DOCSLIB.ORG

Reference Document 2008

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

REFERENCE DOCUMENT 2008 REDISCOVERING ENERGY REFERENCE DOCUMENT 2008 Incorporation by reference Pursuant to Article 28 of European Regulation No. 809/2004 of April 29, 2004, this Reference Document incorporates by reference the following information to which the reader is invited to refer: • with regard to the fiscal year ended December 31, 2007 for Gaz de France: management report, consolidated financial statements, prepared in accordance with IFRS accounting principles and the related Statutory Auditors’ reports found on pages 113 to 128 and pages 189 to 296 of the Reference Document, registered on May 15, 2008 with l’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF), under R. 08-056; • with regard to the fiscal year endedD ecember 31, 2007 for SUEZ: management report, consolidated financial statements, prepared in accordance with IFRS accounting principles and the related Statutory Auditors’ reports found on pages 117 to 130 and pages 193 to 312 of the Reference Document, filed onM arch 18, 2008 with l’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF), under D. 08-0122 as well as its update filed on June 13, 2008 under D. 08-0122-A01; • with regard to the fiscal year ended December 31, 2006 for Gaz de France: management report, consolidated financial statements, prepared in accordance with IFRS accounting principles and the related Statutory Auditors’ reports found on pages 105 to 118 and pages 182 to 294 of the Reference Document, registered on April 27, 2007 with l’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF), under R. 07-046; • with regard to the fiscal year ended December 31, 2006 for SUEZ: management report, consolidated financial statements, prepared in accordance with IFRS accounting principles and the related Statutory Auditors’ reports found on pages 117 to 130 and pages 194 to 309 of the Reference Document, filed on April 4, 2007 withl’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF), under D. 07-0272. The information included in these Reference Documents, other than that referred to above, is replaced or updated, where applicable, by the information contained in this Reference Document. These Reference Documents are accessible under the conditions described in Section 24 “Documents accessible to the public” of this Reference Document. This Reference Document contains forward-looking information in Sections 6.1 “Principal Activities”, 12 “Information on Trends” and paragraph “Outlook for 2009” of the Group’s activity report included in Section 9.8. This information does not constitute historical data and there is no assurance that such forward-looking facts, data or objectives will occur or be met in the future. Such information is subject to external factors, such as those described in Section 4 “Risk Management”. Unless expressly stated to the contrary, the market data included in this Reference Document is based on internal estimates made by GDF SUEZ using publicly available information. Copies of this Reference Document are available free of charge from GDF SUEZ, located at 22, rue du Docteur Lancereaux – 75008 Paris, and on the Company’s website (www.gdfsuez.com), as well as on that of l’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF (www.amf-france.org)). The French version of this Reference Document was filed with the l’Autorité des Marchés Financiers (French Financial Markets Authority, or AMF) and was registered under No. D.09-197 on April 6, 2009, in accordance with the provisions of Article 212-13 of the General Regulations of the AMF. It may be used in support of a financial transaction if it is supplemented by an offering memorandum approved by the AMF. REFERENCE DOCUMENT 2008 | 1 TABLE OF CONTENTS PAGE PAGE 1 9 PARTIES RESPONSIBLE 5 MANAGEMENT REPORT (1) 153 1.1 Parties responsible 5 9.1 Revenue and earnings trends 154 1.2 Declaration by the persons responsible for the reference 9.2 Business trends 157 document comprising the annual financial report 6 9.3 Other income statement items 166 9.4 Reconciliation with consolidated income statement figures 167 2 9.5 Changes in net debt 168 PARTIES RESPONSIBLE FOR AUDITING 7 9.6 Other balance sheet items 171 2.1 Statutory Auditors 8 9.7 Parent company financial statements 172 2.2 Resignation or departure of Statutory Auditors 9 9.8 Outlook for 2009 173 3 10 SELECTED FINANCIAL INFORMATION 11 CASH FLOW AND SHARE CAPITAL 175 10.1 Issuer capital 176 10.2 Source and amount of issuer cash flows and description 4 of cash flows 176 RISK FACTORS 15 10.3 Financial structure and borrowing conditions applicable to the issuer 177 4.1 Risk management process 16 10.4 Restrictions regarding the use of capital 179 4.2 GDF SUEZ operates in a changing