Storage Event. Hôtel Intercontinental Paris Friday, November 16, 2012 DIRECTION DES GRANDES INFRASTRUCTURES

Transcription

1 Storage Event Hôtel Intercontinental Paris Friday, November 16, 2012 DIRECTION DES GRANDES INFRASTRUCTURES

2 Agenda 1 Storengy s latest updates 2 Update on the 2012/2013 Offer in France 3 Offer in France & 2013/2014 innovations 4 Offers in Germany and the UK 5 Upcoming events 2

3 1. Storengy s latest updates DIRECTION DES GRANDES INFRASTRUCTURES

4 Storengy's latest updates Germany/UK/France: Development of a European sales network A consistant approach to the physical performances and their commercial modelling Seeking synergies for products and services Consideration of a European cross-border product 4

5 Storengy's latest updates Launch of marketing for capacity developed at Hauterives in 2013 Product Salt cavern type Location: GRTgaz s South zone Capacity bookable over 3 years Volume ~700 GWh Sales due to take place at mid-2013 for capacity available Sales procedure from April, 1st 2014 Details on the sales procedure will be communicated during the 1 st half of

6 2. Update on the 2012/2013 Offer in France DIRECTION DES GRANDES INFRASTRUCTURES

7 Update on the 2012/2013 Offer in France A decrease in booking capacity and an increased interest in multi-annual products Commercialised on 1 March 2012 Commercialised after 1 March 2012 Standard yearly products 64.6 TWh 64.3 TWh (1 st round) Standard multi-annual products 12.1 TWh PEG Profiled Other products 3.1 TWh (2010/2011) 0.4 TWh (2 nd and 3 rd rounds) 9 TWh (2012) 3.7 TWh 5.3 TWh 7 Total sold: 85.8 TWh out of TWh

8 Update on the 2012/2013 Offer in France The implementation of a Littoral /Sud Exchange Service has led to better fill levels at Serene Sud Three findings emerged at the end of June 2012: Congestion of GRTgaz s North-South link and persistently high South/North spread since March 2012 Low contractual fill levels in the Serene Sud group Underuse of available capacity at PITS Nord- Atlantique: 35 GWh/d in May and June 2012 Establishment of a Littoral / Sud exchange service * In 2012, 5 customers have transferred 2 TWh * Information on 27 June, experimental implementation on 2-13 July, then extension till 31 October 8

9 soutirage injection Daily movements (GWh/d) Update on the 2012/2013 Offer in France The other services were used on a frequent basis in 2012/ ,0 80,0 60,0 Flow Plus cumulative injection quantities 0,5 TWh (0,7 TWh in 2011) 40,0 UIOLI cumulative injection quantities 1.1 TWh (2.2 TWh in 2011 and 1 TWh in 2010) 20,0 0,0-20,0 01/04/ /05/ /06/ /07/ /08/ /09/ /10/2012 Flow reversal 0.2 TWh for 150 uses 9

10 Update on the 2012/2013 Offer in France Storengy has taken measures to safeguard the performance of its industrial assets 1 Adjustment of investment policy 2 Mothballing of 2 storage sites: Soings and Trois Fontaines Total capacity: 3.5 TWh Finalization of started projects Other projects put on hold 60% reduction in the 3-year-investment program Maximising the volumes injected into operational sites 3 Natural gas purchases/sales on its own ( performance gas ): Approx. 14 TWh Withdrawal rate up to 150 GWh/d ST: Securing the contractual capacity for winter 2012/13 MT/LT: Maintaining the physical performances of the sites while providing the storage facilities with sufficient breathing space 10

11 Update on the 2012/2013 Offer in France Inventory level close to November 2011, but different geographical distribution Movements (GWh/d) Inventory (TWh) Total inventory Tunnel Total inventory Tunnel Customer inventory (1) (1): inventory excl. PEG Profiled and performance gas 01/11 stock Nord-H 54,2 63,2 Nord-B 12,0 13,0 Sud 29,8 20,7 TOTAL 96,0 TWh 96,9 TWh 11

