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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 up-to-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.
4
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
6
Yearly Energy consumption as seen from Elia’s network decreased slightly to 88 TWh(88,9 TWh in 2007)
Main reasons
• Economic crisis during Q4(mainly industrial customers)
• Increasing local generation at customer sites
• Increasing generation from renewable sources at distribution level
Net import level increased (mainly from the Netherlands side) with 58,2% to 10,6 TWh (6,7 TWh in 2007)
No impact on regulated profit(except cash management)
1. Energy Consumption in Elia’s balancing zoneConsumption per month
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
9000000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007
2008
-2000
-1500
-1000
-500
0
500
1000
Imports and exports per month in 2008
Imports from The Netherlands
Exports to The Netherlands
Imports from France
Exports to France
Net Balance
7
Means strong visibility for the cost basis of Elia’s customers Means strong visibility for the cost basis of Elia’s customers
Tariffs for use of the grid and tariffs for ancillary services:comparison 2001 - 2008
0
2
4
6
8
10
12
14
16
2001 2002
(Q4)
2003
(Q2 to
Q4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002
(Q4)
2003
(Q2 to
Q4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002
(Q4)
2003
(Q2 to
Q4)
2004 2005 2006 2007 2008 2009 2010 2011 2001 2002
(Q4)
2003
(Q2 to
Q4)
2004 2005 2006 2007 2008 2009 2010 2011
On the 380/220/150 kV network At transformer output to the 70/36/30 kV network On the 70/36/30 kV network At transformer output to medium voltage
Annual power System management Ancillary services Loss compensation
2. Fixed tariffs for the period 2008-2001
8
Among the lowest tariffs in Europe
•0
•5
•10
•15
•20
•25
•30• A
ustr
ia
• Bel
giu
m
• Bul
ga
ria
• Cze
ch R
ep
ub
lic
• Den
mar
k E
ast
• Den
mar
k W
est
• Est
on
ia
• Fin
lan
d
• Fra
nce
• Ger
man
y
• Gre
at
Bri
tain
• Gre
ece
• Hun
ga
ry
• Ire
lan
d
• Ita
ly
• La
tvia
• Lith
ua
nia
• Net
he
rla
nds
• Nor
wa
y
• Pol
an
d
• Por
tug
al
• Rom
ani
a
• Slo
vak
Re
p
• Slo
ven
ia
• Spa
in
• Sw
ed
en
• € /
MW
h
•Infrastructure •Losses •System Services •Other regulatory charges
9
• Full realisation of Capex plan 2008
• Excellent reliability of the network
• Focus on internal demand as well as for
• supporting local generation at sites of industrial customers
• facilitation the connection of co-generation and renewables units
Breakdown CAPEX Breakdown CAPEX
Replacements
Driven by internal consumption
Driven by interconnections with neighbours
Driven by import levels & generation localisation
CAPEX 2008€ 161,2 m
44%
3. Investments 2008
48%
33%
9%
10%
10
• 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
Investments 2008: a few examples
11
• 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)
Investments 2008: a few examples
12
• 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
Investments 2008: a few examples
13
Total energy exchanges 2008-07
3,005 GWh Netherlands
8,119 GWh
2,039 GWh
France
7,386 GWh
Luxembourg1,518 GWh
1,629GWh
4. Belgium, among the most interconnected countries
2008 2007Direction Exchanged Exchanged Change
