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HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) “The Revithoussa LNG Terminal for the Gas Supply of South “The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe”. Eastern Europe”. 5th International Black Sea Symposium 2012 5th International Black Sea Symposium 2012 “The Black Sea region as an influential crossroad between East and West: “The Black Sea region as an influential crossroad between East and West: A path towards extroversion A path towards extroversion Athens, Greece, 2 – 4 July 2012 Athens, Greece, 2 – 4 July 2012 Dr. George Paparsenos, CEO DESFA S.A. Dr. George Paparsenos, CEO DESFA S.A.
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HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

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Page 1: HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA)

“The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe”.“The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe”.

5th International Black Sea Symposium 20125th International Black Sea Symposium 2012“The Black Sea region as an influential crossroad between East and West: A path towards extroversion“The Black Sea region as an influential crossroad between East and West: A path towards extroversion

Athens, Greece, 2 – 4 July 2012Athens, Greece, 2 – 4 July 2012

Dr. George Paparsenos, CEO DESFA S.A.Dr. George Paparsenos, CEO DESFA S.A.

Page 2: HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

Contents• DESFA’s Profile

• National Natural Gas System

• European Energy Framework

• Natural Gas Outlook in Greece and in the Balkan Area

• Capacity Development of NNGS

• DESFA’s prospects under the new European Energy Infrastructure Environment

2

Page 3: HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

DESFA’s Profile

3

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• DESFA is currently a 100% subsidiary of DEPA.

• DESFA fully owns the National Natural Gas System (NNGS), with full responsibilities regarding (a) the provision of Third Party Access services under non-discriminatory terms, (b) the operation, (c) the maintenance and (d) the development of the gas system.

• DEPA and DESFA are under privatization process. The interest of investors will determine the model (ITO or OU) that will eventually be applied in transposing EU Directive 2009/73 into the Greek legislation (Law 4001/2011). The Greek State will keep 34 % of the shares of DESFA.

• DESFA enjoys improving financial results and performance (DESFA is the 17th large company in Greece in 2010 in terms of EBITDA, 27th in 2009)

4

Introduction

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Financial Statements 2009-2011, forecasts BP 2012 - 2021

In Million of Euros Dec. 2009 Dec. 2010 Dec. 2011 Dec. 2017 Dec. 2021

Post Tax Earnings 22,5 34,8 86,0 109,1 104,4

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)

83,7 101,8 155,7 188,9 173,3

Total Equity 689,1 716,4 791,0 922,9 942,4

Total Assets 1.411 1.386 1.414 1.671 1.573

Cash and Cash Equivalent

32,2 59,8 57,1 104,0 216,4

Gearing Ratio (%)

* Maximum value, 26,7 % (2013)

31,1 30,3 26,0 18,1* 11,7

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National Natural Gas System (NNGS)

6

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Currently, the NNGS comprises of:

• A main pipeline of app. 512 km for the transmission of natural gas through the three gas entries to the Greek territory (Greek/Bulgarian borders in the North, Greek/Turkish borders in the East and LNG terminal in the South).

• Branch pipelines of total length 717 km for the transmission of high pressure gas across the country.

• One LNG receiving terminal on Revithoussa island in the gulf of Megara. The LNG supply from Algeria was initially conceived as back – up to the pipeline supply from Russia (security of supply) and for covering peak demand. Over the time, the LNG supply, including more sources in addition to Algeria, covered base – load demand.

• Line Valve Stations and Metering and Regulating Stations.

7

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9

GREEK GAS IMPORT POINTS UTILIZATION IN 2011

Entry PointTechnical capacity

(Nm3/d)

Actual Volume passed (bcm/yr)

Actual load factor/utilization rate with ref. to technical capacity

Greek/Bulgarian Border 9.766.700 2,656 0,75

Greek/Turkish Border 2.724.000 0,668 0,67

Agia Triada (LNG Terminal) 12.469.296 1,155 0,25

TOTAL 24.959.996 4,479 0,49

peak market demand 18.300.000

total market load factor with ref. to peak demand

0,67

Note: Nm3 refer to 0oC and 1 atm

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Capacity 2011

Unloading (m3 LNG/h)

7.250

Storage (m3 LNG)

130.000

Send out (m3 LNG/h)

1.000 (5,1 bcma)

Max carrier (m3 LNG)

140.000

Reliability problems in pipeline supply of Greece in 2009 and 2012. Decisive role of Revithousa LNG Terminal in overcoming gas supply crises in SEE in both periods of time.

