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HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) “The Revithoussa LNG Terminal for the Gas Supply of HELLENIC TRANSMISSION SYSTEM OPERATOR (DESFA) “The Revithoussa LNG Terminal for the Gas Supply of South Eastern Europe”. 5 th International Black Sea Symposium 2012 “The Black Sea region as an influential crossroad between East and West: A path towards extroversion Athens, Greece, 2 – 4 July 2012 Dr. George Paparsenos, CEO DESFA S. A.

2 Contents • DESFA’s Profile • National Natural Gas System • European Energy Framework 2 Contents • DESFA’s Profile • National Natural Gas System • European Energy Framework • Natural Gas Outlook in Greece and in the Balkan Area • Capacity Development of NNGS • DESFA’s prospects under the new European Energy Infrastructure Environment

3 DESFA’s Profile 3 DESFA’s Profile

4 Introduction • DESFA is currently a 100% subsidiary of DEPA. • DESFA fully 4 Introduction • DESFA is currently a 100% subsidiary of DEPA. • DESFA fully owns the National Natural Gas System (NNGS), with full responsibilities regarding (a) the provision of Third Party Access services under non-discriminatory terms, (b) the operation, (c) the maintenance and (d) the development of the gas system. • DEPA and DESFA are under privatization process. The interest of investors will determine the model (ITO or OU) that will eventually be applied in transposing EU Directive 2009/73 into the Greek legislation (Law 4001/2011). The Greek State will keep 34 % of the shares of DESFA. • DESFA enjoys improving financial results and performance (DESFA is the 17 th large company in Greece in 2010 in terms of EBITDA, 27 th in 2009)

FINANCIAL STATEMENTS 2009 -2011, FORECASTS BP 2012 - 2021 In Million of Euros Dec. FINANCIAL STATEMENTS 2009 -2011, FORECASTS BP 2012 - 2021 In Million of Euros Dec. 2009 Dec. 2010 Dec. 2011 Dec. 2017 Dec. 2021 Post Tax Earnings 22, 5 34, 8 86, 0 109, 1 104, 4 Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) 83, 7 101, 8 155, 7 188, 9 173, 3 Total Equity 689, 1 716, 4 791, 0 922, 9 942, 4 Total Assets 1. 411 1. 386 1. 414 1. 671 1. 573 Cash and Cash Equivalent 32, 2 59, 8 57, 1 104, 0 216, 4 Gearing Ratio (%) * Maximum value, 26, 7 % (2013) 31, 1 30, 3 26, 0 18, 1* 11, 7

6 National Natural Gas System (NNGS) 6 National Natural Gas System (NNGS)

7 Currently, the NNGS comprises of: • A main pipeline of app. 512 km 7 Currently, the NNGS comprises of: • A main pipeline of app. 512 km for the transmission of natural gas through the three gas entries to the Greek territory (Greek/Bulgarian borders in the North, Greek/Turkish borders in the East and LNG terminal in the South). • Branch pipelines of total length 717 km for the transmission of high pressure gas across the country. • One LNG receiving terminal on Revithoussa island in the gulf of Megara. The LNG supply from Algeria was initially conceived as back – up to the pipeline supply from Russia (security of supply) and for covering peak demand. Over the time, the LNG supply, including more sources in addition to Algeria, covered base – load demand. • Line Valve Stations and Metering and Regulating Stations.

9 GREEK GAS IMPORT POINTS UTILIZATION IN 2011 Entry Point Technical capacity (Nm 3/d) 9 GREEK GAS IMPORT POINTS UTILIZATION IN 2011 Entry Point Technical capacity (Nm 3/d) Actual Volume passed (bcm/yr) Actual load factor/utilization rate with ref. to technical capacity Greek/Bulgarian Border 9. 766. 700 2, 656 0, 75 Greek/Turkish Border 2. 724. 000 0, 668 0, 67 Agia Triada (LNG Terminal) 12. 469. 296 1, 155 0, 25 TOTAL 24. 959. 996 4, 479 0, 49 peak market demand 18. 300. 000 total market load factor with ref. to peak demand 0, 67 Note: Nm 3 refer to 0 o. C and 1 atm

The Revithousa LNG terminal Capacity 2011 Unloading (m 3 LNG/h) 7. 250 Storage (m The Revithousa LNG terminal Capacity 2011 Unloading (m 3 LNG/h) 7. 250 Storage (m 3 LNG) 130. 000 Send out (m 3 LNG/h) 1. 000 (5, 1 bcma) Max carrier (m 3 LNG) 140. 000 Reliability problems in pipeline supply of Greece in 2009 and 2012. Decisive role of Revithousa LNG Terminal in overcoming gas supply crises in SEE in both periods of time.

