DOCSLIB.ORG

Key Highlights 2015/16

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Key Highlights 2015/16 National GridNational Annual Report and Accounts 2015/16 Annual Report and Accounts 2015/16 Annual Report Accounts and National Grid plc 1–3 Strand London WC2N 5EH United Kingdom www.nationalgrid.com Key highlights 2015/16 Financial highlights Information about our reporting Adjusted operating profit Adjusted earnings per share Our financial results are reported in sterling. We convert our US business results at the average exchange rate during the year, £4,096m 63.5p which for 2015/16 was $1.47 to £1 (2014/15 $1.58 to £1). +6% +10% We use adjusted profit measures which 2014/15: £3,863m 2014/15: 57.6p* exclude the impact of exceptional items and remeasurements. These are used by Operating profit Earnings per share management to assess the underlying performance of the business. Reconciliations to statutory financial information are shown £4,085m 69.0p on page 196. Online report +8% +30% The PDF of our Annual Report and Accounts 2014/15: £3,780m 2014/15: 53.2p* 2015/16 includes a full search facility. You can find the document by visiting the investor relations section at www.nationalgrid.com Operational highlights and using a word search. Further information Capital expenditure Group safety performance Throughout this report you can find links to further detail within this document or online. Please look out for the following icon: £3,893m 0.10 IFR +12% 0.03 improvement 2014/15: £3,470m 2014/15: 0.13 IFR Greenhouse gas emissions Employee engagement score (million tonnes carbon dioxide equivalent) 7. 3 76% +1% +0% 2014/15: 75% 2014/15: 7.3 Printed on Amadeus 100% Recycled Offset paper. The paper is independently certified according to the rules of the Forest Stewardship Council® (FSC). The manufacturing mill holds the ISO 14001 environmental certification and the EU Eco-label (EMAS). Printed by Pureprint Group, ISO 14001, FSC® certified and CarbonNeutral®. * Comparative earnings per share (EPS) data has been restated for the impact of scrip dividend issues Designed and produced by Addison Group Contents National Grid Annual Report and Accounts 2015/16 Our strategy Strategic Report Our strategy is to be a recognised leader in the development and The Strategic Report includes an overview At a glance 02 operation of safe, reliable and of our strategy and business model, the Chairman’s statement 04 sustainable energy infrastructure, principal risks we face and information about to meet the needs of our customers our performance. In addition to the financial Chief Executive’s review 06 and communities and to generate review included within this section, we provide Our operating environment 08 value for our investors. additional analysis and commentary, including What we do 10 the performance of our operating segments, Our business model 14 within the unaudited commentary sections of the Financial Statements. This additional Our vision and strategy 16 analysis forms part of our Strategic Report. Our KPIs 18 Deliver operational excellence Achieve world-class levels of safety, Financial review 22 reliability, security and customer service. Internal control and risk management 26 Viability statement 30 Principal operations 31 Our people 44 Engage our people Create an inclusive, high-performance culture by developing all our employees. Corporate Governance The Corporate Governance Report, Corporate Governance contents 46 introduced by our Chairman, contains Directors’ Report and other disclosures 67 details about the activities of the Board Stimulate innovation and its committees during the year. Directors’ Remuneration Report 68 Promote new ideas to work more efficiently and effectively. We include reports from the Audit, Nominations, Remuneration, Finance, and Safety, Environment and Health Committees. We also include details of our shareholder engagement activities. Engage externally Work with external stakeholders to shape UK, EU and US energy policy. Financial Statements Our Financial Statements include: the Financial Statements contents 82 independent auditors’ reports; consolidated Introduction to the Financial Statements 83 financial statements prepared in accordance with IFRS as adopted by the EU; related Statement of Directors’ responsibilities 84 Embed sustainability commentary and notes to the consolidated Independent auditors’ report 85 Integrate sustainability into our financial statements; and the Company’s decision-making to create value, Report of Independent Registered help preserve natural resources financial statements prepared in accordance Public Accounting Firm 93 and respect the interests of with FRS 101. our communities. Additional Information This section includes additional disclosures Additional Information contents 174 Drive growth and information, definitions and a glossary Definitions and glossary of terms 203 of terms, summary consolidated financial Grow our core businesses Want more information or help? 207 and develop future new business information, and other useful information opportunities. for shareholders, including contact details Cautionary statement 208 for more information or help. We use a number of technical terms and abbreviations within this document. For brevity, we do not define terms or provide explanations every time they are used; please refer to the glossary for this information as well as an important notice in relation to forward-looking statements with our cautionary statement. National Grid Annual Report and Accounts 2015/16 Contents 01 Adjusted Group operating profit (%) At a glance 5 We are one of the world’s largest investor-owned utilities focused on transmission and distribution activities in electricity and gas in 1 both the UK and the US. We play a vital role in connecting millions of people to the energy they use, safely, reliably and efficiently. 