The Revithousa LNG terminal

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LNG Terminals in Europe

11

SOURCE: GLE Map

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European Energy Framework

12

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13

• Energy policy in E.U. is strongly influenced by Environmental policy

• Long term solution for the earth-quake prone regions (i.e. Balkans):

RES + Energy Conservation + GAS

• Gas is necessary since RES production inherently intermittent

• Gas power plants & infrastructure will operate by addressing peaks more frequently.

• Cost of energy will rise

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14

• Gas-to-gas competition is vital to stabilize prices. The role of LNG Terminals has been recognized

• Security of gas supply is also vital, as electricity security of supply will depend on that of gas. The role of gas storages and LNG terminals is important

• The transition to the new Energy System requires massive investments in Electricity and Gas Networks and Interoperability of the networks of the member states.

• The role of the State /E.U. is vital : facilitating permits, financial support of investments in infrastructure, financial support of investments in RES, security of basic regulation principles → E.U. Energy Infrastructure Package

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Natural Gas Outlook in Greece

15

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1616

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

PP Other Clients Existing EPAs

3373

40013822

3148

2670

25142287

202218831906

1419

793

16.8%

12.6%12.2%

14.2%

11.4%8.5%

7.0%

5.7% 20.7%

18.6%

19.5%

20.1%19.7%

36.7%

21.4%

14.2% 15.8%

61.8%71.6%

73.6%

67.2%

67.9%72.0%

72.9%74.6%1.6%

61.7%

70.2%

0.9%

28.9%

75.5%

1.5%

23.0%

76.1%

19.9%

4.0%

3651

62.7%

18.5%

18.8%

Natural Gas demand historical data (million Nm3 / yr)4591

17.1%

16.8%

66.1%

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The existing and the under construction gas fired power plants for the next years are

ensuring the increase of the gas demand in the Greek gas marketGas Fired Power Plants connected to the NNGS

Power Plant Technology Installed Power (MW) Owner

Komotini CC 495,0 PPC

Lavrio III CC 180,0 PPC

Lavrio IV CC 560,0 PPC

Lavrio V CC 385,3 PPC

Ag.Georgios VIII Conventional 160,0 PPC

Ag.Georgios IX Conventional 200,0 PPC

ELPEDISON POWER I CC 390,0 ELPEDISON POWER

ELPEDISON POWER II CC 421,6 ELPEDISON POWER

ALOUMINION CHP 334,0 ALOUMINION S.A.

IRON I OC 147,8 IRON THERMOELECTRIKI

IRON II CC 435,0 IRON THERMOELECTRIKI

PROTERGIA CC 430,1 PROTERGIA S.A.

CORINTHOS POWER CC 436,6 CORINTHOS POWER

TOTAL 4.575,4

PPC: 43,2%IPPs: 56,8%

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Gas Fired Power Plants expected to be connected

Power Plant Technology Installed Power (MW)

Owner

ALIVERI CC 400 PPC

MEGALOPOLI CC 850 PPC

TOTAL 1250

(Table cont’d)

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19

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Pipe Gas LNG

Natural Gas supply historical data in the Greek market (million Nm3/yr) 4571

800

1421

19371928 2043

2286

24952683

3133

38514010

3379

100%100%

75.4%

24.6%

73.6%

26.4%

75.1%

24.9%

77.3%

22.7%

82.5%

17.5%

76.6%

15.8%

23.2%

18.5%

76.8%81.5% 76.5%

23.5%

84.2%

23.4%

70.3%

29.7%

25.7%

74.3%

3653

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• The Greek gas market has been liberalized since May 2010, after the secondary legislation for the liberalization of the Gas Market was first issued in April 2010 (code for the management of the NNGS, Regulation of measurements of the NNGS, etc.). Updated code for the management of the NNGS was published on 12/10/2011 by RAE addressing additional issues (i.e. procedures for development of the Network, provision of services for interruptible gas flows, reverse and backhaul flows, etc)

• New Shippers were activated in the NNGS from the Entry Point Agia Triada since May 2010

• The transposition of 3rd Energy Package into the Greek Legislation (directive 09/73, etc) was completed and the new law was published on the 22/08/2011.

