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MAKING THE ENERGY TRANSITION HAPPEN Our electricity system is undergoing a rapid, fundamental change. The Elia Group has identified three key trends that are shaping the transition process: more renewable energy, more decentralised energy generation and consumption, and intensified international cooperation. The Elia Group wants to act as a driving force in the energy transition. To that end, we drew up a set of strategic priorities and goals in 2016. We seek to advance socio-economic progress and society’s interests in everything we do. We make decisions in consultation with our stakeholders. Safety remains a top priority for us. As a regulated company, we not only invest in innovative infrastructure and digital systems, we also invest in people. We are open to new technologies and create opportunities for all market players. By focusing on these areas, we can ensure a smooth transition to the electricity system of tomorrow – a system that is increasingly sustainable, while also remaining reliable and affordable. MAKING THE ENERGY 06 01 WE HAVE OUR EYES WIDE WE ENSURE A SECURE, OPEN FOR INNOVATION & RELIABLE AND EFFICIENT TRANSITION GROWTH OPPORTUNITIES GRID HAPPEN ANNUAL REPORT 2016 MAKING 02 05 THE ENERGY WE DELIVER THE WE ALIGN CULTURE TRANSMISSION WITH STRATEGY INFRASTRUCTURE TRANSITION FOR THE FUTURE HAPPEN 04 WE COOPERATE TO STRENGTHEN OUR TSO POSITION 03 WE DEVELOP THE SYSTEM AND MARKETS Discover the online version on: DISCOVER OUR VIDEO ON THE STRATEGY http://annualreport.elia.be/2016 http://bit.ly/EliaStrategy2016 FACTS & FIGURES 2016 BELGIUM OUR ACTIVITIES ENERGY BALANCE (IN GWh) IMPORTS EXPORTS France 4,794.9 France 5,235.9 Luxembourg 0.7 Luxembourg 309.6 OPERATING THE ELECTRICITY SYSTEM Netherlands 9,854.4 Netherlands 2,921.2 Electrical energy cannot be stored in large quantities. A balance must always be struck between supply and demand. NET IMPORTS In order to ensure a reliable power supply and efficient 6,183.3 operational management of the medium- and high-voltage NET PRODUCTION CONSUMPTION grid, Elia controls the electricity system in real time, which Injection from ACHs 61,640.1 Direct clients 28,684.7 Production locally Distribution 48,980.9 requires sophisticated tools and processes and a wealth of consumed 10,107.4 TOTAL 77,665.6 Injection from DSOs 1,120.3 specialist knowledge. However, the sharp rise in renewable TOTAL 72,867.8 generation sources, the emergence of new market players and the trend towards greater supranational coordination all make managing the electricity system an increasingly complex task. INSTALLED PRODUCTION PHYSICAL EXCHANGES AT THE BORDERS Jan. Feb. OUR VISION FACILITATING THE MARKET March April The Elia Group makes its infrastructure available to all May “We lead the way in the energy revolution market players in a transparent, non-discriminatory way June and develops new products and mechanisms to enable the July by developing diversified, sustainable and reliable Aug. power systems, spanning land and sea, with new market to trade through a variety of platforms. This promotes Sept. economic competitiveness and enhances the well-being of Oct. possibilities.” Nov. every player on the market. Dec. -2,000.00 -1,500.00 -1,000.00 -500.00 0.00 500.00 1,000.00 1,500.00 MANAGING THE INFRASTRUCTURE Netherlands France Luxembourg Net Position 2,292 wind Elia maintains and develops its high-voltage infrastructure 3,082 solar with society’s interests at heart. This infrastructure enables 1,136 biomass + incineration EVOLUTION OF THE CONSUMPTION PER MONTH OUR MISSION 122 hydroelectric power stations C° it to incorporate ever-greater quantities of renewable energy. 5,926 nuclear 8.00 25 Elia adopts innovative technologies to boost the efficiency 6,546 gas 7.00 1,308 pumped-storage “We deliver the infrastructure of the future and and reliability of its electricity system. Any changes to 20 power stations 6.00 innovate in services that enable the pathway to a the grid are made in consultation with all of the relevant 219 others 5.00 reliable and sustainable power system, with the interest stakeholders. Elia manages its infrastructure in a cost- 15 of the community at the heart of every decision. 4.00 efficient way, with an unremitting focus on safety. 20,631 MW We will continue to keep the lights on and serve our TWh/month 3.00 10 customers in an efficient and non-discriminatory 2.00 5 way, while protecting the safety of our personnel and 1.00 subcontractors.” 0.00 0 Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Energy 2016 (TWh) Energy 2015 (TWh) 2016 (temp.°C) 2015 (temp.