11 LNG Terminals in Europe SOURCE: GLE Map 11 LNG Terminals in Europe SOURCE: GLE Map

12 European Energy Framework 12 European Energy Framework

13 • Energy policy in E. U. is strongly influenced by Environmental policy • 13 • Energy policy in E. U. is strongly influenced by Environmental policy • Long term solution for the earth-quake prone regions (i. e. Balkans): RES + Energy Conservation + GAS • Gas is necessary since RES production inherently intermittent • Gas power plants & infrastructure will operate by addressing peaks more frequently. • Cost of energy will rise

14 • Gas-to-gas competition is vital to stabilize prices. The role of LNG Terminals 14 • Gas-to-gas competition is vital to stabilize prices. The role of LNG Terminals has been recognized • Security of gas supply is also vital, as electricity security of supply will depend on that of gas. The role of gas storages and LNG terminals is important • The transition to the new Energy System requires massive investments in Electricity and Gas Networks and Interoperability of the networks of the member states. • The role of the State /E. U. is vital : facilitating permits, financial support of investments in infrastructure, financial support of investments in RES, security of basic regulation principles → E. U. Energy Infrastructure Package

15 Natural Gas Outlook in Greece 15 Natural Gas Outlook in Greece

16 Natural Gas demand historical data (million Nm 3 / yr) 4591 3822 12. 16 Natural Gas demand historical data (million Nm 3 / yr) 4591 3822 12. 2% 17. 1% 4001 12. 6% 3651 3373 3148 2670 14. 2% 2514 2287 1906 1. 5% 1883 4. 0% 1419 0. 9% 19. 9% 2022 8. 5% 19. 7% 19. 5% 36. 7% 61. 7% 70. 2% 76. 1% 74. 6% 21. 4% 66. 1% 73. 6% 23. 0% 75. 5% 72. 9% 16. 8% 18. 5% 71. 6% 72. 0% 16. 8% 20. 7% 67. 2% 1. 6% 15. 8% 18. 6% 20. 1% 28. 9% 793 14. 2% 11. 4% 7. 0% 5. 7% 18. 8% 67. 9% 61. 8% 62. 7%

The existing and the under construction gas fired power plants for the next years The existing and the under construction gas fired power plants for the next years are ensuring the increase of the gas demand in the Greek gas market Gas Fired Power Plants connected to the NNGS Power Plant Technology Installed Power (MW) Owner Komotini CC 495, 0 PPC Lavrio III CC 180, 0 PPC Lavrio IV CC 560, 0 PPC Lavrio V CC 385, 3 PPC Ag. Georgios VIII Conventional 160, 0 PPC Ag. Georgios IX Conventional 200, 0 PPC ELPEDISON POWER I CC 390, 0 ELPEDISON POWER II CC 421, 6 ELPEDISON POWER ALOUMINION CHP 334, 0 ALOUMINION S. A. IRON I OC 147, 8 IRON THERMOELECTRIKI IRON II CC 435, 0 IRON THERMOELECTRIKI PROTERGIA CC 430, 1 PROTERGIA S. A. CORINTHOS POWER CC 436, 6 CORINTHOS POWER TOTAL 4. 575, 4 PPC: 43, 2% IPPs: 56, 8%

(Table cont’d) Gas Fired Power Plants expected to be connected Power Plant Technology Installed (Table cont’d) Gas Fired Power Plants expected to be connected Power Plant Technology Installed Power (MW) Owner ALIVERI CC 400 PPC MEGALOPOLI CC 850 PPC TOTAL 1250

19 Natural Gas supply historical data in the Greek market (million Nm 3/yr) 4571 19 Natural Gas supply historical data in the Greek market (million Nm 3/yr) 4571 4010 3851 3653 3133 3379 23. 2% 23. 5% 2683 2495 25. 7% 23. 4% 18. 5% 29. 7% 2286 1937 1928 2043 15. 8% 17. 5% 22. 7% 1421 24. 6% 26. 4% 24. 9% 800 100% 75. 4% 73. 6% 75. 1% 77. 3% 82. 5% 84. 2% 81. 5% 76. 8% 76. 5% 76. 6% 70. 3% 74. 3%