12 Update on the 2012/2013 Offer in France A decrease in maximum withdrawal capacity 2012/ /2012 reminder Firm withdrawal capacity GWh/j GWh/j Conditional withdrawal capacity 88 GWh/j 482 GWh/j Maximum withdrawal capacity GWh/j GWh/j Withdrawal capacity Equal to 45% of WGV GWh/j GWh/j The conditional option has rarely been exercised for 2012/

13 Update on the 2012/2013 Offer in France Summary of customer satisfaction survey 2012 Overall rating of 6.6/10, one point down on 2011 Quality of commercial relationships remains strong (8.3/10) Areas for improvement: Change to commercial offer (5.7/10): price of capacities is too high and there is a lack of overall visibility for sales chronology Additional sales (5.9/10): offer seen as difficult to comprehend, subject to too much change and insufficiently coordinated, with excessive prices 13

14 3. Offer in France & 2013/2014 innovations 3.1 Products 3.2 Services 3.3 Sales procedures DIRECTION DES GRANDES INFRASTRUCTURES

15 3.1 Products 15

16 Offer in France & 2013/2014 innovations A value offer, tailored to your needs Gas storage provides you with : A tool for seasonal, daily, or intra-daily balancing Geographical proximity between your resources and needs A tool for physical or financial hedging An answer to your supply obligations Storengy offers a solution to fit your needs, with powerful products divided between North Zone and South Zone 16

17 Offer in France & 2013/2014 innovations Product stability Sediane B Sediane Nord PITS Nord B PITS Nord Est Serene Nord Sediane Littoral Serene Littoral PITS Nord Ouest PITS Nord Atlantique Serene Sud Sediane Sud PITS Sud Atlantique PITS Sud Est Saline 17

18 Offer in France & 2013/2014 innovations for an availability of TWh (1) North zone Volume: 65.2 TWh Peak: 1,171 GWh/d Products Sediane Littoral Sediane B Sediane Nord Serene Littoral Serene Nord Volume 9,250 GWh 13,000 GWh 13,500 GWh 10,000 GWh 19,400 GWh South zone Volume: 32.2 TWh Peak: 1,107 GWh/d Saline Sediane Sud Serene Sud 11,000 GWh 1,000 GWh 20,200 GWh Total offered for sale in 2013 Previous multi-annual capacity 97.3 TWh 10.1 TWh (1) Excluding capacity contractually made available by GRTgaz under Art. 3 of Decree No

19 Offer in France & 2013/2014 innovations Product characteristics for the Offer Number of nominal days % defining maximum capacity of the conditional option Injection Withdrawal Injection Withdrawal Serene Nord % 25% Serene Littoral and Serene Sud Sediane Littoral and Sediane Sud % 33% % 27% Sediane Nord % 25% Sediane B % 10% Saline % 45% Example: for a subscription of 1,000 MWh of the Sediane Littoral product Injection: Associated Nominal Capacity: 1000 / 100 = 10 MWh/d Maximum Capacity of the conditional option: 26% 10 = 2.6 MWh/d : products whose characteristics will evolve between and

20 Offer in France & 2013/2014 innovations Strong price decrease due to three levers Decrease in prices of yearly products Incentives for multiannual subscriptions Discount as a function of exercise rate of rights A decrease of up to 30% 20

21 Offer in France & 2013/2014 innovations Lever 1: decrease in price for yearly products in euro/mwh/year Reservation unit price 2013/2014 Serene Nord Serene Littoral Serene Sud Sediane Littoral Sediane Sud Sediane B Sediane Nord Saline Reservation unit price 2012/2013 5,16 5,09 5,07 6,47 6,45 7,54 8,41 14,95 Relative change (%) -5% -4% -3% -10% -10% -3% -8% -3% in euro/mwh Injection (PUQI) 2013/2014 Withdrawal (PUQS) 2013/ Market conditions taken into account with a decrease in unit prices of 3% to 10% depending on product Simplification: harmonisation of unit prices for each product and injection and withdrawal prices will be the same for all products 21