°C) 01 02 03 04 05 06 FOREWORD BY THE CHAIRPERSON OF THE BOARD OF DIRECTORS* 2 INTERVIEW WITH THE CEO* 4 CONTENTS KEY FIGURES 2016 6 ELIA IN 2016 8 50HERTZ IN 2016 10 ABOUT THE ELIA GROUP* 12 ELIA GRID INTERNATIONAL 13 THE ENERGY TRANSITION 14 WE ENSURE A SECURE, RELIABLE 01 AND EFFICIENT GRID* 16 WE DELIVER THE TRANSMISSION INFRASTRUCTURE 02 FOR THE FUTURE* 24 WE DEVELOP THE SYSTEM 03 AND MARKETS* 32 WE COOPERATE TO STRENGTHEN 04 OUR TSO POSITION* 38 WE ALIGN CULTURE 05 WITH STRATEGY* 48 WE HAVE OUR EYES WIDE OPEN 06 FOR INNOVATION & GROWTH OPPORTUNITIES* 54 CORPORATE GOVERNANCE STATEMENT* 60 Composition of the management bodies as at 31 December 2016 61 Remuneration report 68 Features of the internal control and risk management systems 72 Risks and uncertainties facing the company 75 THE ELIA SHARE IN 2016 80 MANAGEMENT DISCUSSION AND ANALYSIS OF THE 2016 RESULTS* 82 CONSOLIDATED FINANCIAL STATEMENTS* 86 Consolidated statement of profit or loss 86 Consolidated statement of profit or loss and comprehensive income 87 Consolidated statement of financial position* 88 Consolidated statement of changes in equity 89 Consolidated statement of cash flows* 90 REPORTING PARAMETERS 91 FACTS & FIGURES 2016 93 * These chapters form the annual report cf. article 119 of the Belgian company code. 1 ANNUAL REPORT 2016 FOREWORD BY THE CHAIRPERSON OF THE BOARD OF DIRECTORS FOREWORD BY THE CHAIRPERSON OF THE BOARD OF DIRECTORS THE ENERGY SECTOR IS ON THE CUSP OF MAJOR CHANGES AND CHALLENGES. THE RISE OF DECENTRALISED ENERGY GENERATION, INCREASING DIGITISATION AND EMERGENT TECHNICAL INNOVATIONS ARE TRANSFORMING OUR SECTOR. WE, THE BOARD OF DIRECTORS, ARE FOLLOWING THESE DEVELOPMENTS CLOSELY. Miriam Maes n 2016, the fast-changing environment in which Among the many new needs resulting from the Chairperson of the Board of Directors of the Elia Group Elia conducts its activities as a transmission sys- energy transition is the requirement for even more tem operator prompted us to devise a more tar- flexibility. Custom digital platforms have been devel- “Electricity transmission is geted strategy, while remaining fully committed to oped to allow new market players to offer flexible evolving into a two- delivering a reliable, affordable, low-carbon elec- capacity, while Elia facilitates demand-side man- way flow, where both Itricity system. A number of interesting future sce- agement and concentrates its efforts on the impact supply and demand ing regulations to the energy transition. As chal- narios were developed at both Elia in Belgium and of digitisation on the energy system and energy CLOSER COOPERATION AND COORDINATION can be controlled. The lenging as some of the Commission’s operational 50Hertz in Germany. markets. This past winter, power generation from nuclear energy transition has sources in France hit a historic low, leaving the proposals may be, we fully support its pursuit of a created a need for If European climate targets are to be met, the meas- European Energy Union. We are actively involved in additional flexibility.” INVESTING IN INFRASTRUCTURE AND country especially vulnerable to cold spells. This ures taken will need to include the further electrifica- situation served to highlight, once more, the vital these efforts and will follow future developments with tion of our society. This raises a lot of questions. For INNOVATION importance of international cooperation. How can interest. instance, what impact are changing transport trends Electricity remains a physical business, where elec- we work together to ensure that prices in the euro- The role of Elia and 50Hertz will doubtless change in having on the electricity grid and how are Elia and trons are sent through a cable. As long as this con- zone remain low and the lights stay on? future, but I see major opportunities for both compa- 50Hertz responding? How can a grid integrate mil- nection with centralised and decentralised genera- nies. After all, the increasing decentralisation of the lions of prosumers – customers who produce elec- tion units remains, there will always be an important In recent years, Elia has made a substantial contri- electricity market has put the transmission system tricity, as well as consuming it? How can we guar- role for energy transmission. bution to developing advanced methods of optimis- antee security of supply at all times when a growing ing cross-border interconnection capacity. We can operator in the perfect position to keep track of an share of our energy mix is made up of intermittent There is also a clear need for additional intercon- no longer view Belgium as an isolated country. This ever more fragmented energy supply chain and pro- renewable generation sources? By way of illustra- nections so that Elia can quickly access the cheap- clear commitment to European cooperation is also actively contribute to an efficient, integrated energy tion, the share of renewables in the energy mix of est renewable energy from throughout Europe and reflected in our German subsidiary, 50Hertz. Thanks market. our German subsidiary, 50Hertz, averaged as much maintain security of supply. In so doing, Elia contrib- to the international dimension of our activities, com- as 50% in 2016 – a world record! utes to the competitiveness and sustainability of our bined with our extremely ambitious investment pro- THANK YOU economy.

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