 • The Greek gas market has been liberalized since May 2010, after the • The Greek gas market has been liberalized since May 2010, after the secondary legislation for the liberalization of the Gas Market was first issued in April 2010 (code for the management of the NNGS, Regulation of measurements of the NNGS, etc. ). Updated code for the management of the NNGS was published on 12/10/2011 by RAE addressing additional issues (i. e. procedures for development of the Network, provision of services for interruptible gas flows, reverse and backhaul flows, etc) • New Shippers were activated in the NNGS from the Entry Point Agia Triada since May 2010 • The transposition of 3 rd Energy Package into the Greek Legislation (directive 09/73, etc) was completed and the new law was published on the 22/08/2011.

Market response : share of LNG cargoes 2009, 1 User 3 User 1 (DEPA) Market response : share of LNG cargoes 2009, 1 User 3 User 1 (DEPA) 2010, 3 Users User 1 2011, 6 Users User 2 User 1

Market response : competition • A 15% loss of market share for the incumbent Market response : competition • A 15% loss of market share for the incumbent • A drop in the average gas price, as demonstrated by the offers in the electricity pool • A 45% increase in the utilization rate of the LNG terminal • Diversification of LNG sources • First (bilateral) trading arrangements between eligible customers, through resale of gas • Emergence of new players with a long-term view…

25 Estimation for Gas Sales Volumes (bcm/yr) 25 Estimation for Gas Sales Volumes (bcm/yr)

26 Natural Gas Outlook in the Balkan Area 26 Natural Gas Outlook in the Balkan Area

27 Gas demand outlook (1 in 2 conditions) 40 35 Greece 30 Bulgaria bcm/y 27 Gas demand outlook (1 in 2 conditions) 40 35 Greece 30 Bulgaria bcm/y 25 20 Croatia 15 Romania 10 Serbia and Montenegro 5 0 2011 FYROM 2015 SOURCE: SOUTHERN CORRIDOR GRIP, APRIL 2012 2020

28 High Daily Demand coverage (1 in 20) 250 National Production 200 Import capacity 28 High Daily Demand coverage (1 in 20) 250 National Production 200 Import capacity mcm/day 150 LNG send-out 100 UGS deliverability 50 High Daily Demand Export capacity 0 2011 2015 SOURCE: SOUTHERN CORRIDOR GRIP, APRIL 2012 2020

29 Capacity Development of NNGS 29 Capacity Development of NNGS

In the framework of the Greek & European Legislation, DESFA promotes, plans and develops In the framework of the Greek & European Legislation, DESFA promotes, plans and develops new projects which are going (a) to cover the increasing natural gas demand, and (b) to enhance the transportation capacity of the NNGS either for Greece or for European Union and at the same time turn Greece to an energy hub in the region of South East Europe

31 FINANCIAL STATUS OF DESFA IN RELATION TO INVESTMENTS REALIZATION § 5 -year Development 31 FINANCIAL STATUS OF DESFA IN RELATION TO INVESTMENTS REALIZATION § 5 -year Development Plan 2010 - 2014 approved by the Ministry after RAE’s written agreement § 10 -year Business Plan 2012 - 2021 § Financial support of the main projects by the Cohesion Fund for Greece approved by the competent ministries. § Financing of new projects from European Investment Bank loans. § Active Participation in the European Commission Infrastructure Initiative. § Acceptable Debt to Equity ratio (Credit Ratio of DESFA AA, ICAP June 2011) § Improving financial results and performance of DESFA (DESFA is the 17 th large company in Greece in 2010 in terms of EBITDA, 27 th in 2009)

NNGS with its future expansions NNGS with its future expansions

Implemented Gas Projects since the establishment of DESFA Completion of NNGS projects started by Implemented Gas Projects since the establishment of DESFA Completion of NNGS projects started by DEPA 277 million € Other NNGS projects since the establishment of DESFA 14 million € Total 291 million € NNGS Main Projects under construction High Pressure branch line to Aliveri 74 million € (under final stage of construction) Compression station in Nea Mesimvria 61 million € (under commissioning) High Pressure Branch to Megalopolis 130 million € (under construction) 2 nd Expansion of Revithoussa receiving terminal (included 159 million € in the Development PLAN 2010 – 2014) (EPC Tendering phase) Total 424 million €