4 We are organised into four operating segments, along with other activities. 2 3 1. UK Electricity Transmission 29 2. UK Gas Transmission 12 3. UK Gas Distribution 21 4. US Regulated 29 5. Other activities 9 UK Electricity Transmission UK Gas Transmission We own and operate the electricity We own and operate the gas national transmission network in England and Wales, transmission system in Great Britain, with with day-to-day responsibility for balancing day-to-day responsibility for balancing supply and demand. We operate but do supply and demand. Our network comprises not own the Scottish networks. Our networks approximately 7,660 kilometres (4,760 miles) comprise approximately 7,200 kilometres of high pressure pipe and 24 compressor (4,470 miles) of overhead line, 1,500 kilometres stations. In 2015/16, the gas throughput (932 miles) of underground cable and across the system was more than 80 billion 338 substations. cubic metres. Adjusted operating profit Adjusted operating profit Adjusted operating profit £4,096m £1,173m £486m 2014/15: £3,863m 2014/15: £1,237m 2014/15: £437m Capital expenditure Capital expenditure Capital expenditure £3,893m £1,084m £186m 2014/15: £3,470m 2014/15: £1,074m 2014/15: £184m UK regulated return on equity (RoE) % 15/16 13.3 14/15 13.7 13/14 12.7 12/13 13.6 11/12 13.0 02 National Grid Annual Report and Accounts 2015/16 Strategic Report Strategic Report UK Gas Distribution US Regulated Other Activities We own and operate four gas distribution Electricity: We jointly own and operate Our other activities mainly relate to non- networks comprising approximately 131,000 transmission facilities across upstate New York, regulated businesses and other commercial kilometres (81,400 miles) of pipeline. We Massachusetts, New Hampshire, Rhode Island operations not included within the business transport gas from the national transmission and Vermont. We own and operate electricity segments including: interconnectors; system to around 10.9 million consumers distribution networks in upstate New York, UK-based gas metering activities; UK property on behalf of 39 shippers. Massachusetts and Rhode Island. The assets management; a UK LNG import terminal; US we operate include 174 kilometres (108 miles) LNG operations; US unregulated transmission of underground cable, 491 transmission pipelines; and corporate activities. substations and 688 distribution substations. Gas: We own and operate gas distribution networks across the northeastern US, located in upstate New York, New York City, Long Island, Massachusetts and Rhode Island. We forecast, plan for and procure around 16 billion standard cubic metres of gas each year. Adjusted operating profit Adjusted operating profit Adjusted operating profit £878m £1,185m £374m 2014/15: £826m 2014/15: £1,164m 2014/15: £199m Capital expenditure Capital expenditure Capital expenditure £549m £1,856m £218m 2014/15: £498m 2014/15: £1,501m 2014/15: £213m US Regulated RoE (calculated on a calendar year) % 15/16 8.0 14/15 8.4 13/14 9.0 12/13 9.2 11/12 8.8 National Grid Annual Report and Accounts 2015/16 At a glance 03 Chairman’s statement Balancing the three elements of the energy trilemma – security of supply, the cost of energy and environmental sustainability – continues to contribute towards a dynamic environment in the energy industry. As we continue to invest in the future performance of our business, we are striving to meet the challenges of the energy trilemma. For this year’s Annual Report, we have described the challenge in more detail, highlighting developments during 2015/16 and our response. You can read more about this on pages 8–9. As part of our response, we need a strong leadership team that combines a deep knowledge of the industry with fresh insight. Over the past year we have had a number of changes to the Company’s leadership, which I believe have secured continuity, while complementing the strong range of skills and experience we need for the challenges and opportunities ahead. In November, we announced that Steve Holliday had informed the Board that he wished to retire as CEO and leave the Company in 2016. Steve stepped down as CEO at the end of March and was succeeded by John Pettigrew, who was previously “ Being responsible and Executive Director of our UK operations. Steve, who will remain on the Board until 22 July to support John with the transition, sustainable is central has made a significant contribution to the energy sector and National Grid.
