Spain s Gas Industry. Juan Pons. Director General de Estrategia y Regulación

Transcripción

1 Spain s Gas Industry within the EU Juan Pons. Director General de Estrategia y Regulación June 2009

2 1. ENAGAS Overview 2. Spain s Natural Gas Industry Current Situation ti. Spain s Natural Gas Industry Future Developments 4. Liberalization of the Spanish Gas Industry 5. European Union Security of Supply 6. European Energy Third package 1

3 ENAGAS Overview 2

4 Enagas Key Investment Highlights: Focused Strategy Regulated Assets Spain Gas Transport rtation Pivotal Role in Spanish Gas Sector Fully Regulated Spanish Infrastructure Plan Strong Credit Profile Track Record of Delivery Supportive Ownership Oversight Owner of 90% transport network, main player in regasification storage and national system operator Revenues with no volume or commodity exposure, collected through settlement system handled by the regulator Investments follow mandatory Government plan; all capex brings new additional regulated revenues Commitment to maintain its strong credit rating (AAA2) through conservative financing policies Consistently meeting investment, growth and financial targets 5% owned by Spanish State t and limitations it ti on stake size and voting rights for other shareholders

5 Enagas: Main Magnitudes and Activities Enagás: Leading Gas Transport Company in Spain and System Technical Manager TRANSPORTATION 8,48 Km of pipelines Activities at UNDERGROUND GAS STORAGE Operation of two storage facilities Operating Volume: 0.7 Mm (Serrablo) Cap. Extraction Injection: (Mm(n)day) Activity: Fully Regulated and System Technical Manager Focus on Spain and Portugal SYSTEM TECHNICAL MANAGER REGASIFICATIÓN Regasification capacity: 4,50 (Km(n)h) LNG tanks capacity: 1.4 (Mm) Financial Basic Information Shareholding Structure Market Cap (1) Net Debt 2008,106 mill 2,51 mill SEPI 5% Bancaja Inversiones 5% EBITDA mill 7% Net Income mill Targets 2009 Capex 900 mill Assets put into into operation 900 mill (1) As of 10th June 2009, 1.01 per share. BBK 5% Cajastur 5% Sagane Inversiones 5% REN 1% Oman Oil Holdings 5% Free float 69% Others 7% Spain 9% United States 0% United Kingdom 24% 4

6 Enagas Investment Plan breakdown Activity Infrastructure % Pipelines (Km) 8,100 10, % Transportation (60%) Compression Stations (kw) 27, ,400 +9% Regasification LNG tanks capacity (Mm ) % (25%) Regasificatio n capacity (Km (n)h) 4,50 5,600 +% Underground (15%) Extraction (Mm(n)day) Operating Volume (Mm (n)) % +28% Enagas s Committed Investment plan 5

7 Enagas: Infrastructure Operator regasification Barcelona: m (n)h ; (6 TK s: m LNG) Cartagena: m (n)h ; (4 TK s: m ) Huelva : m (n)h ; (4 TK s: m ) transmission >8.000 km of high pressure pipelines (7280 bar) (>90% of total) International links to Morocco, France & Portugal (x2) storage Serrablo underground storage facility (Total capacity: 9.6 TWh) 6

8 Enagas: Main Magnitudes and Activities Enagas business takes place in a 100% regulated area. It mitigates the impact of market fluctuations REGANOSA MUSEL BILBAO GAVIOTA LARRAU SERRABLO Total investment foreseen M CARDONA YELA REUS BARCELONA DORADA CASTOR M SAGUNTO EL RUEDO LAS BARRERAS MARISMAS POSEIDÓN HUELVA TA RIFA Planificación Obligatoria CARTAGENA D. PLANIFICACIÓN Gasoducto Estación de compresión ALMERÍA Tanque de GNL Almacenamiento subterráneo Incorporación INFRAESTRUCTURAS en en operación a a 1dic2007 aprobadas en en la Revisión la isión de de la Planificación icación Obligatoria 2011 Planificación icación Obligatoria Categoría A A Planificación icación Obligatoria Categoría B B M 777 M 900 M periodo Investments related to peak demand. Natural Gas is the backup of Renewable Energies in electricity generation. Remuneration by Tolls and Fees for the use of Transmission, Regasification and Infrastructures. Investment Retribution depends on the Asset Base, is independent from demand fluctuations and Operation and Maintenance costs, according to a standard values. 7

