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Fluxys’ first half results have been released

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LNG Industry,

The Fluxys Belgium group realised a turnover of €250.7 million in the first half of 2017, up 5.4% on the same period in 2016, when turnover was €237.8 million. This increase is mainly due to the contracts for capacity sales between Dunkirk and Zeebrugge, which started once the Dunkirk LNG terminal went into operation.

Efficiency efforts in line with regulated tariff model

The tariff proposal for the regulatory period 2016 – 2019 includes a new reference framework for Fluxys Belgium, specifically for allowed manageable costs. By managing its operating costs and pursuing its efficiency efforts, the Fluxys Belgium group met the new regulatory objectives and was able to benefit from stimuli.

Slight upturn in interest rates has a positive impact on the group's net result 

The average expected OLO rate for the period is 0.77% compared to 0.41% in the first half of 2016. The increase is having a positive impact on the return authorised by regulation on invested capital. Due to the slight increase in interest rates and the efficiency efforts, the net result for the first half of 2017 (€22.9 million) rose by €3.2 million compared to the same period in 2016 (€19.7 million).

€36.0 million in investments

In the first half of 2017, the Fluxys Belgium group invested €36.0 million of its 2017 investment budget of €103 million. These investments pertained mainly to LNG infrastructure projects at the Zeebrugge terminal, specifically the construction of a fifth LNG storage tank and additional facilities and finalising expenditure for the second jetty. In addition, Fluxys Belgium is making the appropriate modifications in order to prepare for the gradual conversion from L gas from the Netherlands to H gas from other sources. Accordingly, some 15 businesses connected to the distribution grid in Antwerp have been converted to H gas. 

Small scale LNG remains successful

In addition to terminalling large LNG volumes, the Zeebrugge LNG Terminal is diversifying its offer with a view to capitalising on the new market for small scale LNG.

  • The number of loading operations involving small LNG vessels increased slightly. A new element consisted of loading operations for the bunker vessel Engie Zeebrugge in which parent company Fluxys is a partner and whose home port is Zeebrugge.
  • The number of LNG tanker-truck loading operations continued on the same level, despite the launch of similar services at other terminals in North-Western Europe. With a view to making sure it can keep responding to demand in future, a second loading station will be built at the terminal in 2018. The project is receiving financial support from the European Commission.

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