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2010, 3 Users

2009, 1 User

2011, 6 UsersUser 1

User 2

User 3

User 1

User 1 (DEPA)

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• A 15% loss of market share for the incumbent• A drop in the average gas price, as demonstrated by

the offers in the electricity pool• A 45% increase in the utilization rate of the LNG

terminal • Diversification of LNG sources• First (bilateral) trading arrangements between eligible

customers, through resale of gas• Emergence of new players with a long-term view…

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Estimation for Gas Sales Volumes(bcm/yr)

2010 2011 2016 2021

3.7 4.59

6.0-6.56.5-7.0

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Natural Gas Outlook in the Balkan Area

26

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SOURCE: SOUTHERN CORRIDOR GRIP, APRIL 2012

27

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SOURCE: SOUTHERN CORRIDOR GRIP, APRIL 2012

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Capacity Development of NNGS

29

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In the framework of the Greek & European Legislation, DESFA promotes,

plans and develops new projects which are going

(a) to cover the increasing natural gas demand, and

(b) to enhance the transportation capacity of the NNGS either for Greece or

for European Union and at the same time turn Greece to an energy hub in

the region of South East Europe

Page 31: HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

Financial status of DESFA in relation to investments realization

5-year Development Plan 2010 - 2014 approved by the Ministry after RAE’s written agreement

10-year Business Plan 2012 - 2021 Financial support of the main projects by the Cohesion Fund for Greece

approved by the competent ministries. Financing of new projects from European Investment Bank loans. Active Participation in the European Commission Infrastructure Initiative. Acceptable Debt to Equity ratio (Credit Ratio of DESFA AA, ICAP June

2011) Improving financial results and performance of DESFA (DESFA is the 17 th

large company in Greece in 2010 in terms of EBITDA, 27th in 2009)

31

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NNGS with its future expansions

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Implemented Gas Projects since the establishment of DESFA

Completion of NNGS projects started by DEPA 277  million €

Other NNGS projects since the establishment of DESFA 14 million €

Total 291 million €

NNGS Main Projects under construction

High Pressure branch line to Aliveri (under final stage of construction)

74 million €

Compression station in Nea Mesimvria (under commissioning)

61 million €

High Pressure Branch to Megalopolis (under construction)

130 million €

2nd Expansion of Revithoussa receiving terminal (included in the Development PLAN 2010 – 2014) (EPC Tendering phase)

159 million €

Total 424 million €

Page 34: HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe. 5th International Black Sea Symposium.

Capacity 2011 2015

Unloading (m3 LNG/h)

7.250 7.250

Storage (m3 LNG)

130.000 225.000

Send out (m3 LNG/h)

1.000 (5,1 bcma)

1.400 (7,1

bcma)

Max carrier (m3 LNG)

140.000 260.000

Upgrade approved in the current Development Plan of the TSO

2nd Expansion of Revithoussa receiving terminal

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Reasons behind the 2nd Expansion of Revithoussa receiving terminal

• Storage increase: Increase of (a) Security of Supply, (b) Flexibility of Operation, (c) Competition

• Carriers increased capacity: Access of almost all the carries available

• Sending out increase: Coverage of (a) higher peaks, (b) disruptions of supply and Hydraulic Balance of the gas system

• Creation of conditions for (a) loading of small lng vessels for isolated areas (b) increase of cool down services

• Second LNG wave is coming with capacity increase by 85 bcm between now and 2017

35

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Planned projects• South Stream Project. Operation of Joint Company DESFA - GAZPROM, South Stream

Greece S.A., since June 2010. Feasibility study and preliminary environmental examination have been completed for the section in Greece. GAZPROM seems to give time priority to the development of northern route (BG-RS-HU-SI-IT). The southern route (BG-GR-IT) to be decided later on.

• NNGS Infrastructure in Northern Greece concerning transportation of Caspian gas to Europe. Basic Engineering of the pipeline Komotini ‑ Thesprotia has been finalized within the scope of ITGI project (Mar. 2012). Preliminary Environmental Assessment and Examination approved by the competent Ministry in Dec. 2010. Following the decision of Shah Deniz II Consortium, DESFA is evaluating the cooperation with TAP.

• Underground Storage SOUTH KAVALA. DESFA is following up the developments for a possible participation in, or cooperation with, the licensee scheme. Coupling with lng station at Revithousa for lowering respective tariffs.

• NNGS Infrastructure to exploit the eastern Mediterranean gas availability (Israel, Cyprus, other Middle East). Due to the geographical position of Greece between eastern sources of gas and North Africa ones, in the near future, the Greek Network will be even more developed into a major corridor to Europe for new gas sources

36

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Planned Main Projects

Greek Part of South Stream (Feasibility phase and preliminary environmental examination completed )

640 (onshore) + 840 (offshore) million €

High Pressure pipeline Komotini Thesprotia & Compression Station at Kipi (included in the Development Plan 2010 – 2014) (Technical studies phase)

1150 million € + 70 million €

Underground Storage SOUTH KAVALA(The concession of underground reservoir under examination )

300 million €

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Planned projects (Cont.)

