsurance
company
100%
Elia Engineering
12/2003
Engineering
consultancy firm
CASC - CWE
•
Capacity Allocation Service Company for
Central-West Europe
(Benelux, France and Germany)
•
First concrete step towards creation of Europe’s
largest regional electricity market
•
Equal shareholdership between 7 TSOs :
Cegedel Net, Elia, EnBW TNG, E.ON Netz, RTE, RWE
TSO, TenneT
•
Incorporated in Luxembourg on Sep 9th, 2008
•
Joint cross-border service company acting as a
single auction office
•
First joint auctioning of year and month capacities
on the common borders between the five countries
was held on Nov 28th, 2009
•
From Spring 2009, also execution of auctions of
daily capacities for borders without market coupling
18
CORESO
•
Coordination of Electricity System Operators
•
Second concrete step towards creation of Europe’s
largest regional electricity market
•
Joint venture, currently between RTE and Elia,
based on equal shareholdership and partnership
•
Incorporated in Brussels on Dec 19th, 2008; start
of operation foreseen on Feb 16th, 2009
•
The first regional technical coordination centre to
be shared by several TSOs in the CWE region
•
National Grid expected to join as full member
•
Interest from Vattenfall Europe Transmission
•
The centre will develop forecast management of
electricity transits within the CWE region and will
monitor these flows in real time around the clock
19
7. First contracts with third parties
Third party services
•
 Industrial clients
 Distribution System Operators
Consulting
•
 Marocco,
 Tunesia,
 C-Power
 Gulf Cooperation Council Interconnection Authority
20
8. Update Personnel
 Experienced employees throughout Elia’s organisation
 Number of Employees at 31/12/08 : 1,231 (FTE : 1125)
Transm ission
7%
Average length of
service in Elia:
14 years
Elia
Engineering
10%
Custom ers &
Market
5%
Corporate
31%
21
Grid services
47%
Average age of
workforce:
40 years
Agenda
Summary
Highlights 2008
Financials 2008
Outlook 2009
22
4-year fixed tariff system
Implementation of “controllable – non controllable” costs & revenues
TODAY
PAST
NC
C
Non
Tariff
Costs
Non (2)
Tariff
Non
Controllable
Costs (NC)
Tariff
Tariff
Controllable (1)
Costs ‘(C)
Net profit
Charges
Net profit
Revenues
Charges
Revenues
(1)
Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary
services & pension costs for retired employees
(2)
Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance
claims
23
…with netting of costs & revenues
Reclassify costs, revenues => controllable & non-controllable
NC Non
Tariff
C
Net profit
Non
(2)
Controllable
Costs (NC)
Tariff
C
Tariff
NC
Controllable (1)
Costs ‘(C)
Net profit
Charges
Revenues
(1)
Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary
services & pension costs for retired employees
(2)
Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance
claims
24
X – Y Factor (controllable costs)
€m
Budget including CPI
(1)
255,3
251,3
255,3
260,6
-4m
-4m
254,6
–6m
–6m
265,3
258,3
-7m
-7m
248,6
251,3
2009
2010
-8m
262,3
CPI-X (approved)
-8m
254,3
247,3
2008
- X = -25m in total
270,3
-X -Y = -50m in total
CPI-X-Y
(internal budget)
2011
• Regulator approved € 251,3m net controllable costs for 2008
(255,3m CC minus € 4m imposed cost savings)
• Budget Elia : 247,3 mio € 
Initial budget
255,3
X factor (costsaving)
-
Y factor (potential outperformance)
(1)
25
Controllable non-tariff revenues
4,0
Composition of net profit
1.
2.
3.
Fair remuneration (€ 59m in budget 2008)
•
Equity remuneration based on formula
•
Deduction over-depreciation of the past
(€ 8,2m net) till Q3 2012
Decommissioning (€ 14m in budget 2008)
•
Goodwill from decommissioning included in tariffs
•
Reserved for financing future investments
Incentivisation on controllable costs
•
26
Ceiling = same amount as efficiency gain (X-factor)
Overview of Key 2008 IFRS Figures
IFRS
Income statement (€ million)
Consolidated turnover
EBITDA (1)
Operating result (EBIT)
Financial result
Taxes
Consolidated net profit (incl equity m.)