9 SPAIN S NATURAL GAS INDUSTRY Current Situation 8

10 Natural Gas Demand Natural gas sales evolution Unidad: GWhaño Sector eléctrico ATR ATR Internacional Convencional ATR Sector eléctrico a tarifa Convencional a tarifa % 5% +8% +27% +11% +6% +9% +1% +7% +1% +15% +14% +6% +10%

11 Power Generation Natural Gas Demand At the end of 2008 there were 54 groups of natural gas combined cycle into operation, with a total capacity of MW. Anual a fecha Gas sector eléctrico GWh por compañía propietaria de la instalación CTCC GWh (Utilización 52%) nº CTCC CT GWh nº CTCC CT GWh CT convencionales 2.86 GWh AES mapa correspondiente al último día del periodo solicitado BBE Electrabel Endesa Esbi GNCom HC Iberdrola U. Fenosa ViesgoEON ubicación por CCAA nº CTCC CT GWh nº CTCC CT GWh Andalucía País Vasco Aragón Valencia Asturias CastillaMancha Cataluña Galicia La Rioja Murcia Navarra Potencia instalada en CTCC: MW

12 Power Generation Natural Gas Demand 1% Year % 20% 2 % 11% 7% Fueloil 1% Natural gas combined cycle Wind Other renewals Hydro Nuclear Coal 11

13 Natural Gas Supply Supplies to Spanish natural gas system in 2008 real 2007 real 2008 Unidad : GWh GWh % GWh % Argelia GN % 5% GNL Argelia GNL % Qatar GNL % % Omán GNL % % GN Nigeria GNL % % 28% Egipto GNL % % Noruega GN % 7% Noruega GNL Francia GN ,% ,% Qatar Libia GNL % % 11,7% T&T GNL % % Guinea Ecuatorial GNL 945 0,2%, Otros GNL ,2% Nacional GN ,% 1.4 0,% TOTAL % % Egipto 12,4% T&T 10,9% Nigeria 18,9% Noruega 7,0%... Argelia 5,0% Omán 1,7%

14 Natural Gas Supply % % Nacional 0% 0,% 90% 80% 70% 72% LNG 60% 58% 50% Importación 99,7% 40% 0% 42% 28% Pipe 20% 10% 28% 0% GN GNL LNG imports have been 72%, confirming the LNG strong share in supply. LNGNG Share will partially equilibrate with Medgaz pipeline operation in late

15 SPAIN S NATURAL GAS INDUSTRY Future developments 14

16 Growth prospects in Spanish gas sector... Natural Gas Demand Peak Demand (bcm) x CAGR = 11.6% % x 1. CAGR = 5.6% (GWhday) 1,662 1, % x 1.5 CAGR = 11.4% 1, ,15 2,866 1, , E (1) Winter Peak '0607 Winter Peak '0708 Winter Peak '1112 Conventional Demand Generation Conventional Demand Generation 10.1% demand growth in 2008; Expected 46 bcm in 2012 Growth in projected peak demand higher than in total demand Strong increase in gas demand for generation: +27% in 2008, accounting for 42% of total gas demand and 25% of electricity generation Enagás capex plan based on longterm view on demand and peak demand; independently of shortterm demand fluctuations Enagás focus is on enabling infrastructure for peak demand. (1) Source: National Infrastructure Plan

17 Highlights of Spanish Electricity Sector CCGTs in Operation Renewables in Operation (MW) (MW) CAGR = 5.4% CAGR = 20.5% 9,680 10,680 CAGR +4.2% +41% = 8.7% CAGR 20, = 20.5% 4,442 14,1 5,000 29,000 9,298 22,107 2,054 15,772,144 12,791 8,285 8,507 2, E (1) E (1) Other renewables CCGT is the highest growing thermal generation source in Spain Spain has made a strong effort to increase the weight of renewables in the Spanish generation mix, both in the past and for the foreseeable future Renewable generation is volatile and therefore needs appropriate backup through CCGT which in turn makes additional infrastructure capacity necessary Profile of natural gas increasingly relevant in Spanish electricity sector for its own merits and through renewables growth. (1) Source: National Infrastructure Plan Wind 16