F B 7,386 GWh 8,332 GWh -11,4%B F 2,039 GWh 2,322 GWh -12,2%NL B 8,119 GWh 5,266 GWh 54,2%B NL 3,005 GWh 5,084 GWh -40,9%Lux B 1,629 GWh 2,084 GWh -21,8%B Lux 1,518 GWh 1,631 GWh -6,9%Total 23,696 GWh 24,719 GWh -4,1%
YEAR 2008I n 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
1600833
(1 day)2433 Total is 24 % of average system load
COMMERCI ALLY AVAI LABLE I MPORT CAPACI TI ES
14
• 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
5. Belgian Power Exchange (Belpex)
15
Volumes BELPEX DAM & Prices BELPEX, POWERNEXT and APX DAM Period: from 21/11/2006 to 31/12/2008
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
2006
11
2006
12
2007
01
2007
02
2007
03
2007
04
2007
05
2007
06
2007
07
2007
08
2007
09
2007
10
2007
11
2007
12
2008
01
2008
02
2008
03
2008
04
2008
05
2008
06
2008
07
2008
08
2008
09
2008
10
2008
11
2008
12
MWh
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
100,00
€/MWhVolume Belpex Price Belpex Price Powernext Price APX
Belpex volume growth since november 06
16
Border Belgian-French border
Belgian-
Dutch
border
Constrained Unconstrained
Constrained F ≠ B ≠ NL F = B ≠ NL
Unconstrained
F ≠ B = NL F = B = NL
0,8 %
14,7 %
15,4 %
69,1 %
FR-BE-NE TLC 2008: excellent price convergence
Means more competitive wholesale prices in Belgium Means more competitive wholesale prices in Belgium
17
Elia System Operator
Elia Asset (1)
99.99%
Elia Re 02/2002
HGRT 12/2001
Elia Engineering 12/2003
100% 100%
Licensed System Operator
Network Owner
(1) 1 share Publi-T, 1 share Electrabel
Engineeringconsultancy firm
Captivereinsurancecompany
52,25%shareholderof Powernext
Elia: A Single Economic Unit
24.5%
GDF Suez/ Electrabel
Publi-T Publipart
24,35% 2.54%33.01%
Freefloat
40,1%
6. Update Group structure
Belgianpowerexchange
Belpex 07/2005
60%
CASC-CWE 10/2008
14.3%
Coreso 12/2008
50.0%
4 countries7 TSOsAuctioning
Real timecontrol ofEU flows
18
• 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
CASC - CWE
19
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
20
7. First contracts with third parties
• Third party services
Industrial clients
Distribution System Operators
• Consulting
Marocco,
Tunesia,
C-Power
Gulf Cooperation Council Interconnection Authority
21
Grid services47%
Corporate 31%
Customers & Market
5%
Elia Engineering
10%
Transmission7%
Experienced employees throughout Elia’s organisation
Number of Employees at 31/12/08 : 1,231 (FTE : 1125)
Average length of service in Elia:
14 years
Average age of workforce:40 years
8. Update Personnel
23
Implementation of “controllable – non controllable” costs & revenuesImplementation of “controllable – non controllable” costs & revenues
Charges Revenues
Tariff
Non Tariff
Non Controllable Costs (NC)
Net profit
Controllable Costs ‘(C)
CNC
Charges Revenues
Net profit
Costs Tariff
Non Tariff
(1)
(2)
(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
PAST TODAY
4-year fixed tariff system
24
Reclassify costs, revenues => controllable & non-controllableReclassify costs, revenues => controllable & non-controllable
Charges Revenues
Tariff
Non Tariff
Non Controllable Costs (NC)
Net profit
Controllable Costs ‘(C)
CNC
NC
C
Net profit
Tariff
(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
(1)
(2)
…with netting of costs & revenues
25
• 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) - 4,0
Y factor (potential outperformance)
(1) Controllable non-tariff revenues
€ m
2008 2009 2010 2011