environment 17 10.5 Planned sources of financing to meet commitments 4.3 The GDF SUEZ business model is subject to numerous stemming from investment decisions 179 constraints 24 4.4 Industrial safety at the heart of GDF SUEZ’s activity 27 4.5 The GDF SUEZ organization in the face of transversal risks 30 11 4.6 Insurance 33 INNOVATION, RESEARCH AND DEVELOPMENT, PATENTS AND LICENSE POLICY 181 11.1 Research and innovation 182 5 11.2 Intellectual property 189 INFORMATION ON THE COMPANY 35 5.1 History and development of the company 36 12 5.2 Investments 38 INFORMATION ON TRENDS 191 6 OVERVIEW OF ACTIVITIES 39 13 PROFIT FORECASTS OR ESTIMATES 193 6.1 Main activities 40 6.2 Main markets 120 6.3 Important events 120 14 6.4 Dependence on patents, licenses or contracts 122 ADMINISTRATIVE BODIES AND GENERAL 6.5 Competitive energy position 122 MANAGEMENT 195 6.6 Sustainable development 123 14.1 Information concerning the administrative bodies 196 14.2 Non‑voting Directors 215 7 14.3 Government Commissioner 216 14.4 Information concerning general management 217 ORGANIZATION CHART 145 14.5 Composition of the committees of the board of Directors 217 7.1 Simplified organization chart 146 14.6 Conflicts of interest in administrative, management and supervisory bodies and general management 220 7.2 List of major subsidiaries 147 15 8 COMPENSATION AND BENEFITS 221 REAL ESTATE, FACTORIES, AND EQUIPMENT 149 15.1 Compensation paid and benefits granted 222 8.1 Major tangible assets 150 15.2 Information on stock options and bonus shares known as 8.2 Environmental issues related to real‑estate holdings 152 performance shares 234 2 | REFERENCE DOCUMENT 2008 PAGE PAGE 15.3 Summary of transactions declared by executive 20.6 Dividend distribution policy 484 management and corporate officers during fiscal year 2008 245 20.7 Legal and arbitration proceedings 485 15.4 Number of shares and stock options of GDF SUEZ held by 20.8 Significant change in the financial or commercial situation­ 490 members of the GDF SUEZ board of directors in office at december 31, 2008 246 15.5 Loans and guarantees granted or established in favor of directors or Executives 246 21 15.6 Funded amount 247 ADDITIONAL INFORMATION 491 21.1 Amount of subscribed capital 496 16 21.2 Incorporating documents and bylaws 505 OPERATION OF ADMINISTRATIVE AND MANAGEMENT BODIES 249 22 16.1 Operating procedures of the board of directors 250 IMPORTANT CONTRACTS 513 16.2 Information concerning service contracts between members of the Board of Directors and General Management and the company or any OF its subsidiaries 253 23 16.3 Committees of the board of Directors 257 16.4 Compliance with corporate governance regulations THIRD-PARTY INFORMATION STATEMENTS in the issuer’s home country 264 BY EXPERTS AND DECLARATIONS OF INTEREST 515 17 EMPLOYEES 265 24 17.1 Group HR Policy 267 DOCUMENTS ACCESSIBLE TO THE PUBLIC 517 17.2 ARRANGEMENTS FOR INVOLVING THE EMPLOYEES 24.1 Consultation of documents 518 IN THE CAPITAL OF THE ISSUER 269 17.3 Integration 271 24.2 Corporate communication 518 17.4 HR performance 272 17.5 Solidarity 273 17.6 Social relations in the group 274 25 17.7 Health and Safety policy 276 INFORMATION ON HOLDINGS 519 17.8 Equity interests and stock options of the Directors and Chief Operating Officers 277 A 18 APPENDICES TO THE REFERENCE DOCUMENT 521 MAIN SHAREHOLDERS 279 Report on internal control procedures 522 18.1 Breakdown of share capital at December 31, 2008 281 Statutory Auditors’ Report, prepared in accordance with article 18.2 Voting rights 284 L. 225‑235 of the French commercial code (Code de Commerce), on the report prepared by the Chairman of the board of directors 18.3 Control 284 of GDF SUEZ 531 18.4 Agreement relating to change of control 284 Statutory auditors’ report on the review of selected environmental and social indicators 532 Ordinary and Extraordinary Shareholders’ Meeting of May 4, 2009 534 19 Board of Directors’ report on the resolutions presented RELATED PARTY TRANSACTIONS 285 to the Ordinary and Extraordinary Shareholders’ Meeting of May 4, 2009 535 19.1 Relations with the French state and with the CNIEG 286 Draft resolutions presented to the Ordinary and Extraordinary 19.2 Transactions with equity‑accounted or proportionately Shareholders’ Meeting of May 4, 2009 543 consolidated companies 287 Statutory Auditors’ special report on regulated agreements and commitments with related parties 550 20 Statutory Auditors’ reports on the resolutions of the Ordinary and Extraordinary Shareholders’ Meeting of May 4, 2009 558 FINANCIAL INFORMATION CONCERNING THE ASSETS AND LIABILITIES, FINANCIAL POSITION Concordance with the company’s annual financial report 562 AND RESULTS OF THE ISSUER 289 Table of gas, electricity and other energy
Recommended publications
  • ORES Assets Scrl