22 Offer in France & 2013/2014 innovations Lever 2: incentives for multi-annual subscriptions Part of the capacity commercialised during the allocation process is accessible on a multi-annual basis over 2 or 3 years On completion of the first allocation round, each customer may choose to subscribe up to 80% of its demand for each product on a multi-annual basis This capacity will remain for the duration of the capacity associated with the rights envelope (releasable capacity) The capacity characteristics will remain constant for the duration: location (PITS) performances (2013/14 products) unit prices (reservation and variable part) 22

23 Offer in France & 2013/2014 innovations Lever 2: incentives for multi-annual subscriptions in euro/mwh/year Serene Nord Serene Littoral Serene Sud Sediane Littoral Sediane Sud Sediane B Sediane Nord Saline Reservation unit price 2013/2015 (2 years) Relative change / annual price Reservation unit price 2013/2016 (3 years) Relative change / annual price ,80 5,68 7,15 7,55 14,21-2% 4,66 5,51 6,94 7,32 13,78-5% in euro/mwh/year Injection (PUQI) 2013/2016 Withdrawal (PUQS) 2013/

24 Discount in /MWh/an Offer in France & 2013/2014 innovations Lever 3: discount as a function of the exercise rate of the rights A discount that is also applicable to requests beyond rights 1,20 1,05 /MWh is faster (0.38 /MWh as soon as the exercise rate reaches 61%, vs. 100% last year) 1,00 0,80 0,60 0,40 0, DISCOUNT 2012 DISCOUNT 61% 0,38 /MWh has a higher level (1.05 /MWh instead of 0.38 /MWh last year) 0,00 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% Exercise rate of volume rights 24 starts earlier than last year (50% of exercise rate instead of 70%) 2.1 /MWh = marginal discount if 50% TEX 100% p DISC (in /MWh) = 2.1 1,05 / TEX for 50% TEX 100% and p DISC (in /MWh) = 1.05 for TEX 100% where TEX = exercise rate of volume rights ( net rights communicated by Storengy to each customer following completion of Stage 3 of the allocation process increased as needed by transfers of rights occurring during Stage 2)

25 Offer in France & 2013/2014 innovations Lever 3: discount as a function of the exercise rate of the rights Stabilisation of amount: discount calculated once on completion of the April round, with re-calculation only in the event of transfer Calculation by group of linked parties, with allocation as a pro-rata of the capacity subscribed by the parties Multi-annual capacity (2011 and 2012) factored in when calculating the exercise rate 25

26 Discount in /MWh/an Offer in France & 2013/2014 innovations Lever 3: example e.g. a supplier holding 100 GWh of volume rights: CASE 1 CASE 2 Serene Nord Serene Nord subscription 55 GWh 65 GWh reservation price 4.90 /MWh 4.90 /MWh reservation term k k CASE 3 Serene Nord 110 GWh 4.90 /MWh 539 k exercised volume rights 55 GWh (A) exercise rate of rights 55% unit discount price /MWh (B) discount 10.5 k (A B) 65 GWh 65% /MWh 31.5 k 110 GWh 100% 1.05 /MWh k reservation term- discount k i.e. -4% k i.e. -10% k i.e. -21% 1,20 1, GWh from Serene Nord + 28 k reservation term 0,80 0,60 0, i.e. a marginal price of 2.8 /MWh for this additional subscription (2.8 = ) 0, ,00 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 26 Exercise rate of volume rights

27 Offer in France & 2013/2014 innovations In summary, the three levers combined produce a decrease of up to 30% depending on the product Minimum unit prices accessible for * : in euro/mwh/year Serene Nord Serene Littoral Serene Sud Sediane Littoral Sediane Sud Sediane B Sediane Nord Saline Reservation unit price 2013/2014 * Reservation unit price 2012/ Absolute change Relative change (%) -30% -29% -29% -31% -31% -22% -25% -15% * (exercise rate 100% & subscription for 3 years) 27