2 nd Expansion of Revithoussa receiving terminal Capacity 2011 2015 Unloading (m 3 LNG/h) 2 nd Expansion of Revithoussa receiving terminal Capacity 2011 2015 Unloading (m 3 LNG/h) 7. 250 130. 000 225. 000 Send out (m 3 LNG/h) 1. 000 (5, 1 bcma) 1. 400 (7, 1 bcma) Max carrier (m 3 LNG) 140. 000 260. 000 Storage (m 3 LNG) Upgrade approved in the current Development Plan of the TSO

35 Reasons behind the 2 nd Expansion of Revithoussa receiving terminal • Storage increase: 35 Reasons behind the 2 nd Expansion of Revithoussa receiving terminal • Storage increase: Increase of (a) Security of Supply, (b) Flexibility of Operation, (c) Competition • Carriers increased capacity: Access of almost all the carries available • Sending out increase: Coverage of (a) higher peaks, (b) disruptions of supply and Hydraulic Balance of the gas system • Creation of conditions for (a) loading of small lng vessels for isolated areas (b) increase of cool down services • Second LNG wave is coming with capacity increase by 85 bcm between now and 2017

36 Planned projects • • South Stream Project. Operation of Joint Company DESFA - 36 Planned projects • • South Stream Project. Operation of Joint Company DESFA - GAZPROM, South Stream Greece S. A. , since June 2010. Feasibility study and preliminary environmental examination have been completed for the section in Greece. GAZPROM seems to give time priority to the development of northern route (BG-RS-HU-SI-IT). The southern route (BG-GR-IT) to be decided later on. NNGS Infrastructure in Northern Greece concerning transportation of Caspian gas to Europe. Basic Engineering of the pipeline Komotini ‑ Thesprotia has been finalized within the scope of ITGI project (Mar. 2012). Preliminary Environmental Assessment and Examination approved by the competent Ministry in Dec. 2010. Following the decision of Shah Deniz II Consortium, DESFA is evaluating the cooperation with TAP. Underground Storage SOUTH KAVALA. DESFA is following up the developments for a possible participation in, or cooperation with, the licensee scheme. Coupling with lng station at Revithousa for lowering respective tariffs. NNGS Infrastructure to exploit the eastern Mediterranean gas availability (Israel, Cyprus, other Middle East). Due to the geographical position of Greece between eastern sources of gas and North Africa ones, in the near future, the Greek Network will be even more developed into a major corridor to Europe for new gas sources

Planned Main Projects Greek Part of South Stream 640 (onshore) + 840 (offshore) million Planned Main Projects Greek Part of South Stream 640 (onshore) + 840 (offshore) million € (Feasibility phase and preliminary environmental examination completed ) High Pressure pipeline Komotini Thesprotia & Compression Station at Kipi (included in the Development Plan 2010 – 2014) (Technical studies phase) 1150 million € + 70 million € Underground Storage SOUTH KAVALA 300 million € (The concession of underground reservoir under examination )

38 Planned projects (Cont. ) • Interconnections with the neighboring countries. Cooperation with Bulgarian 38 Planned projects (Cont. ) • Interconnections with the neighboring countries. Cooperation with Bulgarian counterparts to develop reverse flow Greece – Bulgaria (Actual and Virtual). The Greek Network Code allows for fully use of virtual reverse flows (backhaul flows - swaps). The feasibility and technical studies for actual reverse flows with Bulgarian counterpart are under development. • 3 rd Expansion of Revithoussa receiving terminal. Via an FSU or FS(R)U solution. • The coupling of the expanded Revithousa LNG terminal with the interconnection projects creates the conditions for establishing a gas hub in Greece for the SE Europe. This is enhanced by the possibilities of reverse or virtual reverse flow of the interconnected networks, esp. the Italian ones.