    ORES Assets Scrl

    ORES Assets scrl ANNUAL REPORT 2017 1 TABLE OF ORES Assets scrl ANNUAL REPORT 2017 CONTENTS I. Introductory message from the Chairman of the Board of Directors and the Chief Executive Officer p.4 II. ORES Assets consolidated management report p.6 Activity report and non-financial information p.6 True and fair view of the development of business, profits/losses and financial situation of the Group p.36 III. Annual financial statements p.54 Balance sheet p.54 Balance sheet by sector p.56 Profit and loss statement p.60 Profit and loss statement by sector p.61 Allocations and deductions p.69 Appendices p.70 List of contractors p.87 Valuation rules p.92 IV. Profit distribution p.96 V. Auditor’s report p.100 VI. ORES scrl - ORES Assets consolidated Name and form ORES. cooperative company with limited liability salaries report p.110 VII. Specific report on equity investments p.128 Registered office Avenue Jean Monnet 2, 1348 Louvain-la-Neuve, Belgium. VIII. Appendix 1 point 1 – List of shareholders updated on 31 December 2017 p.129 Incorporation Certificate of incorporation published in the appen- dix of the Moniteur belge [Belgian Official Journal] on 10 January 2014 under number 14012014. Memorandum and articles of association and their modifications The memorandum and articles of association were modified for the last time on 22 June 2017 and published in the appendix of the Moniteur belge on 18 July 2017 under number 2017-07-18/0104150. 2 3 networks. However, it also determining a strategy essen- Supported by a suitable training path, the setting up of a tially hinged around energy transition; several of our major "new world of work" within the company should also pro- business programmes and plans are in effect conducted to mote the creativity, agility and efficiency of all ORES’ active succeed in this challenge with the public authorities, other forces.
  • INTERNATIONAL ASSOCIATION for ENERGY ECONOMICS BIOGRAPHICAL SKETCHES 2020 ELECTION BALLOT (Listed in Alphabetical Order)

    INTERNATIONAL ASSOCIATION for ENERGY ECONOMICS BIOGRAPHICAL SKETCHES 2020 ELECTION BALLOT (Listed in Alphabetical Order)