255,3
-4m–6m
-7m -8m
- X = -25m in total
(1)
270,3
255,3260,6
265,3
251,3254,6
258,3262,3
CPI-X (approved)
Budget including CPI
247,3248,6 251,3
254,3 CPI-X-Y (internal budget)
-4m–6m
-7m -8m -X -Y = -50m in total
X – Y Factor (controllable costs)
26
1. Fair remuneration (€ 59m in budget 2008)
• Equity remuneration based on formula
• Deduction over-depreciation of the past (€ 8,2m net) till Q3 2012
2. Decommissioning (€ 14m in budget 2008)
• Goodwill from decommissioning included in tariffs
• Reserved for financing future investments
3. Incentivisation on controllable costs
• Ceiling = same amount as efficiency gain (X-factor)
Composition of net profit
27
Overview of Key 2008 IFRS Figures
ChangeI ncome statement (€ million) 2008 2007 I n %Consolidated turnover 757,3 731,7 3,5%EBITDA (1) 334,1 308,5 8,3%Operating result (EBIT) 237,9 214,7 10,8%Financial result (109,3) (104,0) 5,1%Taxes (27,2) (32,9) -17,3%Consolidated net profit (incl equity m.) 103,1 77,6 32,9%Net profit per share (€) 2,14 1,62 32,3%Dividend per share (€) 1,37 1,30 5,4%Balance sheet (€ million) 31/ 12/ 2008 31/ 12/ 2007Total assets 4.228,1 3.977,9 6,3%Equity 1.348,1 1.338,6 0,7%Net debt 2.370,5 2.196,7 7,9%Equity per share (€) 28,04 27,85 0,7%
Total number of shares (end of period) 48.076.949 48.061.695 0,03%(1) EBITDA = EBIT + depreciation + changes in provisions
I FRS
28
2008 A 2008 EAverage RAB 2007 3.673 3.611Reference equity (33%) 1.212 1.192Cost of equity 5,62% 5,17%Equity reference remuneration (A) 68,1 61,6
Av. equity / Av. assets 35,93% 36,45%Deviation on ref. equity 2,93% 3,45%Equity deviation remuneration 5,14% 4,63%D-factor (B) 5,5 5,8
Over-depreciation (C) -8,2 -8,2
Fair remuneration (A+B+C) 65,5 59,2
Goodwill decommissioning 15,0 14,2Controllable cost incentive 4,4 0,0
Bonus 2007 1,9 0,0
Net profit Belgian GAAP (tariffs) 86,8 73,4
Consolidation Belpex 0,3
I FRS reconciliation 16,0
Net profit I FRS 103,1
Bottom-up Approach of Elia’s P&L in 2008 (EUR m): calculation of net profitBottom-up Approach of Elia’s P&L in 2008 (EUR m): calculation of net profit
677,9
61,2
103,1
654,2
18,2
Charges Revenues
Tariff
Non tariff
Costs
Net profit
(1)
(1) OLO of 4,4414%; Beta of 0,336 and a risk premium of 3,5%(2) Av. Equity =1.319,9 and Av. Assets = 3.673,4(3) OLO of 4,4414 & deviation rate of 70 bp
(2)
(3)
Tariff Shortfall
2008 Profit and Loss
29
Bu
dg
et
Reality
Revenues = 6,4
Bu
dg
et
Reality
Controllable items : Budget <> Reality
Costs = -2
27
2,7
27
0,7
17
,4
23
,8 Total outperformance = € 8,4m
X factor = € 4m Y profit = € 4,4m
First results from increased efficiency
Extra revenues thanks to third party services and first consulting contracts
30
1.348,11.367,9 10,7
(135,9)
72,6 17,8 15,0
31/ 12/ 2008Belgian GAAP
Employee benefits
Regulatory assets
Capitalisation software
Elia Re Others 31/ 12/ 2008IFRS
IFRS Impact on Equity and Net Profit IFRS Impact on Equity and Net Profit as of 31 December 2008as of 31 December 2008
Net
Pro
fit
Eq
uit
y
Reconciliation Be GAAP - IFRS
103,187,1 3,0(5,8)4,12,8(5,6)
17,5
31/ 12/ 2008Belgian GAAP
EmployeeBenefits
RegulatoryAssets
Elia Re CapitalisationSoftware
Deferredtaxes
Other 31/ 12/ 2008IFRS
(1)
(1) Mainly relates to Inventory valuation (€2,6m) and goodwill Bel engineering (€ 6,9m)
31
3.582,4
(91,8) (18,2) 159,6
132,4
Year-end 2007
Depreciation Divestm. &Decommissioning