Load more

Recommended publications
  • Nordic Grid Development Plan 2012 Foreword
    Nordic Grid Development Plan 2012 Foreword The Nordic transmission system operators (TSOs) have a long history of successful cooperation within grid development. Three common Nordic grid master plans have been developed in the last ten years in the context of Nordel, the previous cooperative organization for the Nordic TSOs. Joint Nordic grid development is essential to support further development of an integrated Nordic electricity market, as well as increased capacity to other countries and integration of renewable energy sources (RES). The Nordic co-operation on grid development is now taking place within the wider regional context provided by the regional groups North Sea and Baltic Sea of ENTSO-E, the European organization for TSOs, in addition to bilateral co-operation when required. The Nordic Grid Development Plan 2012 is prepared as a response to the request from the Nordic Council of Ministers of October 25, 2010. The plan is prepared by Statnett, Svenska Kraftnät, Energinet.dk and Fingrid, and the Icelandic TSO Landsnet has provided input regarding the Icelandic grid. The plan presents the Nordic grid investment plans for the next ten years. 28. September 2012 Oslo Stockholm Copenhagen Helsinki Statnett SF Svenska Kraftnät Energinet.dk Fingrid Auke Lont Mikael Odenberg Peder Østermark Andreasen Jukka Ruusunen CEO CEO CEO CEO LIST OF TABLES....................................................................................................................... 2 1 EXECUTIVE SUMMARY ............................................................................................
    [Show full text]
  • 'A+' Rating Affirmed with a Stable Outlook Statnett SF
    Research Update: Statnett SF 'A+' Rating Affirmed With A Stable Outlook February 26, 2020 Rating Action Overview PRIMARY CREDIT ANALYST - The Norwegian Energy Regulatory Authority (NVE) has announced that Statnett SF receives a Daniel Annas 100% efficiency score; this leads us to expect the company will capture in full the revenue cap Stockholm of its cost base. +46 (8) 4405925 daniel.annas - We expect continued ample rating headroom as our base-case scenario stipulated FFO to debt @spglobal.com to be close to 9% on average in coming years, and debt to EBITDA on average at about 8.5x, both SECONDARY CONTACT which we consider well commensurate with the 'bbb' stand-alone credit profile (SACP). Per Karlsson - We continue to view the regulatory environment for Norwegian as supportive, despite declining Stockholm weighted average cost of capital (WACC), because we view the framework as stable and (46) 8-440-5927 predictable; the WACC estimate for 2020 is 5.47%. per.karlsson @spglobal.com - We are therefore affirming our 'A+' rating and stable outlook on Statnett. ADDITIONAL CONTACT - Statnett's positive momentum in credit ratios post-2020 are hinged on RAB increasing as Industrial Ratings Europe planned, and without cost overruns. Corporate_Admin_London @spglobal.com Rating Action Rationale The regulator has announced Statnett as 100% efficient, which supports its credit ratios. On Jan. 31, the NVE announced Statnett's revenue cap, including an updated WACC estimation, at 5.47% and confirmation of a maintained 100% efficiency score. The WACC estimate decreased 35 basis points from the actual 5.82% reported in 2019, pointing to declining free-rate risk, computed as the average five-year swap rate from the most recent calendar year.