    INTERNATIONAL ASSOCIATION FOR ENERGY ECONOMICS BIOGRAPHICAL SKETCHES 2020 ELECTION BALLOT (Listed in alphabetical order) JACQUELINE BOUCHER – for IAEE Vice President for Business & Government Affairs (2021-2022) Current Affiliation: Carbon Neutral Transformation Project Manager ENGIE, Brussels, Belgium; Board Member ENGIE Energy Management (Brussels), Laborelec (Belgium) and ENGIE Energy Management Gmbh, Köln, Germany; Lecturer Ecole Polytechnique UCLouvain, Louvain-la-Neuve, Belgium and ICHEC Business School, Brussels Education: PhD in Mathematics, University of Namur, Belgium; Specialized Ms In Economics Energy, UCLouvain, Louvain-la-Neuve, Belgium Former Affiliations: Chief Power Asset Manager and Member of the Management Committee, ENGIE Global Energy Management, Paris (France) & Brussels (2016-20); SVP Economic and Modeling Studies, GFDSUEZ Strategy, Paris & Brussels (2010-15); Board Member Elia SA, Brussels (2007 – 2009) and Fluxys SA, Brussels (2006 – 2009); SVP Strategy Electrabel, Brussels (2005-09); Chief Risk Officer & Head of Risk and Asset Liability Management, Electrabel, Brussels (2002-05); Head of Microeconomics & Regulation / Quantitative Analysis, Electrabel, Brussels (1994-2002); Start-up co- founder and senior consultant, COHERENCE , Louvain-la-Neuve, Belgium (1989-1994); Researcher, CORE, UCLouvain, Louvain-la-Neuve (1980-1994) IAEE Activities: Board Member (2012-14) JEAN-MICHEL GLACHANT – for IAEE Vice President for Communications (2021 to 2022) Current Affiliation: Professor at Loyola de Palacio Chair in European Energy Policy, Robert Schuman Center, European University Institute, Florence; and Director of Florence School of Regulation (FSR); since 1st Oct. 2008 Education: PhD in Economics, La Sorbonne University, Paris, France. Former Affiliations: Professor and Dean for Economics, Faculté d’Orsay, Université Paris - Sud (2000-2008); Lecturer, associate Professor in economics, La Sorbonne University, Paris (1982-2000) IAEE Activities: Member since 1997.
  • China's Dependence Upon Oil Supply: Part 1

    China's Dependence Upon Oil Supply: Part 1

    PART 1 1 CHINA’S DEPENDENCE UPON OIL SUPPLY PART 1 of 3 SERIALIZED STUDY BY – CAPT David L.O. Hayward Australian Army Reserve (Retd.) First published as an RUSI Defence Research Paper & republished as a SAGE International Special Study with the kind permission of CAPT David L.O. Hayward 2012 PART 1 2 “War which has undergone the changes of modern technology and the market system will be launched even more in atypical forms. In other words, while we are seeing a relative reduction in military violence, at the same time we definitely are seeing an increase in political, economic, and technological violence. However, regardless of the form the violence takes, war is war, and a change in the external appearance does not keep any war from abiding by the principles of war.” The above quote is from the book Unrestricted Warfare jointly written by two People’s Liberation Army (PLA) Colonels, namely Qaio Liang and Wang Xiangsui. The book was published in Beijing in early 1999. In the twelve years since it was unveiled to the West, the work has largely been dismissed as unlikely wishful thinking on the part of the authors. The book is not representative of PLA military philosophy or official policy. As recently as 2008, discussions held at the Pentagon in strategic-level war games were dismissive of Chinese capability and intent in the cyber realm. Source: US Navy Institute Blog, Annapolis, Maryland: March 2010 2012 PART 1 3 UNCLASSIFIED CHINA’S DEPENDENCE UPON OIL SUPPLY” By CAPT David L.O. Hayward (Rtd), former IT consultant in the oil industry.
  • Oil Analyses Condition Assessment of Transformers and Rotating Machinery

    Oil Analyses Condition Assessment of Transformers and Rotating Machinery

    Oil Analyses Condition assessment of transformers and rotating machinery • Detecting and preventing faults • Increasing availability • Optimizing maintenance Transformers Prevent failures A sudden breakdown of a power or industrial transformer usually means unforeseen costs for maintenance, new investments to be made, or unexpected production interruption. As many transformers in companies throughout Europe become older, the probability of such a breakdown increases. What you should know about transformer failures • The average transformer age at failure is 18 years. • The largest financial losses are due to failures of industrial and generator step-up transformers (study by the Hartford Insurance Company). • Insulation failure is the leading cause (responsible for one fourth of all failures). • The cost of insulation failures alone accounts for more than half of all failure costs. • Large power transformers have delivery times between 18 and 24 months. Check your transformer’s health The insulating oil in a transformer can tell you a lot about the actual state of your transformer and its remaining lifetime. Based on this information, you can anticipate potential failures and put in place a precisely targeted maintenance or replacement plan. What your transformer oil can tell you An in-depth analysis of your transformer’s oil gives you a Electrabel power plant good insight into the condition of your transformer and its Herdersbrug, Bruges (B) electrical insulation. ‘Thanks to the early detection of a hotspot, irreversible damage to the transformer — and in the • Internal faults: you can detect the presence of electrical worst case an explosion — was avoided.’ or thermal faults and determine its exact type (partial discharges, hot spots, arcing, et cetera).
  • IAEE Energy Forum