28 3.2 Services 28

29 Offer in France & 2013/2014 innovations A change in the reservation procedures for capacity options The conditional injection and withdrawal capacity options are only available if all volume rights are exercised as part of the allocation process The options may be exercised for each product Injection Withdrawal Fixed term price ( /MWh/year) free of charge free of charge Variable term price ( /MWh) Reminder: conditional capacities have priority over Flow Plus 29

30 Offer in France & 2013/2014 innovations The prices of UIOLI and Flow Plus services remain unchanged UIOLI Injection Withdrawal Floor price if all capacity are subscribed ( /MWh) Floor price otherwise ( /MWh) Flow Plus Injection Withdrawal Variable term price ( /MWh)

31 Offer in France & 2013/2014 innovations The exchange service is renewed as of 1 April 2013 In both directions (N S and S N) Per demand on a weekly timestep: on Wednesdays before noon (transfer made on the gas day of the following Friday) On weekly volumes capped at 5 x original Nominal Injection Capacity for the product (or product group) Variable term price ( /MWh) North>South or South>North 80% x average of the 5 days of the week (excl. WE) of the N/S or S/N spread (with 1 /MWh min.) 31

32 3.3 Sales procedures 32

33 Offer in France & 2013/2014 innovations The April allocation round is brought forward one month and starts in January April round 10 Jan. 28 Jan. Calculation of rights Allocation of capacity Round 1 Round 2 Round 3 Round 4 Round 5 Round 6 Round 7 Transmission of portfolio characteristics by the Grid Operators on 1 January Choice of subscription duration (1 to 3 years) 33

34 Offer in France & 2013/2014 innovations The sales approach remains unchanged 1. Three allocation rounds January March April May June July Aug. September October November Commercialisation April July November round Allocations round Allocations round Allocations 2. If capacity remains available it will be re-marketed as in previous years and offered for booking prior to 1 April. The sales dates will be communicated by mid-february 2013 at the latest Storengy will give a 10 day notice between the above communication and the start of commercialisation of this capacity 34

35 Offer in France & 2013/2014 innovations Stable contractual framework, simplification of management of bank guarantees In 2012/13 change to ensure a simplification of the management of bank guarantees : one contract = one guarantee In 2013/14 continuation of simplification procedure: see sample bank guarantee appended to the contract 35

36 Offer in France & 2013/2014 innovations SAM: a new, more powerful sales web access To offer a tool that can meet ever-changing offers To provide a system that works on an hourly timestep Why? To give you more help: upper and lower limits in the event of intra-day re-nominations messages explaining the processing of customer requests To improve user-friendliness, in particular with more exportable tables SICS and SAM to function in parallel from April to September 2012 (all of year 2012 available in SAM) How? Training courses (end of August/beginning of September) Opening of new web access SAM on 18 September

37 Offer in France & 2013/2014 innovations Sam, 60-day assessment Changeover completed without incident Good overall operation, clear stability Main problem: transmission interface with On detection of a malfunction, system operation is switched to reduced-service mode, with subsequent correction where necessary Reactivity in solving bugs: new version went into production end-october, with next delivery scheduled before December. 37

38 4. Offers in Germany and the UK DIRECTION DES GRANDES INFRASTRUCTURES

39 4.2 Offer in Germany 39

40 Offer in Germany Storengy in Germany Facility WGV (GWh) injection (days) withdrawal (days) Pore storage Cavern storage Uelsen Reitbrook Peckensen Breitbrunn* Lesum Schmidhausen Harsefeld Fronhofen * pro rata of the 19.72% stake Stand Storengy operates 7 sites (6 H-Gas and 1 L-Gas) and markets 5 as a SSO. A minority stake is held in another storage. With 2 bcm of WGV spread between the GASPOOL and the NetConnect Germany market zones, Storengy has a market share of 10% on the German storage market. 40

