The Netherlands: Gasunie Posts Solid Results

Gas infrastructure company N.V. Nederlandse Gasunie achieved a net profit of € 246 million during the first six months of 2012. More transport capacity was sold during the first part of 2012.

There was also increased income compared to 2011 from new investments and participations, such as Gate, the LNG terminal, which was successfully brought into operation at the end of 2011. Despite new projects becoming operational, Gasunie’s total operating costs have not risen. This is the result of an efficiency programme started at the end of 2011. Gasunie’s revenue for the first six months decreased by approximately € 39 million. This is mainly explained by the € 113 million repayment which is incorporated in the tariffs of GTS.

Dividend for the State of the Netherlands

Based on current indications, Gasunie is expecting revenues of around € 1.5 billion for 2012 as a whole. It is expected that the net profit after tax for the second half of 2012 will also be positive, but lower than the profit for the first half of the year, because income and costs are usually not realised proportionally during a year. Gasunie anticipates being able to pay a dividend to its shareholder, the State of the Netherlands, for 2012 and subsequent years.

The gas roundabout is effective

Paul van Gelder, CEO of Gasunie, makes the following statement: “Our results for the first six months of 2012 are robust. They show that investments in the gas roundabout serve not only Dutch energy interests but are also commercially profitable. Gasunie is a financially healthy company that invests on the basis of solid business cases and it is good to see that these investments are contributing according to expectations. In this way, we are guaranteeing the security of supply of gas in the Netherlands and Europe and we are contributing towards employment opportunities in the Netherlands. The spectacular growth of the “young” Dutch gas trading platform (the TTF) indicates that our country has now become a prominent market for international gas traders. This also provides benefits for gas consumers and we can be proud of this.”

[mappress]
LNG World News Staff, July 26, 2012