18 Wind Power & CCGTs in Spain Flexibility is Paramount! Installed Capacity CCGTs Wind Power Current 21 GW Future (2016) 4 GW Current 14 GW Future (2016) 28 GW Wind Power generation means high electrical fluctuations. Wind Power generation are backedup by CCGTs. CCGTs are backedup by LNG (mainly) and storage. 17

19 Spanish GAS INFRASTRUCTURES Main gas infrastructures included in mandatory planning REGANOSA Nm h Nm h MUSEL BILBAO Nm h GAVIOTA IRÚN LARRAU SERRABLO YELA CASTOR BARCELONA Nm h SAGUNTO Nm h HUELVA Nm h EL RUEDO LAS BARRERAS MARISMAS POSEIDÓN ALMERÍA Nm h CARTAGENA Gasoducto Estación de compresión Tanque de GNL Almacenamiento subterráneo TA RIFA Incorporación INFRAESTRUCTURAS en operación a 1dic2007 aprobadas en la Revisión de la Planificación Obligatoria 2011 Planificación Obligatoria Categoría A Planificación Obligatoria Categoría B 18

20 Spain: LNG Terminals to 2016 Barcelona ENAGÁS 1969 (6) (5) Bilbao BBG 200 (2) (4) Gijón (2011e.M.P.) (4) REGANOSA MUSEL GAVIOTA IRÚN SERRABLO BILBAO LARRAU REGANOSA MUSEL GAVIOTA IRÚN SERRABLO BILBAO LARRAU Sagunto SAGGAS Ferrol REGANOSA SAGUNTO CASTOR YELA BARCELONA SERRABLO SAGUNTO CASTOR YELA BARCELONA SERRABLO Huelva ENAGÁS 2 Cartagena ENAGÁS (4) (2) (2) (2) HUELVA TA RIFA ALMERÍA CARTAGENA MARISMAS POSEIDÓN Gasoducto Estación de compresión Tanque de GNL Almacenamiento subterráneo Incorporación INFRAESTRUCTURAS en operación a 1dic2007 aprobadas en la Revisión de la Planificación Obligatoria 2011 Planificación Obligatoria Categoría A Planificación Obligatoria Categoría B LAS BARRERAS EL RUEDO HUELVA TA RIFA ALMERÍA CARTAGENA MARISMAS POSEIDÓN Gasoducto Estación de compresión Tanque de GNL Almacenamiento subterráneo Gasoducto Estación de compresión Tanque de GNL Almacenamiento subterráneo Incorporación INFRAESTRUCTURAS en operación a 1dic2007 aprobadas en la Revisión de la Planificación Obligatoria 2011 Planificación Obligatoria Categoría A Planificación Obligatoria Categoría B Incorporación INFRAESTRUCTURAS en operación a 1dic2007 aprobadas en la Revisión de la Planificación Obligatoria 2011 Planificación Obligatoria Categoría A Planificación Obligatoria Categoría B LAS BARRERAS EL RUEDO LAS BARRERAS EL RUEDO ( 1 ) ( 1 ) Huelva ENAGÁS 1988 (4) (5) Cartagena ENAGÁS 1989 (4) (5) G.Canaria GASCAN (2012 e.m.p.) 7 Tenerife GASCAN (2011 e M P ) 8 Owner Operator Owner Owner Operator Operator Owner Operator Owner Owner Operator Operator Operator Owner Owner Owner Operator Owner Owner Operator Operator Owner Operator Owner Owner Operator Operator Operator Owner Owner (1) (2011 e.m.p.) (1) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current(nº.) LNG (m ) Current (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current (nº.) LNG Current (m (n)h) (m ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) Current(nº.) LNG (m ) Current (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) Send (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) Send (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current (nº.) LNG Current (m (n)h) (m ) 6 6 (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current(nº.) LNG (m ) Current (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current (nº.) LNG Current (m (n)h) (m ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) Current(nº.) LNG (m ) Current (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) (nº.) LNG 2005 (m ) 2005 (m (n)h) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) Send (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) ) ) ) ) ) ) ) ) ) (nº.) LNG (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (nº.) LNG 2011 (m ) Send (m ) ) (nº.) LNG 2011 (m ) (m (n)h) Send (m (n)h) (m ) ) (m (n)h) Send (m (n)h) (m ) ) ) ) Current (nº.) LNG Current (m (n)h) (m ) 6 6