    [Show full text]
  • Joint Messages Roundtable of European Energy Industrialists Brussels, 7 February 2013
    w JOINT MESSAGES Roundtable of European Energy Industrialists Brussels, 7 February 2013 Empowering Market and Consumers The Roundtable of European Energy Industrialists, meeting in Brussels on 7 February 2013, represents companies that will invest more than € 75 billion by 2020. Between now and 2050, the energy industry as a whole will create millions of jobs and make a considerable contribution to economic growth. Eu- rope is now preparing its next vital steps towards a green energy transformation so comprehensive, that it overshadows all previous attempts at climate change mitigation around the world. By taking global leadership in realizing a low-carbon future, Europe's investment in infrastructure may foster a recovery from the economic downturn. Above all, the Roundtable of European Energy Industrialists believes that the future is electric, and that efficient electricity markets must be crucial in implementing this transformation. We therefore support the commitment of the European Commission to complete the internal energy market without delay. In summary, better markets, stronger grids, and smarter technologies are keys to Europe's energy transformation. – 1 – w 1. Better Markets The internal market is fundamental to efficient use of resources. In the short-term electricity market integration leads to increased liquidity and transparency in wholesale markets, more competitive prices and more freedom for consumers. In the long term, well-functioning electricity markets, stable regu- latory regimes and a robust emission-trading scheme will provide the signals for efficient investments. The reality, however, is that progress to complete the internal electricity market is slow and many ener- gy companies are having to deal with significant and rapid moves back to re-regulation of the sector at national levels.
    [Show full text]
  • 8 Week Date Application No. Date of Meeting Report No. 24.06.09
    8 week date Application No. Date of meeting Report No. 24.06.09 GR/2009/0238 29.07.09 The Former Northfleet Cement Works, The Shore, Northfleet, Kent Outline application for a mixed development and comprising up to 510 homes, up to 46,000 sq m employment floorspace (B1/B2/B8), mixed use neighbourhood centre comprising up to 850 sq m of retail/cafe/takeaway (A1/A2/A3/A5) and D1 community centre, up to 500 sq m A3/A4 food and drink uses, public open space, fastrack link, street and footpath network, access improvements to Grove Road/The Creek and The Shore/Crete Hall Road, supporting services and infrastructure, ground re-grading, other minor works and development ancillary to main proposals together with associated car parking and landscaping for the development. Lafarge Cement UK Recommendation: This is an interim report for information of the Board and not for decision at this stage. The Board are asked to consider and endorse the key issues that are identified in the report and to suggest any other issues that they consider should be appraised by the applicants. 1. Site Description The application site covers an area of 30.97ha. The application site is located on land within the former Northfleet Cement Works in the west section of what is known as Northfleet Embankment. The site is bounded by the River Thames to the north, dissected by the B2175 Northfleet High Street and bordered by the North Kent Railway Line to the south. To the east lies Kimberly Clarke tissue paper mill and the west are Robin’s Creek and existing industrial areas.
    [Show full text]
  • Future System Inertia 2
    REPORT Future System Inertia 2 PARTICIPANTS Erik Ørum Energinet.dk Liisa Haarla Fingrid Mikko Kuivaniemi Fingrid Minna Laasonen Fingrid Anders Jerkø Statnett Inge Stenkløv Statnett Fredrik Wik Svenska kraftnät Katherine Elkington Svenska kraftnät Robert Eriksson Svenska kraftnät Niklas Modig Svenska kraftnät Pieter Schavemaker E-Bridge Consulting B.V. (PM) ENTSO-E AISBL • Avenue Cortenbergh 100 • 1000 Brussels • Belgium • Tel +32 2 741 09 50 • Fax +32 2 741 09 51 • [email protected] • www.entsoe.eu European Network of Transmission System Operators for Electricity Contents FUTURE SYSTEM INERTIA 2 ........................................................................................................1 1. EXECUTIVE SUMMARY ..........................................................................................................7 1.1 INTRODUCTION AND SCOPE ................................................................................................................................. 7 1.2 RESULTS AND CONCLUSIONS ................................................................................................................................ 7 1.3 NEXT STEPS ..................................................................................................................................................... 9 2. INTRODUCTION ................................................................................................................. 11 2.1 SCOPE FOR THE PROJECT ..................................................................................................................................