    IAEE Energy Forum

    Issn 1944-3188 Third Quarter 2019 IAEE Energy Forum CONTENTS PRESIDENT’S MESSAGE 7 Lessons of an Oil Market Analyst (and the value of an IAEE Is energy the daily business of the economy? membership) Energy economists tend to look at the horizon and 11 Auctions for Renewable Energy always look further beyond it. Support: Lessons Learned in the AURES Project There are good reasons for doing so: it is true that the lifespan of energy investments is very long, sometimes 15 Transition to a Capacity Auction: a Case Study of Ireland exceeding a century for some power lines or dams. Such a lifetime requires anticipation in the decision-making 19 Challenges in Designing Technology-neutral Auctions for process and a need for robust modelling. As a result, Renewable Energy Support energy economists are debating the different world 23 Auction Design Influences views of energy for 2035-2050, giving the impression Efficiency: California’s that they do not care about the short term. Consignment Mechanism in By the way, what does the short term mean? The next Perspective decade? Next year? Next month? Next job? 25 Carbon Tax or Cap and Trade? In my role as President of IAEE, I have the opportunity to meet not only my fellow Evidence from the Province of economists, but also decision-makers from the industrial sector or the Administration Ontario’s Recent Cap and Trade Program or government authorities. Our discussions on how energy economists could contribute to economic development 31 What Do the Results from the Finnish RES Auction of 2018 Reveal suggest that economists should report more on short-term changes than in 2035- About Efficiency? 2050.
  • Petroleum Geo-Services

    Petroleum Geo-Services

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F n REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2005 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR n SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission File Number: 1-14614 Petroleum Geo-Services ASA (Exact name of registrant as specified in its charter) Kingdom of Norway (Jurisdiction of incorporation or organization) Strandveien 4, N-1325 Lysaker, Norway (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares, each representing New York Stock Exchange, Inc. one ordinary share of nominal value NOK 10 per share Ordinary shares of nominal value NOK 10 per share* New York Stock Exchange, Inc. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 60,000,000 ordinary shares, nominal value NOK 10 per share.
  • Valuation Considerations Amid Uncertainty in the Oil and Gas Sector

    Valuation Considerations Amid Uncertainty in the Oil and Gas Sector

    O&G Market Update Valuation Considerations Amid Uncertainty in the Oil and Gas Sector June 30, 2020 David Scott Managing Director, Alternative Asset Advisory Energy & Mining Co-Leader David Scott is the head of Energy and Infrastructure Portfolio Valuation at Duff & Phelps and global co-leader of Duff & Phelps’ Energy & Mining Group. David has worked throughout the Alternative Asset Advisory, Financial Reporting, Transaction Opinion and Dispute Consulting practices within Duff & Phelps nearly 20 years of experience in the energy industry and 17 years with Duff & Phelps. David’s professional experience includes valuation of business enterprises, equity and debt interests, various fixed and intangible assets associated with businesses, portfolio analysis, transactional analysis, allocation of purchase price and litigation support purposes. David has managed a range of engagement types, including valuation of minority and control equity interests for various purposes, portfolio valuation assurance, ESOPs, corporate planning, recapitalizations and arbitrations and litigations. A significant amount of David’s experience in the valuation of business enterprises and equity and debt interests has focused on the valuation of illiquid securities of private equity, hedge funds, fund of fund investors, pensions and endowments. He specializes in valuations of portfolios of illiquid interests held by alternative investors and has valued management fees and carried interest for private equity management entities. David’s private equity and hedge fund experience includes the quarterly valuation of private loans, including senior secured and subordinated debt, convertible preferred and common equity, warrants and other derivatives, and limited partner and general partner interests. Duff & Phelps, LLC David authored the Energy Valuation section of PEI's Private Equity Valuation "Definitive Guide to Valuing Investments Fairly", by D&P Dallas (2014).
  • Learning from Failure: China's Overseas Oil Investments