41 Offer in Germany Available capacities from April 1st 2013 Total of GWh to be marketed in Uelsen (3.500 GWh) and Harsefeld (900 GWh) from April 1st 2013 Both storages are connected to the network of Gasunie Deutschland and offer a direct access to the GASPOOL hub. Ellund Harsefeld Rostock Hamburg Emden RHGBremen NETRA GASPOOL Berlin Hannover Mallnow RWE VNG JAGAL WEDAL VNG Düsseldorf MIDAL Eynatten STEGAL Dresden METG NetConnect Behringen TENP Frankfurt Germany Olbernhau MEGAL Waidhaus Uelsen Storage capacity will be offered as bundled products with different periods and pricing characteristics: multi-annual product with indexed price (Uelsen) yearly products with fixed price (Uelsen, Harsefeld) Medelsheim Stuttgart TENP Schwarzach Oberkappel München SÜDAL Überackern 41

42 Offer in Germany Multi-annual product (Uelsen) Bundled units: WGV: kwh IR: 450 kwh/h (120 days*) WR: 600 kwh/h (90 days*) Contract period: (3 years) Pricing: Price indexed to TTF spread Cap and floor prices to limit exposure under extreme conditions Injection unit price No tunnel Date of auction : 23 January 2013 * nominal values (not including reduction factors) 42

43 Offer in Germany Yearly product (Uelsen) Bundled units: WGV: kwh IR: 450 kwh/h (120 days*) WR: 600 kwh/h (90 days*) Contract period: (1 year) Pricing: Bidding on a fixed price Injection unit price No tunnel Date of auction : 20 February 2013 * nominal values (not including reduction factors) 43

44 Offer in Germany Yearly product (Harsefeld) Bundled units: WGV: kwh IR: kwh/h (48 days*) WR: kwh/h (16 days*) Contract period: (1 year) Pricing: Bidding on a fixed price Injection unit price No tunnel Date of auction : 20 February 2013 * nominal values (not including reduction factors) 44

45 Offer in Germany Timeline 2012 December January 2013 February March April March Auction multi-annual product Uelsen Auction yearly products Harsefeld / Uelsen Start of contracts Beginning of January 2013 Publication of product specifications and contractual documents (23.01 auction) End of January 2013 Publication of product specifications and contractual documents (20.02 auction) 45

46 5.1 Offer in the UK 46

47 Offer in the UK Stublach, a strategic asset in Cheshire (in Northwich, near Manchester) Stublach is located in a strong gas demand area, close to several power plants Eventually: 20 salt cavities, enhancing the security of supply of the UK market When fully developed, 400 mcm of space Injection and Withdrawal up to 30mcm/d Shallow caverns with a pressure comparable to the NTS 47

48 Offer in the UK Our Products: flexible and simplified... With additional services... Available at short or medium term A different commercial framework Stublach has been granted a TPA exemption (for Phase 1) We offer marked-to-market products 30 30, and 2 5 No tunnel, no ratchets 30% 5% 65% These products can be offered on different timescales: Capacity available on one-year or multi-year contracts Capacity also available on a short term basis for fastest products (monthly, day ahead ) Services, to size more market opportunities Interruptible capacity (UIOLI) Firm capacity: Flow Plus service 48

49 Offer in the UK Ramp up capacity... and anticipated sale The first two cavities will be fully operational in May 2014 Commercialisation start date Working Gas Volume (mcm) Number of Cavities May May May May May May Most of the capacity is being commercialized for and Storengy commercializes primarily long-term capacity Bilateral discussions are in progress Fast products will be commercialized soon Through two-way negotiation Or auction 49

50 Offer in the UK Stublach takes shape! The NTS connecting point and main work for civil engineering are finalized Compressors have been delivered to site, as treatment equipment Stublach teams move into the new office building 50