    [Show full text]
  • Nordlink Benefits of the Nordlink Interconnector
    NordLink Benefits of the NordLink interconnector The exchange of power enabled by NordLink will increase security of supply for the German and Norwegian grid and will allow exchange of renewable energies, especially hydroelectric power and wind power, between both countries. In addition it will give more stable electricity prices on both sides and, further on, also will facilitate Eur opean market integration. Driver of the energy transition / Integration of renewables NordLink is a cornerstone in the accomplishment of the energy transition. Since incorporation of the project in the federal national plan law (Bundesbedarfsplangesetz), the energy market necessity and urgent requirement for implementation of the project has been made statutory. The status “Project of Common Interest (PCI)” awarded by the European Union in accordance with the new guidelines for trans-European energy infrastructure underlines the high importance regarding socio-economic and energy market aspects of the project at a European level. NordLink – the “green cable” – will help to facilitate the integration of more renewable energy in Norway and in Germany. It will thus help to reduce CO2 emissions and reach climate goals. With its capacity of 1.400 megawatts, the interconnector can provide renewable energy for more than 3.6 million German households and will be able to export for example wind generated by approximately 466 wind turbines of 3 megawatts. This is comparable to the capacity of a large conventional power plant. European market integration NordLink is the first interconnector that directly connects Norwegian and German energy markets. This supports the integration of the Northwest European energy market, improves market efficiency and stabilises power prices.
    [Show full text]
  • Modified UK National Implementation Measures for Phase III of the EU Emissions Trading System
    Modified UK National Implementation Measures for Phase III of the EU Emissions Trading System As submitted to the European Commission in April 2012 following the first stage of their scrutiny process This document has been issued by the Department of Energy and Climate Change, together with the Devolved Administrations for Northern Ireland, Scotland and Wales. April 2012 UK’s National Implementation Measures submission – April 2012 Modified UK National Implementation Measures for Phase III of the EU Emissions Trading System As submitted to the European Commission in April 2012 following the first stage of their scrutiny process On 12 December 2011, the UK submitted to the European Commission the UK’s National Implementation Measures (NIMs), containing the preliminary levels of free allocation of allowances to installations under Phase III of the EU Emissions Trading System (2013-2020), in accordance with Article 11 of the revised ETS Directive (2009/29/EC). In response to queries raised by the European Commission during the first stage of their assessment of the UK’s NIMs, the UK has made a small number of modifications to its NIMs. This includes the introduction of preliminary levels of free allocation for four additional installations and amendments to the preliminary free allocation levels of seven installations that were included in the original NIMs submission. The operators of the installations affected have been informed directly of these changes. The allocations are not final at this stage as the Commission’s NIMs scrutiny process is ongoing. Only when all installation-level allocations for an EU Member State have been approved will that Member State’s NIMs and the preliminary levels of allocation be accepted.
    [Show full text]
  • Minutes SDAC Joint Steering Committee Meeting 04/06/2020,13:30 – 17:00 CET, Conference Call
    Minutes SDAC Joint Steering Committee Meeting 04/06/2020,13:30 – 17:00 CET, conference call Present parties 50Hertz Cropex EPEX Spot Litgrid PSE Terna Admie EirGrid (TSO) ESO MAVIR REE TGE Amprion Eirgrid (SEMO PX) EXAA Nasdaq REN Transelectrica APG ElecLink Fingrid Nemo Link RTE Transnet BW AST Elering GME NGIC SEPS TTG BritNed ELES HEnEx OKTE SONI (SEMO PX) TTN BSP Elia HOPS OMIE SONI (TSO) ČEPS EMCO Nord Pool HUPX OPCOM Statnett Creos Energinet IBEX OTE Svk Attending by phone Not present Present chairs, TF leaders, PMOs, observers BMTF leader/PMO Entso-e MRC OPSCOM leader MSD TSO co-leader OST Swissgrid EC JSC Secretary MRC OPSCOM PMO MSD PMO PCR chair & PMO TSO co-chair EMS MEPSO MSD NEMO co-leader NEMO co-chair Procedures TF leader Attending by phone Not present Meeting agenda # Topic For 1 Welcome, practicalities 1.1 Confirm quorum Inf 1.2 Adoption of the agenda Dec 1.3 Approval of minutes of past meetings/calls (incl. part for publication) Dec 1.4 Review open action points Inf 2 Strategy/governance – decisions required 2.1 Way forward Central Settlement Entity Inf 3 Important points to highlight and decisions requested by TFs 3.1 Status extension projects and communication towards EC Dec 3.2 MRC OPSCOM Dec 3.3 MSD Dec 3.4 Procedures TF Inf 3.5 BMTF Dec 3.6 JSC members questions to reports in back-up section Dis 4 Important points for SDAC from ENTSO-E/ NC/ NRAs/ ACER/ EC 4.1 Preparations for next TCG and MESC Inf 4.2 EC consultation on first light amendment of some relevant regulations incl.