Net profit per share (€)
Dividend per share (€)
Balance sheet (€ million)
Total assets
Equity
Net debt
Equity per share (€)
Total number of shares (end of period)
2008
2007
757,3
731,7
334,1
308,5
237,9
214,7
(109,3)
(104,0)
(27,2)
(32,9)
103,1
77,6
2,14
1,62
1,37
1,30
31/12/2008 31/12/2007
4.228,1
3.977,9
1.348,1
1.338,6
2.370,5
2.196,7
28,04
27,85
48.076.949
(1) EBITDA = EBIT + depreciation + changes in provisions
27
48.061.695
Change
In %
3,5%
8,3%
10,8%
5,1%
-17,3%
32,9%
32,3%
5,4%
6,3%
0,7%
7,9%
0,7%
0,03%
2008 Profit and Loss
Bottom-up Approach of Elia’s P&L in 2008 (EUR m): calculation of net profit
654,2
Non tariff
61,2
Tariff Shortfall
18,2
Costs
Tariff
677,9
Average RAB 2007
Reference equity (33%)
Cost of equity
Equity reference remuneration (A)
2008 A
3.673
1.212
(1)
5,62%
68,1
Av. equity / Av. assets
Deviation on ref. equity
Equity deviation remuneration
D-factor (B)
35,93% 36,45%
2,93% (3) 3,45%
5,14%
4,63%
5,5
5,8
-8,2
-8,2
Fair remuneration (A+B+C)
65,5
59,2
Goodwill decommissioning
Controllable cost incentive
15,0
4,4
14,2
0,0
1,9
0,0
86,8
73,4
Net profit Belgian GAAP (tariffs)
Net profit
Consolidation Belpex
Charges
(1)
(2)
(3)
28
Revenues
OLO of 4,4414%; Beta of 0,336 and a risk premium of 3,5%
Av. Equity =1.319,9 and Av. Assets = 3.673,4
OLO of 4,4414 & deviation rate of 70 bp
(2)
Over-depreciation (C)
Bonus 2007
103,1
2008 E
3.611
1.192
5,17%
61,6
IFRS reconciliation
Net profit IFRS
0,3
16,0
103,1
Controllable items : Budget <> Reality
29
17,4
23,8
Budget
Reality
Revenues =  6,4
Total outperformance = € 8,4m
X factor = € 4m
Y profit = € 4,4m
270,7
Reality
Budget
272,7
Costs =  -2

First results from increased efficiency

Extra revenues thanks to third party services and
first consulting contracts
Reconciliation Be GAAP - IFRS
IFRS Impact on Equity and Net Profit as of 31 December 2008
103,1
87,1
(5,6)
2,8
Regulatory
Assets
Elia Re
4,1
(5,8)
3,0
Capitalisation
Software
Deferred
taxes
Other
Net Profit
17,5
31/12/2008
Belgian GAAP
Employee
Benefits
72,6
1.367,9
17,8
(1)
15,0
10,7
Elia Re
Others
31/12/2008
IFRS
1.348,1
Equity
(135,9)
31/12/2008
Belgian GAAP
Employee
benefits
Regulatory
assets
Capitalisation
software
(1) Mainly relates to Inventory valuation (€2,6m) and goodwill Bel engineering (€ 6,9m)
30
31/12/2008
IFRS
Regulated Asset Base 2008
Evolution 2008 RAB
3,764,4
3.582,4
132,4
(91,8)
Year-end
2007
Average
RAB
(1)
Depreciation Divestm. &
Decommissioning
3.512
(1)
31
(18,2)
159,6
Capex
Change
in WCR
Year-end
2008
3.673
Includes € 15 million goodwill decommissioning
Working Capital Requirements
Changes in Working Capital Requirements (EUR m)
98,8
(1)
18,2
132,4
Shortfall
2008
Total
Change
in WCR
16,1
2008
(45,6)
44,9
Inventory,
trade & all
debtors
<1 year
(1)
32
Tax
receivable,
including
interests
due
Based on Belgian GAAP accounts
Trade
creditors
& others
Accrued
charges &
deferred
income
Breakdown Costs
Evolution of Costs between 2008 and 2007 (EUR m)
654,2
138,8
Ancillary services
(reserve energy)
150,8
Raw materials, Services &
Other goods
135,0
-2,7%
153,7
+1,9%
118,8
+4,2%
114,0
Personnel Expenses
(mainly pension funds & inflation)
14,0
-27,8%
19,4
Others
96,2
+2,6%
93,8
Depreciation
109,3
+5,1%
27,2
2008
33
653,7
-17,3%
104,0
32,9
2007
Financial charges
Taxes
Non - Tariff Revenues