    Learning from Failure: China's Overseas Oil Investments

    Journal of Current Chinese Affairs China aktuell Moreira, Susana (2013), Learning from Failure: China’s Overseas Oil Investments, in: Journal of Current Chinese Affairs, 42, 1, 131–165. ISSN: 1868-4874 (online), ISSN: 1868-1026 (print) The online version of this article and the other articles can be found at: <www.CurrentChineseAffairs.org> Published by GIGA German Institute of Global and Area Studies, Institute of Asian Studies in cooperation with the National Institute of Chinese Studies, White Rose East Asia Centre at the Universities of Leeds and Sheffield and Hamburg University Press. The Journal of Current Chinese Affairs is an Open Access publication. It may be read, copied and distributed free of charge according to the conditions of the Creative Commons Attribution-No Derivative Works 3.0 License. To subscribe to the print edition: <[email protected]> For an e-mail alert please register at: <www.CurrentChineseAffairs.org> The Journal of Current Chinese Affairs is part of the GIGA Journal Family which includes: Africa Spectrum ●● Journal of Current Chinese Affairs Journal of Current Southeast Asian Affairs ●● Journal of Politics in Latin America <www.giga-journal-family.org> Journal of Current Chinese Affairs 1/2013: 131165 Learning from Failure: China’s Overseas Oil Investments Susana MOREIRA Abstract: Thirsty for oil and other raw materials needed to fuel its breakneck development, China is funnelling money and manpower into an expanding number of countries in order to secure access to natural resources. This effort has successfully increased Chinese oil assets over- seas but it has also exposed Beijing and Chinese national oil companies (NOCs) to significant risks.
  • Additional Informations of the Annual Report 2019

    Additional Informations of the Annual Report 2019

    2019 Annual Report Additional information Annual Report 2019 – Additional Information I. TABLES OF RETURNS 1 Auditor’s Report on GIPS Compliance ................................................................................ 5 2 Independent Auditor’s Report ........................................................................................... 6 3 General Notes ................................................................................................................... 8 4 Rates .............................................................................................................................. 11 5 Credit ............................................................................................................................. 12 6 Long Term Bonds ............................................................................................................ 14 7 Real Return Bonds .......................................................................................................... 15 8 Short Term Investments .................................................................................................. 16 9 Real Estate ..................................................................................................................... 17 10 Infrastructures ................................................................................................................ 20 11 Public Equity ................................................................................................................... 22 12 Private
  • Deliberation by the French Energy Regulatory Commission of 13 December 2018 Deciding on the Conditions for Access to the Zone Supplied in Low Calorific Gas ("L Gas")

    Deliberation by the French Energy Regulatory Commission of 13 December 2018 Deciding on the Conditions for Access to the Zone Supplied in Low Calorific Gas ("L Gas")

    DELIBERATION NO 2018-258 Deliberation by the French Energy Regulatory Commission of 13 December 2018 deciding on the conditions for access to the zone supplied in low calorific gas ("L gas"). Present: Jean-François CARENCO, Chairman, Catherine EDWIGE, Jean-Laurent LASTELLE and Jean-Pierre SOTURA, commissioners. Translated from French: only the original is authentic In accordance with points 1° and 4° of Article L. 134-2 of the French energy code, the French Energy Regulatory Commission (CRE) specifies the rules concerning the missions of natural gas transmission system operators in terms of operation and development of these networks as well as the conditions for the use of natural gas transmission networks. In accordance with point 4° of Article L. 134-3 of the French energy Code, CRE approves “the technical and financial rules drafted by the operators for balancing natural gas networks […]”. The present deliberation covers the conditions for access to the zone supplied in low calorific gas ("L gas") during the period of conversion to a high calorific gas ("H gas") supply scheduled for completion in 2029. The zone supplied in L gas ("L zone") has been part of the same market and balancing zone as the zone supplied in H gas ("H zone") since 2013. GRTgaz proposes an H gas to L gas conversion service, so that all shippers may supply customers with L gas as though they were supplying them with H gas. To enable this conversion service, since 2005 Engie has provided GRTgaz with an H gas to L gas swap service. Within the framework of commitments made by Engie in 2009 to the European Commission, this service is guaranteed until the end of 2023 and not beyond.
  • Fallen Angels, Rising Stars Old Latam Basins Creating Fresh Opportunities