Capex Change in WCR
Year-end 2008
Evolution 2008 RABEvolution 2008 RAB
Average RAB
3.512 3.673
(1)
(1) Includes € 15 million goodwill decommissioning
Regulated Asset Base 2008
3,764,4
32
44,9
(45,6)
16,1
18,298,8
132,4
20
08
Inventory, trade & all debtors <1 year
Tax receivable, including interests
due
Total Change in WCR
Trade creditors & others
Accrued charges & deferred income
Shortfall 2008
Changes in Working Capital Requirements (EUR m) Changes in Working Capital Requirements (EUR m) (1)(1)
(1)(1) Based on Belgian GAAP accountsBased on Belgian GAAP accounts
Working Capital Requirements
33
Evolution of Costs between 2008 and 2007 (EUR m)Evolution of Costs between 2008 and 2007 (EUR m)
32,927,2
104,0109,3
93,896,2
19,414,0
118,8 114,0
150,8153,7
138,8135,0
2008 2007
Personnel Expenses(mainly pension funds & inflation)
Ancillary services(reserve energy)
Depreciation
Others
Financial charges
Taxes
Raw materials, Services & Other goods
Breakdown Costs
654,2
+4,2%
+2,6%
+5,1%
653,7
+1,9%
-2,7%
-17,3%
-27,8%
34
Breakdown of Non – Tariff Revenues in 2008 and 2007 (EUR m)Breakdown of Non – Tariff Revenues in 2008 and 2007 (EUR m)
-3,13,8
12,313,0
15,816,2
28,2 43,1
2008 2007
Non - Tariff Revenues
Others
Telecom & third party services
Fixed assets own construction capitalised
International revenues(mainly due to lower wholesale price differentials and lower revenues from congestion)
68,1
61,2
-34,6%
(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
(2)
(1)
+2,5%
+5,7%
35
406,7
510,9
20,9
85,6
129,0113,4
32,332,7
2008 2007
Breakdown of Tariff Revenues in 2008 and 2007 (EUR m)Breakdown of Tariff Revenues in 2008 and 2007 (EUR m)
Tariff Revenues
Connection tariffs
Tariffs for ancillary services
Tariffs for grid use
677,9 653,6
-12,1%
0,5 Operational 4,9 Appeal Bonus 20054,5 Settlement Bonus 2006
Tariffs out of previous surpluses
9,9
+25,6%
-75,6%
18,2
Tariff shortfall
36
Bu
dg
et
Reality
Revenues = - 21,4
Tariff = + 1,4B
ud
get
Reality
Bu
dg
et
Reality
Bu
dg
et
Reality
Non controllable items : Budget <> Reality
Net profit = +8,8
Costs = - 10,6
Costs = + 10,6 m
Revenues = - 21,4 m
Net profit = -8,8 m
Tariff = + 1,4 m
Tariff shortfall = 18,2 m
37
Surpluses/I n millions of EUR (Shortages) 2004 2005 2006 2007 2008 2009 2010 2011 Total
Surplus 2003 134,6 25,4 36,4 36,4 36,4 134,6Bonus 2003 3,2 3,2 3,2Used -25,4 -39,6 -36,4 -36,4 -137,8Total 2003 137,8 0,0 0,0 0,0 0,0 0,0Surplus 2004 118,9 28,0 9,8 9,8 23,8 23,8 23,7 118,9Bonus 2004 3,5 3,5 3,5Used -28,0 -13,3 -9,8 -51,1Total 2004 122,4 0,0 0,0 0,0 23,8 23,8 23,7 71,3Surplus 2005 35,1 7,4 27,7 35,1Bonus 2005 2,3 2,3 2,3Surplus 2006 3,8 3,8 3,8Used -7,4 -33,8 -41,2Totaal 2005 41,2 0,0 0,0 0,0Surplus 2006 56,2 5,6 50,6 56,2Malus 2006 1,8 1,8 1,8Used -5,6 -5,6Totaal 2006 58,0 0,0 52,4 52,4
Reversal decided by regulator for period 2008-2011 20,9 22,8 34,0 46,0 123,7Used -20,9 -20,9Subtotal 359,4 102,8Shortage 2007 -0,5 -0,5 -0,5Bonus 05 & 06 -9,4 -9,4 -9,4Totaal 2007 -9,9 -9,9 -9,9Shortage 2008 -18,2 -18,2 -18,2
Total Surplus 331,3 74,7
Overview treatment of surpluses
Overview of allocation and use of total surplusesOverview of allocation and use of total surpluses
(1) To be allocated by CREG in the next regulatory period
(1)(1)
38
883,5 883,5
1000,0 996,8
250350,0
0
500
1.000
1.500
2.000
2.500
31/ 12/ 2008 31/ 12/ 2007