    [Show full text]
  • Minutes SDAC Joint Steering Committee Meeting 28/10/2020,11:00 – 17:00 CET, Conference Call
    Minutes SDAC Joint Steering Committee Meeting 28/10/2020,11:00 – 17:00 CET, conference call Present parties 50Hertz Cropex EPEX Spot Litgrid PSE Terna Admie EirGrid (TSO) ESO MAVIR REE TGE Amprion Eirgrid (SEMO PX) EXAA Nasdaq REN Transelectrica APG ElecLink Fingrid Nemo Link RTE Transnet BW AST Elering GME NGIC/NGIFA2 SEPS TTG BritNed ELES HEnEx OKTE SONI (SEMO PX) TTN BSP Elia HOPS OMIE SONI (TSO) ČEPS EMCO Nord Pool HUPX OPCOM Statnett Creos Energinet IBEX OTE Svk Attending by phone Not present Present chairs, TF leaders, PMOs, observers BMTF leader/PMO Entso-e MRC OPSCOM leader MSD TSO co-leader OST Swissgrid EC JSC Secretary MRC OPSCOM PMO MSD PMO PCR chair & PMO TSO co-chair EMS MEPSO MSD NEMO co-leader NEMO co-chair Procedures TF leader Attending by phone Not present Meeting agenda # Topic For 1 Welcome, practicalities 1.1 Confirm quorum Inf 1.2 Adoption of the agenda Dec 1.3 Approval of minutes of past meetings/calls (incl. part for publication) Dec 1.4 Review open action points Inf 2 Strategy/governance 2.1 Exit plan for GB parties Dec 2.2 DAOA: clarification re. approval of updated operational procedures Dec 2.3 15 min MTU implementation project Dec 2.4 Assessment on synergies between regions and SDAC Inf 3 Important points to highlight and decisions requested by TFs 3.1 BMTF Dec 3.2 MRC OPSCOM – PART 1 Dec Lunch break 3.3 Confirm quorum Inf 3.4 MRC OPSCOM – PART 2 Inf 3.5 Interim Coupling Project Inf 3.6 MSD (20 min) Inf 3.7 Intraday auctions (IDA) Inf 3.8 CCP default – status reporting Inf 3.9 JSC members questions to reports in back-up section Dis 4 Important points for SDAC from ENTSO-E/ NC/ NRAs/ ACER/ EC 4.1 Joint SDAC & SIDC governance: “lean” implementation proposal Dis 4.2 Feedback from 22/09 TCG and 23/09 MESC Inf 5 Any other business 5.1 SDAC communication plan Inf 5.2 Qualified electronic signature – status investigation outcome Inf 5.3 Next meetings Inf 1 List of decisions # Topic Decision 1.2 Adoption of the The meeting agenda is approved.
    [Show full text]
  • Afrr-Platform Accession Roadmap Version Description Date V1 Initial Version 24/4/2020
    ^Mhertz vdPC* ^mpr,on CepT EELES elia ENERGINET ^ESO hops pse FINGRID M AAMHE MAVIR " »^orriPAs* > REN Q '**5* - Statnett Så» swissgrid T5TenneT HTerna ^ tr"nsnetbw aFRR-Platform Accession roadmap Version Description Date V1 Initial version 24/4/2020 According to Implementation Framework for a European platform for the exchange of balancing energy from frequency restoration reserves with automatic activation (aFRRIF), Artide 5, Paragraph 4 (b) member TSOs shall develop accession roadmap withinthree months after approval of aFRRIF (date of approval 24/1/2020). The accession of member TSOs to aFRR-Platform (PICASSO) is planned in accordance with the following accession roadmap. PICASSO member TSOs and ENTSO-E Share this accession roadmap for informative purposes only and does not, in any case, representa firm, binding ordefinitive position of PICASSO on the content. The content is subject to change as the implementation progresses and new information becomes available. This accession roadmap will be updated at least twice a year to give stakeholders current information on the development. Explanatory notes Member TSOs below include an explanation for all aspects in the accession roadmap according to the aFRRIF: 5.4.(b)(i) the adaptation and implementation of terms and conditions for BSPs by each memberTSO Member TSOs deemed relevant to split the development of T&C and their entry into force to provide clarity to stakeholders. Entry into force of T&C in some TSOs does not have to be adherent to the connection and Go-live of such TSOs in aFRR-Platform. In practice, the updated T&C may be applied in advance.