    Fallen Angels, Rising Stars Old Latam Basins Creating Fresh Opportunities

    © iStockphoto/alexeys Fallen angels, rising stars Old LatAm basins creating fresh opportunities Oil & gas sector October 2013 Published by Edison Investment Research Fallen angels, rising stars Old LatAm basins creating fresh opportunities 10 October 2013 A new production trend has been emerging in Latin America. Smaller independent E&P companies have significantly contributed to increased Companies profiled in this report production levels in Colombia, with similar results possible in Argentina, Americas Petrogas (BOE) Peru, Paraguay and Trinidad. In this report we introduce three valuation Amerisur Resources (AMER) screens based on cash flow, market value and risk, from which we Canacol Energy (CNE) segment our universe of 18 independent oil companies. Our top picks for Crown Point Energy (CWV) the region are GeoPark, Americas Petrogas, Madalena, Canacol, GeoPark (GPK) Petroamerica and Suroco. Also seen as high potential but slightly higher Gran Tierra Energy (GTE) risk are Crown Point, President, Touchstone and Range. Ivanhoe Energy (IE) Madalena Energy (MVN) Cash flow dependence and LatAm independents Pacific Rubiales (PRE) Our analysis of markets lead us to four conclusions: 1) near-term cash flow Parex Resources (PXT) generation is currently the main driver of market value, with investors ascribing a Petroamerica Oil Corp (PTA) disproportionate emphasis to cash flow over exploration upside; 2) development Petrodorado Energy (PDQ) capital over the past year has largely focused on lower-risk regimes/ plays Petrominerales (PMG) (eg Llanos over the Southern Cone); 3) risk rankings and perception favour larger Platino Energy (PZE) and more established oils; and 4) the producer/developer model is likely to President Energy* (PPC) dominate in the near term although there are signs that this could change with Range Resources* (RRS) divestments, and new entrants are likely with the return of a bull market.
  • UET and ENGIE Commission First UET Reflex Module

    UET and ENGIE Commission First UET Reflex Module

    UET and ENGIE commission first UET Reflex Module UET and ENGIE announce today they have successfully achieved the commissioning of the first UET Reflex™ Module at the Batteries lab of ENGIE Research Centre Laborelec, located near Brussels. The Reflex™ Module is a small 7.5 kW – 30 kWh redox flow battery of the 4th generation, storing electricity in a vanadium mixed acid electrolyte, and is a modular evolution of the well proved UET redox flow technology, especially suited for installation inside buildings. The battery will be thoroughly tested for performance and operability, prior to its installation in a commercial environment. “ENGIE strongly believes that redox flow batteries will become an interesting alternative to Lithium ion and lead acid based battery technologies for certain stationary energy applications, offering ancillary services to the grid for example, and will contribute to the transition to a zero carbon economy.”, says Luc Goossens CTO from ENGIE RESEARCH “The installation and testing of this UET Reflex module will enable ENGIE to benchmark Vanadium redox flow batteries against other technologies, fully understand their behaviour, optimise the operational procedures. The long term follow-up of the performance will be realized through ENGIE Laborelec’s proprietary monitoring platform Monica.” “UET has developed a compelling value proposition with the UET Reflex™ Module, a battery that is intrinsically safe, recyclable and scalable. Applications ranging from a few kilowatts to hundreds of megawatts make this battery eminently suited to play a very significant role in the energy transition in Europe” says Dr Ir Roelof Platenkamp, Board member of UET with focus on European developments.