21 Spain: LNG Infrastructure to Regasification Capacity [Mm (n)h] Barcelona Cartagena Huelva Bilbao Sagunto El Ferrol Musel Tenerife Gran Canaria Capacity (Mm LNG) 4.5 Number of Tanks Barcelona Cartagena Huelva Bilbao Sagunto El Ferrol Musel Tenerife Gran Canaria Barcelona Cartagena Huelva Bilbao Sagunto El Ferrol Musel Tenerife Gran Canaria 20

22 Spain: Pipeline network development to 2016 Infrastructures reinforcing the Transmission Network km 2008 en servicio nuevos años anteriores 2009 nuevos en el año km New pipelines attending demand in their local area Network development km Total: km km kilométros gasoductos red básica primarios secundarios km 21

23 Spain: Capacity Evolution Mm (n n)h Regasification 2, x 2,7 +176% 6,2 x 1,6 8,0 +21% +29% 9, Capacidad Mm GNL 5,0 4,5 4,0,5,0 2,5 2,0 1,5 1,0 0,5 00 0,0 LNG tanks 0,6 x,7 8 TKs en operación +29% 2,2 19 TKs en operación x 2,0 +61% Baja de tanques en la planta de Barcelona,5 26 TKs en operación 4,4 +20% 2 TKs en operación Longitud Km Km Pipelines % +24% x 1,2 x 1,5 +22% cia kw Poten Compressor Stations x 1,8 +177% x 2,2 +70% %

24 Evolution CCGT vs. REGASIFICATION Capacity Installed Power (MWe) 5,000 0,000 25,000 20,000 15,000 10,000 5,000 Regasification Capacity (MNm³h) LNG Capacity (Mm) Regasification Capacity CCGT (MNmh) CCGT Wind LNG Capacity 0 Coherent planned development: 2 Wind Power CCGT Regasification Plants and and LNG Capacity

25 Liberalization of the Spanish Gas Industry 24

26 Spanish Gas System: HISTORY Development of the Natural Gas Industry 1972: Creation of Enagás. 1975: Enagás signs Algerian LNG contract 198: National Energy Plan 1991: Agreement to build EuropeMaghreb Pipeline 1994: 90% Enagás sold to a group of LCD The liberalizations Process Starts 1997: First TPA provisions 1998: Hydrocarbons Act First EU directiveremaining 10% Enagás sold to a group of LCD 1999: Basic Regulatory Framework Development 2001: SpinOff of Enagás Enagas IPO The Liberalisation Process is Completed 200: Full eligibility since : System Code (for all infrastructures: transmission, distribution, LNG terminals & UGS) 2008: Integral Basic Tariff disappears. 100% market supply by the TPA market. 25

27 Active Shippers in Spain 26

28 LNG Supplies to the LNG Market TWh % % Integral Regulated Tariff Market TPA market: Incumbent New entrants 27

29 European Union Security of Supply 28

30 Security of Supply in Europe Supply cuts of Russian gas to Europe, consequence of the gas crisis between Rusia and Ukraine in January 2009, resulted in several european countries not being able to cover the 100% of their demand. País Europe s uope security and diversification of supply could be increased connecting its main Central European markets with the African producer countries through high capacity interconnections via Spain. X Spanish Gas ON RUSSIAN GAS System: Entry Importa de Rusia point of gas at the Sh of Europe EUROPEAN DEPENDENCE Bulgaria 100% Macedonia a 100% Bosnia 100% Serbia 100% Moldavia 100% Eslovaquia 100% Grecia 9% Croacia 88% R. Checa 79% Hungría 75% Austria 74% Polonia 70% Rumania 52% Eslovenia 51% Alemania 44% Italia 2% Francia 15% Source: Gas Coordination Group UE ( ) 29 Development of MEDGAZ Open Season FRANCESPAIN for development of Interconection capacity: 201 Development of the existing interconnection point LARRAU and BIRIATOU 2015 Development of a new interconnection point MIDCAT