Breakdown of Non – Tariff Revenues in 2008 and 2007 (EUR m)
68,1
61,2
28,2
-34,6%
16,2
+2,5%
13,0
3,8
(2)
2008
34
43,1
International revenues
(mainly due to lower wholesale
price differentials and lower
revenues from congestion)
+5,7%
15,8
Fixed assets own construction
capitalised
12,3
Telecom & third party services
-3,1
(1)
Others
2007
(1)
In 2007 « others » include € -13m reversal of the regulatory asset as a result of a new collectieve agreement (one-off payment)
(2)
In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable
Tariff Revenues
Breakdown of Tariff Revenues in 2008 and 2007 (EUR m)
677,9
653,6
32,7
113,4
-12,1%
32,3
129,0
20,9
85,6
510,9
Tariffs for ancillary services
Tariffs out of previous surpluses
+25,6%
406,7
Tariffs for grid use
9,9
18,2
2008
Tariff shortfall
35
Connection tariffs
2007
0,5
4,9
4,5
Operational
Appeal Bonus 2005
Settlement Bonus 2006
Non controllable items : Budget <> Reality
Tariff =  + 1,4
Reality
Revenues =  - 21,4
Budget
Costs =
Revenues = - 21,4 m
Reality
Budget
Reality
Net profit =
-8,8 m
Tariff = + 1,4 m
Reality
Budget
Net profit =  +8,8
Budget
+ 10,6 m
Tariff shortfall = 18,2 m
Costs =  - 10,6
36
Overview treatment of surpluses
Overview of allocation and use of total surpluses
In millions of EUR
Surplus 2003
Bonus 2003
Used
Total 2003
Surplus 2004
Bonus 2004
Used
Total 2004
Surplus 2005
Bonus 2005
Surplus 2006
Used
Totaal 2005
Surplus 2006
Malus 2006
Used
Totaal 2006
Surpluses/
(Shortages)
134,6
3,2
137,8
118,9
3,5
122,4
35,1
2,3
3,8
41,2
56,2
1,8
2004
25,4
-25,4
0,0
2005
36,4
3,2
-39,6
0,0
28,0
-28,0
0,0
7,4
-7,4
0,0
58,0
Reversal decided by regulator for period 2008-2011
Used
Subtotal
359,4
Shortage 2007
-0,5
Bonus 05 & 06
-9,4
Totaal 2007
-9,9
Shortage 2008
-18,2
Total Surplus
331,3
(1) To be allocated by CREG in the next regulatory period
37
2006
36,4
2007
36,4
-36,4
0,0
9,8
3,5
-13,3
0,0
-36,4
0,0
9,8
-9,8
0,0
27,7
2,3
3,8
-33,8
0,0
5,6
-5,6
0,0
2008
2009
2010
23,8
23,8
23,7
23,8
23,8
23,7
22,8
34,0
2011
Total
134,6
3,2
-137,8
0,0
118,9
3,5
-51,1
71,3
35,1
2,3
3,8
-41,2
0,0
56,2
1,8
-5,6
52,4
46,0
123,7
-20,9
102,8
-0,5
-9,4
-9,9
-18,2
50,6
1,8
52,4
20,9
-20,9
-0,5
-9,4
(1)
-9,9
-18,2
(1)
74,7
Financial Debt Position
Elia benefits from a strong credit rating
Standard & Poor’s rating:
Long Term:
AOutlook:
Stable
2.397,7
2.230,1
2.500
2.000
1.500
350,0
164,2
1000,0
250
883,5 (1)
31/12/2008
31/12/2007
Net debt
Leverage (D/D+E)
2.370,4
63,7%
2.196,7
62,1%
Net debt / EBITDA
Average cost of debt
% Fixed of gross debt
7,1
5,15%
70,0%
7,1
4,99%
73,2%
99,8
Unused Credit lines
as of 31/12/08
European Investment Bank
Committed bank loan
Uncommitted bank loan
Commercial paper program
996,8
1.000
500
€ millions
883,5
Amount
(€ m)
65
50
80
188
0
31/12/2008
Shareholders' loans
ST bank loans
(1)
31/12/2007
Eurobonds
EIB + CP + Accrued interests
In September 2009, a shareholders’ loan of € 387,7m will be repaid. This loan together with the
short bank loans will be refinanced through a new Eurobond to be launched before September
38
Interest rate
Euribor + 5 bp
Euribor + 25 bp
To be negotiated
To be negotiated
Reimbursement schedule till 2022
The duration of the refinancing of € 800 million in 2009 will take into account the
several other maturity dates; refinancing will be achieved before September 2009
