Transcript Slide 1
TRGas-Hub Regulatory and Transmission System Workshop
Ankara, 21/05/2014
How to Successfully Unbundle
a National Pipeline:
European Federation of Energy Traders
The case of Greece
Dr. Stelios Bikos
[email protected]
Ankara 21/05/2014
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Outline
S.C.BIKOS
Incumbent structure before unbundling
Incumbent structure after unbundling
Timeline of Unbundling and liberalisation
Implications for the market
Next steps
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Incumbent structure before wholesale unbundling
Activity
Company
Shareholders
•
Trading &
Transport
•
Distribution
New EPAs
S.C.BIKOS
Hellenic Republic
(65%)
Hellenic Petroleum
(35%)
Business description
Incumbent natural gas wholesaler in Greece
Imports natural gas from Russia, Algeria and Turkey
Main customers include power producers, industrials, and regional gas supply companies
Owns and operates the national natural gas transport system and LNG terminal
•
•
DEPA (51%)
Attiki Gas (49%)
EPAs
Operate regulated distribution networks and sell gas to residential, commercial and small
industrial customers
•
•
DEPA (51%)
ENI S.p.A. (49%)
30-year concession right to operate network
•
•
DEPA (51-65%)
Investors (35-49%)
Three new EPAs
To be established in Sterea Hellas, Eastern Macedonia and Thrace and Central
Macedonia
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Incumbent structure after wholesale unbundling
Activity
Company
Shareholders
•
Trading
•
Gas
transport
Distribution
New EPAs
S.C.BIKOS
Hellenic Republic
(65%)
Hellenic Petroleum
(35%)
Business description
Incumbent natural gas wholesaler in Greece
Imports natural gas from Russia, Algeria and Turkey
Main customers include power producers, industrials, and regional gas supply companies
Owns and operates the national natural gas transport system and LNG terminal
Regulated monopoly providing stable inflation-protected cash flows
•
DEPA (100%)
•
•
DEPA (51%)
Attiki Gas (49%)
EPAs
Operate regulated distribution networks and sell gas to residential, commercial and small
industrial customers
•
•
DEPA (51%)
ENI S.p.A. (49%)
30-year concession right to operate network
•
•
DEPA (51-65%)
Investors (35-49%)
Three new EPAs
To be established in Sterea Hellas, Eastern Macedonia and Thrace and Central
Macedonia
Ankara, 20-21/5/2014
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Timeline of unbundling & liberalisation - 1
Source: N. Katsis, DESFA in Energy Community 5th Gas Forum, Slovenia 2010
S.C.BIKOS
Ankara, 20-21/5/2014
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Implications for the market
2010 - string of LNG cargoes by independent importers
Several in-tank LNG swaps to assist imports
DEPA share in the market reduced in 2010-2012
Then,
LNG prices above supply basket
Independent importers refrained from imports
2013 saw only a marginal quantity imported by independents
2014 – situation holds
S.C.BIKOS
Market measures as of end 2012
Restriction on incumbent’s reserved capacity in Entry Points
10% gas portfolio auctioned every quarter
Unbundled supply contracts introduced
Next month: first sales at the VNP (hub)
More flexible LNG cargo sharing legislated in latest Network Code
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Market response to TPA at LNG Terminal
2010
19%
18%
2011
14%
13%
2012
6%
6%
63%
29%
2013
61%
2%
71%
98%
Source: DESFA
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Timeline of unbundling & liberalisation - 2
Presidential Decree 60/2007
Establishment of Public Limited Company with registered name
“Hellenic Gas Transmission System Operator SA”
Presidential Decree 60/2007
Adaptation of Greek Legislation on provisions of Directive
2004/18/EΚ
Ministerial Decision 4955/2006
Natural Gas Transmission and LNG
Regasification Tariff
Ministerial Decision Δ1/1227/2007
Procedure for the conclusion,
content and terms of contracts for
the exercise of the access right and
use
of
the
Natural
Gas
Transmission System.
Law 3428/2005
Liberalisation
of
Natural Gas Market
2005
Presidential Decree 59/2007
Adaptation
of
Greek
Legislation on provisions of
Directive 2004/17/EΚ
2006
2007
2008
Ministerial
Decision
594/2012
Tariff
regulation
RAE
Decision
611/2010
Approval of contracts
for
Transportation
System and LNG
Facility usage
Ministerial
Decision
Δ1/A/5346/2010
Network Code for the
Management
of
the
National Natural Gas
System
2009
2010
Ministerial
Decision
722/2012
NNGS usage
tariffs
Ministerial
Decision
1096/2011
First Revision
of
Network
Code
2011
Law 4001/2011
Operation of Energy Markets of Electricity and Natural
Gas etc. (EC Dir 2009/72, 2009/73 & related)
2012
Preliminary
ITO
Certification
of DESFA
NNGS
Network
Code
2nd
Revision
2013
Market Measures
Source: DESFA, DEPA
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Next steps in wholesale: ITO for DESFA
Third Package Directive 2009/72/EC : 3 options
Production
& Import
Supply
Production
& Import
N. Owner
Supply
Supply
Independent TO
Independent SO
Ownership
unbundling
Heavy regulation and
monitoring
Regulation and
monitoring
Light regulation
and monitoring
S.C.BIKOS
30/4/2013 RAE
granted preliminary
certification
21/12/2013 SPA
to sell 66% to
SOCAR
Network
N. Owner
N. Operator
N. Operator
Production
& Import
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EC expected to
decide on final
certification by end
2014
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Next steps in retail (2013-2014)
Activity
Company
Shareholders
•
Trading
•
Gas
transport
•
Retail trading
New EPAs
Gas
distribution
Hellenic Republic
(65%)
Hellenic Petroleum
(35%)
DEPA (100%)
Business description
Incumbent natural gas wholesaler in Greece
Imports natural gas from Russia, Algeria and Turkey
Main customers include power producers, industrials, and regional gas supply companies
Owns and operates the national natural gas transport system and LNG terminal
Regulated monopoly providing stable inflation-protected cash flows
ITO
•
•
DEPA (51%)
Attiki Gas (49%)
EPAs
Operate regulated distribution networks and sell gas to residential, commercial and small
industrial customers
•
•
DEPA (51%)
ENI S.p.A. (49%)
30-year concession right to operate network
•
•
DEPA (51-65%)
Investors (35-49%)
Three new EPAs ?
To be established in Sterea Hellas, Eastern Macedonia and Thrace and Central
Macedonia
Own and operate distribution systems
Regulated local monopoly providing stable inflation-protected cash flows
Several DSOs
At least legal unbundling
New EPAs
S.C.BIKOS
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Thanks for your attention
European Federation of Energy Traders
Amstelveenseweg 998
1081 JS Amsterdam
Tel: +31 (0)20 5207970
Email: [email protected]
www.efet.org
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