39 Future Technical Capacities of Gas Entry Points of Greek Gas Network (Nm 3 39 Future Technical Capacities of Gas Entry Points of Greek Gas Network (Nm 3 /d) Step 1 After the operation of the CS at N. Messimvria (expected mid. 2012) Step 2 Step 3 Step 4 After the 2 nd After installation of CS After implementation Upgrade of the at Kipi, upgrade of the transit project(s), LNG Terminal CS at N. Messimvria upgrade of the CS at (expected in and upgrade of the Kipi and upgrade of 2016) Turkish Network the Turkish Network Entry Point Existing capacities Greek/Bulgarian Border 9. 766. 700 12. 000 Greek/Turkish Border 2. 724. 000 5. 160. 000 9. 120. 000 33. 480. 000 Agia Triada (LNG Terminal) 12. 469. 296 19. 488. 000 TOTAL 24. 959. 996 29. 629. 296 36. 648. 000 40. 608. 000 64. 968. 000 Note: Nm 3 refers to 0 o. C and 1 atm

40 ADEQUACY OF GAS INFRASTRUCTURE IN THE BALKAN AREA “The existing infrastructure and the 40 ADEQUACY OF GAS INFRASTRUCTURE IN THE BALKAN AREA “The existing infrastructure and the one with final investment decision cover the current capacity needs (up to 2020) but cannot meet future needs” Source: Southern Corridor GRIP , April 2012

41 WHY INTERCONNECTIONS ? • To mitigate the effect of the imbalance between wind 41 WHY INTERCONNECTIONS ? • To mitigate the effect of the imbalance between wind & photovoltaic production and market demand in a specific member-state • To increase security of supply of electricity and gas in the whole region • To decrease monopolistic effects in the gas supply in a member state BENEFIT TO ALL THE INTERCONNECTED STATES

Reverse flows : Actual & Virtual (swaps) Gas Interconnections of Greece with Existing Bulgaria Reverse flows : Actual & Virtual (swaps) Gas Interconnections of Greece with Existing Bulgaria Petrich – Planned Karperi Komotini – Stara Zagora (IGB) (3, 94 bcma) (3 -5 bcma) IP IP Karperi-Petrich (1 bcma -3, 94 bcma) Turkey Karacabey – Komotini Expansion to 11 bcma (1, 7 bcma) Albania / Italy Komotini-Albania. Brindisi (TAP) (10 – 20 bcma) or Komotini-Perdika. Brindisi (IGI) (8 -12 bcma) with branch to Albania LNG Anyone who wishes to transport gas through the Greek NGTS has to sign a Standard Transportation Agreement with DESFA and become a Shipper.

DESFA’s prospects under the new European Energy Infrastructure Environment DESFA’s prospects under the new European Energy Infrastructure Environment

 • Following public consultation, decision by RAE for a new tariff system (entry • Following public consultation, decision by RAE for a new tariff system (entry – exit tariff system) is expected soon. • Active Participation in the newly established ENTSOG (European TSOs organization) that prepares the new Network Codes on a pan-European level, according to the 3 rd Energy package. • Active Participation in the European Commission Infrastructure Initiative.

45 E. C. INFRASTRUCTURE INITIATIVE • To face the delays in infrastructure implementation, in 45 E. C. INFRASTRUCTURE INITIATIVE • To face the delays in infrastructure implementation, in view of their importance in the future energy picture, E. C. proposed, in October 2011, a new draft Regulation for the implementation of trans European energy networks (‘Infrastructure Regulation”) • This initiative identifies a limited number of trans-European priority corridors. It then aims at implementing these priorities by: - Streamlining permit granting procedures - Facilitating the regulatory treatment concerning investment recovery and return - Provide necessary financial support under the “Connecting Europe Facility”.

46 (Source: DG ENER) 46 (Source: DG ENER)

47 PROJECTS OF COMMON INTEREST SELECTION PRINCIPLES Gas projects: Diversification: giving priority to diversification 47 PROJECTS OF COMMON INTEREST SELECTION PRINCIPLES Gas projects: Diversification: giving priority to diversification of sources, diversification of counterparts and diversification of routes increase in interconnection level reduction of market concentration (Source: DG ENER)

48 Thank you for your attention 357 – 359 Messogion Avenue, GR 152 31 48 Thank you for your attention 357 – 359 Messogion Avenue, GR 152 31 Halandri tel. : +30210 65 01 200, fax: +30210 67 49 504 URL: www. desfa. gr E-mail: [email protected] gr