Shareholders' loans EurobondsST bank loans EIB + CP + Accrued interests
Standard & Poor’s rating:
Long Term: A-
Outlook: Stable
Elia benefits from a strong credit ratingElia benefits from a strong credit rating
Financial Debt Position
2.397,7 2.230,1
164,2 99,8
(1) 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
(1)
Unused Credit lines Amount Interest rateas of 31/ 12/ 08 (€ m)
European Investment Bank 65 Euribor + 5 bpCommitted bank loan 50 Euribor + 25 bpUncommitted bank loan 80 To be negotiatedCommercial paper program 188 To be negotiated
€ millions 31/ 12/ 2008 31/ 12/ 2007 Net debt 2.370,4 2.196,7Leverage (D/D+E) 63,7% 62,1%
Net debt / EBITDA 7,1 7,1Average cost of debt 5,15% 4,99%% Fixed of gross debt 70,0% 73,2%
39
Reimbursement schedule till 2022
0
100
200
300
400
500
600
700
800
900
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
MM
€
Eurobond EIB Synatom Publi-Part Dexia ING
Reimbursement schedule till 2022
Publi-Part
The duration of the refinancing of € 800 million in 2009 will take into account the 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 2009several other maturity dates; refinancing will be achieved before September 2009
ING
40
Elia’s dividend policy ensures a steady and growing dividendElia’s dividend policy ensures a steady and growing dividend
Dividend Policy
• Increase in dividend to € 1,37 per share
• Pay-out ratio over 2008 Belgian Gaap result is 75,7% (63,9% under IFRS)
1,27 1,371,301,281,27
75,7%
89,9%
79,3%
91,8%
89,6%
- 0,4
0,1
0,6
1,1
1,6
2,1
2004 2005 2006 2007 2008
In E
UR
70%
75%
80%
85%
90%
Dividend Pay- out ratio
42
• Capex = €117 m(€157m initially)
• 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)
Replacements
Driven by internal consumption
Driven by interconnections with neighbours
Driven by renewables & generation localisation
CAPEX 2009€ 117 m
44%
Outlook CAPEX 2009
38%
37%
17%
8%
43
3.764
(92) (17) 117
84
2008 Depreciation Divestm. &Decomm.
Capex Change inWCR
2009
Average RAB
3.673 3.810
(1)
(1) Contains € 14m of goodwill reduction due to decommissioning
3.856
Outlook 2009: RAB
44
CREGAverage RAB 2009 3.810Reference equity (33%) 1.257Cost of equity 5,08%Equity reference remuneration (A) 63,8
Av. equity / Av. RAB 35,12%Deviation on reference equity 2,12%Equity deviation remuneration 4,63%D-factor (B) 3,7
Over-depreciation (C) -8,2
Fair remuneration (A+B+C) 59,3
Goodwill decommissioning 14,2
Controllable cost incentive 0,0
Net profit as set by tariffs 73,5
Determination of net profit 2009 by the regulator (Belgian GAAP)Determination of net profit 2009 by the regulator (Belgian GAAP)
(1)
(1) OLO of 3,9278%; Beta of 0,3301 and a risk premium of 3,5%
(2) OLO of 3,9278% and deviation rate of 70bp
(3) To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning
and real controllable cost savings
(2)
Not available for profit distribution;€14,2 is the estimatedyearly amount for theperiod 2008-2011
=(1)
(2)
(3) = Y
(=1+2+3)
(3)
(3)
(3)
(3)
(3)
(3)
Outlook 2009 : Fair remuneration
45
• 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
• ActivitiesPursuing « operational excellence »Consulting and services for third parties, partnership
New Projects, Services, Activities
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Questions &
AnswersInvestors Relations – Contact details Bert Maes
Tel: + 32 (0)2/546.72.39Mail: [email protected]: http://www.elia.be