31 MEDGAZ Project Connection to Spanish System Gasoducto Estación de compresión Almacenamiento subterráneo The following infrastructures are being built by Enagas in order to integrate the gas flows coming from the new Medgaz pipeline in the Spanish Gas System. Almería Lorca pipeline: pp 126 km & 42 Lorca Chinchilla pipeline: 170 km & 42 Chinchilla CS: kw Spanish project ALMERÍA MEDGAZ Algerian project 70 Millones 0

32 MEDGAZ Full integration in the Spanish system CAPACITY: Initial flow will be m³(n)h (8 bcmyear) Reinforcements in the core of Spanish Gas System allowing Medgaz integration Transmission trough AlmeríaChinchilla pipeline will divert to Madrid and Valencia areas. The fully integration with the Spanish system also requires the next pipelines: TivissaPaterna TivissaCastelnou Zarza de TajoVillar de Arnedo REGANOSA MUSEL GAVIOTA BILBAO LARRAU SERRABLO BARCELONA CASTOR SAGUNTO HUELVA MARISMAS POSEIDÓN CARTAGENA ALMERÍA MEDGAZ Noroeste CentroSur País Vasco Valle del Ebro Levante Cataluña Infraestructuras en operación y aprobadas en Planificación Obligatoria (año horizonte) 1

33 Spanish Gas System Full integration in Europe REINFORCEMENTES IN THE CORE OF SPANISH TRANSMISSION SYSTEM REGANOSA MUSEL BILBAO GAVIOTA LARRAU SERRABLO TUY Infrastructures that directly increase the interconnection capacity: YELA CASTOR BARCELONA Already IN OPERATION 42 M Under CONSTRUCTION 286 M Pending ADM. PROCEDURES 929 M BADAJOZ SAGUNTO Binded to OPEN SEASON 120 M TOTAL 1.77 M EL RUEDO LAS BARRERAS CARTAGENA HUELVA MARIS MAS POSEIDÓ N ALMERÍA TARIFA GME MEDGAZ MAIN TRANSMISION AXES Under operation sep2008 Pprojects included in Mandatory Planning, under Construction or under Administrative Procedures 2

34 MEDGAZ Full integration in the European System To fully y integrate g Medgaz g in the EU system y it is necessary y to develop p international pipeline connections: reinforcement of Core of French Gas System. Open Season SPAIN 2009: FRANCEEUROPA Development D l t off interconnections i t ti between France and Spain in order to increase market fluidity and security of supply. FRANCIA ESPAÑA ALMERÍA Gasoducto Estación de compresión Almacenamiento subterráneo ARGELIA

35 Trans Saharan Project 4

36 EU LNG Consumption (bcmyear) bcm 5 bcm Spain France Belgium Portugal Italy UK Greece 5

37 EU: Entry Capacity from LNG Terminals MNm³day TOTAL UE Spain % Spain stotal 4% 6% 4% 4% 6% 8% 8% 8% 8% 8% Source: GTE+ Capacity Development Report

38 European natural gas grid (2008) The European Natural Gas Grid

39 European Energy Third package 8

40 Regulatory developments in the European Union Aproved by the European Parliment ( ) and pending of its aproval by the European Council and signature and adoption by the EU President: rd Directive ENTSOG creation ACER creation Different Models of Separation of Activities to warrant the INDEPENDENCE of the TSO ISO ITO Ownership Unbundling The Spanish Gas System, with the approval of the RD 62009, appointing ENAGAS as exclusive TSO of the Main Transmission Core Network, goes forward on the Ownership Unbundling Model. 9

41 Regulatory developments in the European Union Basic timeline based on Gas Regulation EC defines priorities for network codes 6 Months Agency prepares Framework Guidelines EC requests ACER to submit framework guidelines EC requests ENTSOG to submit network code 12 Months Months ENTSOG prepares network codes ENTSOG submits network code to ACER ACER approves network codes COMITO LOGY ACER submits network code to EC when satisfied, recommending approval via Comitology rd Directive GIE Annual Conference, 67 May 2009, Groningen ENTSOG tasks will include the development of: an annual work programme network codes a 10year network development statement annual winter looks an annual report, 40

42 Spain s Gas Industry within the EU Juan Pons. Director General de Estrategia y Regulación June 2009