51 6. Upcoming events DIRECTION DES GRANDES INFRASTRUCTURES

52 Upcoming events Upcoming events Autumn Jan Feb March April May June France Bilateral discussions with customers Commercialisation 2013/2014 Commercialisation feedback Commercialisation Hauterives Germany : Auction multiannual product : Auction yearly products UK Commercialisation 2014/2015 Ongoing collection of customers needs 52

53 Appendices (France) DIRECTION DES GRANDES INFRASTRUCTURES

54 2013 allocation round timetable Round April July November Step 1 10 Jan May Sep 2013 Step 2 14 Jan May Sep 2013 Step 3 17 Jan May Sep 2013 Step 4 21 Jan May Sep 2013 Step 5 24 Jan May Sep 2013 Step 6 28 Jan May Sep 2013 Step 7 28 Jan June Sep 2013 Application of Appendix 2 Step A 03 June Sep 2013 Step B 04 June Oct 2013 Step C 05 June Oct

55 Details of steps 1 to 3 Observation date: 1 st January (1 st round), 1 st May or 1 st September (additional rounds) Round 1 ends on 10 Janurary, 14 May or 10 September Transmission of portfolio characteristics by the Grid Operators Round 2 ends on 14 January, 16 May or 12 September Calculation of gross rights, then: Exemption requests Transfer requests Postponement requests Round 3 ends on 17 January, 22 May or 17 September -Calculation for each supplier of net rights per weather station -For July: difference between net April 1 rights and July 1 rights -For November: difference between net July 1 rights and November 1 rights 55

56 Details of steps 4 to 7 Round 4 ends on 21 Jan, 24 May or 19 Sep Round 5 ends on 24 Jan, 28 May or 24 Sep Round 6 ends on 28 Jan, 30 May or 26 Sep Round 7 ends on 28 Jan, 3 June or 30 sept Initial subscription requests by suppliers on the storage groups 2 distinct requests: - within rights - beyond rights Processing of initial supply requests and response by Storengy in the form of an Indicative allocation Final subscription requests by suppliers 1 overall demand per storage group, with the annual portion representing at least 20% of the overall demand Establishment of contract and calculation of rights exercised (then transfers of gas in inventory for the July and November campaigns) 56

57 Products Serene Littoral and Serene Sud Injection Withdrawal 140,0% 130,0% Nb of nominal days ,0% 110,0% % defining the max. capacity of the option 26% 33% 100,0% 90,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Maximum Inventory Level Sediane Littoral: location at the North Atlantic PITS Sediane Sud: location at the South Atlantic PITS 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation 57

58 Products Sediane Littoral and Sediane Sud ,0% 130,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Injection Maximum Inventory Level Withdrawal Nb of nominal days % defining the max. capacity of the option 26% 27% 120,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation Sediane Littoral: location at the North Atlantic PITS Sediane Sud: location at the South Atlantic PITS 58

59 Product Sediane Nord ,0% Injection Withdrawal 110,0% Nb of nominal days ,0% 90,0% % defining the max. capacity of the option 25% 25% 80,0% 70,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Maximum Inventory Level 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation 59

60 Product Saline ,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Injection Maximum Inventory Level Withdrawal Nb of nominal days % defining the max. capacity of the option 45% 45% 150,0% 140,0% 130,0% 120,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation 60

61 Product Serene Nord ,0% Injection Withdrawal 130,0% 120,0% Nb of nominal days % defining the max. capacity of the option 20% 25% 110,0% 100,0% 90,0% 80,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Maximum Inventory Level 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation 61

62 Product Sediane B ,0% Injection Withdrawal 130,0% 120,0% Nb of nominal days % defining the max. capacity of the option 30% 10% 110,0% 100,0% 90,0% 80,0% 110,0% 100,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% Minimum Inventory Level Maximum Inventory Level 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Daily Basic Injection Capacity Daily Basic Withdrawal Capacity Daily Conditional Injection Capacity Daily Conditional Withdrawal Capacity Reference for storage rights calculation 62

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64 DIRECTION DES GRANDES INFRASTRUCTURES