Reimbursement schedule till 2022
900
800
700
MM €
600
500
400
300
200
100
0
2009
2010
2011
Eurobond
2012
EIB
2013
2014
2015
Synatom
2016
Publi-Part
ING
Publi-Part
39
2017
2018
2019
Dexia
2020
ING
2021
2022
Dividend Policy
Elia’s dividend policy ensures a steady and growing dividend
2,1
91,8%
In EUR
1,6
1,27
89,6%
1,27
89,9%
1,28
1,30
90%
1,37
85%
1,1
80%
0,6
79,3%
0,1
-0,4
75,7%
2004
2005
Dividend
2006
2007
2008
Pay-out ratio
• Increase in dividend to € 1,37 per share
• Pay-out ratio over 2008 Belgian Gaap result is 75,7%
(63,9% under IFRS)
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75%
70%
Agenda
Summary
Highlights 2008
Financials 2008
Outlook 2009
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Outlook CAPEX 2009
CAPEX 2009
€ 117 m
• Capex = €117 m
(€157m initially)
17%
37%
8%
44%
38%
• Main reasons:
• Reduced energy consumption
due to economic crisis
• Delayed projects by industrial
customers
• Reduction of financing
requirements
• No impact on regulated profit
(ROE remuneration)
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Replacements
Driven by interconnections with neighbours
Driven by internal consumption
Driven by renewables & generation localisation
Outlook 2009: RAB
3.856
3.764
84
2008
(92)
(17)
Depreciation
Divestm. &
Decomm.
(1)
117
Capex
Average 3.673
RAB
(1) Contains € 14m of goodwill reduction due to decommissioning
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Change in
WCR
2009
3.810
Outlook 2009 : Fair remuneration
Determination of net profit 2009 by the regulator (Belgian GAAP)
(3)
Average RAB 2009
Reference equity (33%)
Cost of equity (3)
Equity reference remuneration (A)
(3)
Av. equity / Av. RAB
Deviation on reference equity
Equity deviation remuneration (3)
D-factor (B)
CREG
3.810
1.257
5,08% (1)
63,8
35,12%
2,12%
(2)
4,63%
3,7
Over-depreciation (C)
-8,2
Fair remuneration (A+B+C) =(1)
59,3
Goodwill decommissioning
(3)
Controllable cost incentive
(3)
Net profit as set by tariffs
(2)
14,2
(3) = Y
0,0
(=1+2+3)
73,5
Not available for
profit distribution;
€14,2 is the estimated
yearly amount for the
period 2008-2011
(1)
OLO of 3,9278%; Beta of 0,3301 and a risk premium of 3,5%
(2)
(3)
OLO of 3,9278% and deviation rate of 70bp
To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning
and real controllable cost savings
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New Projects, Services, Activities
Major projects investigated pending regulatory approval
•
- 380 kV line towards Belgian coast (off-shore wind energy)
- Connection of a future 450 MW power plant in Seneffe
- Interconnections with UK, Germany and Luxembourg
Services
•
To be launched in 2009
• Belpex : launch of Green Certificates Exchange
• Coreso : 24h real time control of electricity flows in CWE area
• CASC : secondary market for cross-border transmission capacity
• ENTSO-E : 42 TSOs out 34 European countries
Contemplated for 2010 and beyond
• Market coupling between Benelux – Germany – France
Activities
•
Pursuing « operational excellence »
Consulting and services for third parties, partnership
45
Questions
&
Answers
Investors Relations – Contact details
 Bert Maes
Tel: + 32 (0)2/546.72.39
Mail: bert.maes@elia.be
Website: http://www.elia.be
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