• Interconnections with the neighboring countries. Cooperation with Bulgarian counterparts to develop reverse flow Greece – Bulgaria (Actual and Virtual). The Greek Network Code allows for fully use of virtual reverse flows (backhaul flows - swaps). The feasibility and technical studies for actual reverse flows with Bulgarian counterpart are under development.

• 3rd Expansion of Revithoussa receiving terminal. Via an FSU or FS(R)U solution.

• The coupling of the expanded Revithousa LNG terminal with the interconnection projects creates the conditions for establishing a gas hub in Greece for the SE Europe. This is enhanced by the possibilities of reverse or virtual reverse flow of the interconnected networks, esp. the Italian ones.

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39

Future Technical Capacities of Gas Entry Points of Greek Gas Network (Nm3 /d)

Entry PointExisting

capacities

Step 1 After the

operation of the CS at N.

Messimvria (expected mid.

2012)

Step 2 After the 2nd

Upgrade of the LNG Terminal (expected in

2016)

Step 3 After installation of

CS at Kipi, upgrade of the CS at N.

Messimvria and upgrade of the

Turkish Network

Step 4 After implementation

of the transit project(s), upgrade of

the CS at Kipi and upgrade of the Turkish

Network

Greek/Bulgarian Border 9.766.700 12.000.000 12.000.000 12.000.000 12.000.000

Greek/Turkish Border 2.724.000 5.160.000 5.160.000 9.120.000 33.480.000

Agia Triada (LNG Terminal) 12.469.296 12.469.296 19.488.000 19.488.000 19.488.000

TOTAL 24.959.996 29.629.296 36.648.000 40.608.000 64.968.000

Note: Nm3 refers to 0oC and 1 atm

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ADEQUACY OF GAS INFRASTRUCTURE IN THE BALKAN AREA

“The existing infrastructure and the one with final investment decision cover the current capacity needs (up to 2020) but cannot meet future needs”

40

Source: Southern Corridor GRIP , April 2012

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41

WHY INTERCONNECTIONS ?

•To mitigate the effect of the imbalance between wind & photovoltaic production and market demand in a specific member-state

•To increase security of supply of electricity and gas in the whole region

•To decrease monopolistic effects in the gas supply in a member state

BENEFIT TO ALL THE INTERCONNECTED STATES

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Reverse flows : Actual & Virtual (swaps)

LNG

IPIP

Anyone who wishes to transport gas through the Greek NGTS has to sign a Standard Transportation Agreement with DESFA and become a Shipper.

Gas Interconnections of Greece

with Existing Planned

Bulgaria Petrich –Karperi (3,94 bcma)

Komotini – Stara Zagora (IGB)(3-5 bcma)

Karperi-Petrich (1 bcma -3,94 bcma)

Turkey Karacabey – Komotini (1,7 bcma)

Expansion to 11 bcma

Albania / Italy

Komotini-Albania-Brindisi (TAP) (10 – 20 bcma) or

Komotini-Perdika-Brindisi (IGI) (8-12 bcma) with branch to Albania

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DESFA’s prospects under the new European Energy Infrastructure Environment

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•Following public consultation, decision by RAE for a new tariff system (entry

– exit tariff system) is expected soon.

•Active Participation in the newly established ENTSOG (European TSOs

organization) that prepares the new Network Codes on a pan-European level,

according to the 3rd Energy package.

•Active Participation in the European Commission Infrastructure Initiative.

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45

E.C. INFRASTRUCTURE INITIATIVE

• To face the delays in infrastructure implementation, in view of their importance in the future energy picture, E.C. proposed, in October 2011, a new draft Regulation for the implementation of trans European energy networks (‘Infrastructure Regulation”)

• This initiative identifies a limited number of trans-European priority corridors. It then aims at implementing these priorities by:

- Streamlining permit granting procedures

- Facilitating the regulatory treatment concerning investment recovery and return

- Provide necessary financial support under the “Connecting Europe Facility”.

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46

(Source: DG ENER)

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PROJECTS OF COMMON INTEREST SELECTION PRINCIPLES

47

Gas projects:

Diversification: giving priority to diversification of sources, diversification of counterparts and diversification of routes

increase in interconnection level

reduction of market concentration

(Source: DG ENER)

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48

Thank you for your attention

357 – 359 Messogion Avenue, GR 152 31 Halandri

tel.: +30210 65 01 200, fax: +30210 67 49 504

URL: www.desfa.gr

E-mail: [email protected]