    [Show full text]
  • Decision Norned 101783 2
    Public Version – this is a non-certified translation (leading is the original decision in Dutch, Netherlands Government Gazette of 23 December 2004, No. 248, page 17) Office of Energy Regulation DECISION Number: 101783_2-76 Subject: Decision on the application by TenneT for permission to finance the NorNed cable in accordance with section 31 (6) of the Electricity Act of 1998 This decision consists of the following parts: I. TenneT’s application 1 II. Public preparation 2 III. Consultation with TenneT and the Norwegian authorities 3 IV. Legal context 4 V. Utility of interconnector capacity 4 VI. Opinions received 6 VII. Assessment grounds 9 VIII. Socio-economic assessment of the application 9 IX. Market coupling 17 X. Incentives for TenneT 18 XI. Decision 21 Annex A: Conditions Annex B: Accounting Rules 1. On 31 August 2004, the Director of the Office of Energy Regulation (hereinafter "the Director of DTe") received a written application from TenneT B.V., the manager of the national high- voltage grid (hereinafter "TenneT"). In the application, TenneT requests permission to finance a high-voltage cable between the Netherlands and Norway (hereinafter "the cable") using the revenues, as referred to in section 31 (6) of the Electricity Act 1998 (hereinafter "the Electricity Act"). 2. TenneT and the Norwegian grid manager, Statnett SF (hereinafter "Statnett") intend to construct a high-voltage cable between the Netherlands and Norway (also referred to as the ‘NorNed cable’ or the ‘NorNed project’) and, by doing so, to create a direct connection between both high-voltage grids. According to the application, the cable has a length of 1 Public Version – this is a non-certified translation (leading is the original decision in Dutch, Netherlands Government Gazette of 23 December 2004, No.
    [Show full text]
  • Agenda Reports Pack (Public) 08/12/2010, 19:00
    Public Document Pack Regulatory Board Members of the Regulatory Board of Gravesham Borough Council are summoned to attend a meeting to be held at the Civic Centre, Windmill Street, Gravesend, Kent on Wednesday, 8 December 2010 at 7.00 pm when the business specified in the following agenda is proposed to be transacted. S Kilkie Assistant Director (Communities) Agenda Part A Items likely to be considered in Public 1. Apologies for absence 2. To sign the Minutes of the previous meeting (Pages 1 - 14) 3. To declare any interests members may have in the items contained on this agenda. When declaring an interest, members should state what their interest is. 4. To consider whether any items in Part A of the Agenda should be considered in private or the items in Part B (if any) in Public 5. Planning applications for determination by the Board The plans and originals of all representations are available for inspection in during normal office hours and in the committee room for a period of one hour before commencement of the meeting. a) GR/2010/0077 - Land north of Longfield Road and west of Evenden (Pages 15 - 32) Road, Meopham, Kent - report herewith. b) GR/2010/0490 & GR/2010/0700 - Wellington House, Wrotham (Pages 33 - 40) Road, Meopham, Kent - report herewith. Civic Centre, Windmill Street, Gravesend Kent DA12 1AU c) GR/2010/0828 - Land at Ebbsfleet bounded by A2, Southfleet (Pages 41 - Road, Springhead Road, North Kent Rail, Northfleet, Kent - report 114) herewith. d) GR/2010/0166 - Land formerly known as Dykes Pit, between 245 (Pages 115 - and 247 Dover Road, Northfleet, Gravesend, Kent - report 120) herewith.
    [Show full text]