Slide 1: Langage Analyst Visit
~ centrica Langage Analyst Visit Centrica Energy and Centrica Storage 9 December 2009
Slide 2: Introduction
Introduction Sam Laidlaw 1
Slide 3: Introductions
Introductions Mark Hanafin Managing Director, Centrica Energy Sarwjit Sambhi Director of Power Generation, Centrica Energy Andrew Le Poidevin Finance Director, Centrica Energy Simon Wills Managing Director, Centrica Storage 2
Slide 4: Today's agenda
Today’s agenda Centrica Energy overview Mark Hanafin Power Generation Sarwjit Sambhi Power Station Tour Upstream Gas Mark Hanafin Storage Simon Wills Financials Andrew Le Poidevin Wrap-up / Final Q&A Sam Laidlaw 3
Slide 5: Strategic priorities now achieved
Strategic priorities now achieved Transform British Gas Sharpen the organisation and reduce costs Reduce risk through increased integration Build on our growth platforms 4
Slide 6: Integration improving our energy hedge ratio
Integration improving our energy hedge ratio 70% 60% 50% Venture 40% 20% of 30% British Energy Drax contracts 20% Wind North Sea 10% Morecambe 0% 2006 2007 2008 2009 2010 2011 2012 2013 ^ Note: proportion of UK floating gas and power demand covered by own assets. Floating gas demand includes non-fix
Slide 7: Strong platform for growth across the Group
Strong platform for growth across the Group • Strong Group cash generative capability underpins ongoing investment – Robust Group cash flow even in low commodity environment • Broad range of investment and growth opportunities – British Gas – Integrated energy & services propositions in the existing
Slide 8: Centrica Energy Overview
Centrica Energy Overview Mark Hanafin 7
Slide 9: Centrica Energy's vision
Centrica Energy’s vision 1. Support Centrica’s integrated energy model by procuring or acquiring gas and power for the downstream business • Providing competitive cost of gas and power • Security of supply and • Contributing to a structural price hedge 2. Sustain and grow our upstream gas and power
Slide 10: Strategy based on beliefs in long term market trends
Centrica Energy strategy is based on fundamental beliefs in long term market trends Security of supply Climate change • Declining gas reserves in the UK and increased dependence on imports • Climate change policy driving need for low carbon energy Need for security of supply Need for renewables and
Slide 11: Our strategy – sustainable business, balanced generation, UKCS/NCS gas
Our strategy – a sustainable business, balanced generation and leading UKCS/NCS gas positions Upstream Gas Power Generation • Leading consolidator of mature and • Provide cover for residential and orphaned assets on the UKCS SME load • Exploration and development focused on • Market neutral generati
Slide 12: Centrica Energy presents an attractive proposition for shareholders
Centrica Energy presents an attractive proposition for shareholders Vertical Integration provides significant support for integration Downstream business and additional benefits incremental benefits Growth Centrica Energy provides a robust platform platform for earnings growth Competitively We have
Slide 13: Vertical integration confers a number of benefits to Centrica
Vertical integration confers a number of benefits to Centrica Security of supply Reduced earnings volatility (margin migration) Stability Improved headroom with lower credit thresholds Improved competitive position (in particular, gas integration) Access to information and market insights across the
Slide 14: A robust platform for growth
A robust platform for growth 2008 2009 2010 + options 8 CCGT British Energy NUCLEAR NEW NUCLEAR Morecambe Langage CCGT NEW GAS development & and non-operated JVs Venture GAS exploration Rough STORAGE Lincs WIND farm 2 more Round 2 WIND farms & Accord TRADING potential Round 3 NEW WIND Baird, Bains a
Slide 15: Distinctive competitive advantages
Distinctive competitive advantages • Largest North Sea gas reserves for a UK Utility Gas • Leading position in Storage capability in UK • Ability to manage shape and weather risk • Sustainable production for the next decade • Track record in new wind development • JV with leading nuclear business Po
Slide 16: Well positioned to deliver strong returns through next 5 to 10 years
Well positioned to deliver strong returns through the next 5 to 10 years • Despite recent volatility in commodity prices, Centrica Energy remains a strong contributor to Group results – Strong EBITDA and cash generation • Returns robust against changes in market fundamentals over the next 5 to 10 ye
Slide 17: Power Generation
Power Generation Sarwjit Sambhi 16
Slide 18: Agenda
Agenda • UK wholesale electricity market • Centrica power generation portfolio – CCGT – Renewables – Nuclear • Summary 17
Slide 19: Recent market dynamics
Recent market dynamics Falling power prices Coal at margin 100 60 £/MWh £/MWh Baseload power Marginal generation costs 80 40 60 Coal 40 20 Gas 20 Source: Heren Source: TFS, Heren 0 0 J F M A M J J A S O N J F M A M J J A S O N 2009 2009 Lower demand Relatively healthy spark spreads 60 60 GW £/MWh To
Slide 20: Future market dynamics
Future market dynamics Declining reserve margin Low carbon aspirations due to plant closures . . . Potential generating output if 15 40% UK Government targets met GW Cumulative plant additions and closures 10 35% Change 100% Other 5 30% sources 0 25% 75% Renewables 378% (5) 20% 50% Nuclear 26% (10)
Slide 21: Centrica's power generation strategy
Centrica’s power generation strategy Strategy aims for increased Strategy leads to a mix more cover and balanced fleet closely aligned to the market but with lower carbon risk Centrica generation mix (TWh) • Target increased cover % for downstream 100 • Target diversified generation fleet Renewables
Slide 22: Strategy execution well underway
Strategy execution well underway Existing CCGT Future CCGT 2010e generation Existing Wind TWh 50 Future Wind CCGT Turnup Existing Nuclear (20%) 40 Future Nuclear (20%) Wind 30 Nuclear 20 CCGT economic 10 dispatch 7 0 21
Slide 23: Agenda
Agenda • UK wholesale electricity market • Centrica power generation portfolio – CCGT – Renewables – Nuclear • Summary 22
Slide 24: CCGT generation portfolio - mix of vintages
CCGT generation portfolio - mix of vintages Thermal Start Efficiency Technology MW Year (HHV) 1 Roosecote 1 x Alstom GT13E 1991 229 44% 2 Brigg 4 x GE frame 6E 1993 240 41% 3 Peterborough 2 x GE 9E 9161/71 1993 360 43% 4 Killingholme 3 x Alstom 13-E1 1994 652 45% 5 Kings Lynn 1 x Siemens v94.3 1997
Slide 25: Centrica plants are benefiting from low gas prices
Centrica plants are benefiting from low gas prices Current gas prices benefit . . . and the market looks favourable Centrica Energy’s CCGT fleet . . . for much of 2010 November 09 merit order* Gas and coal generation costs Generation cost £/MWh £/MWh 50 40 Langage 40 35 Coal 30 30 Gas 20 25 Peak dem
Slide 26: Focus on reliability
Focus on reliability CCGT portfolio reliability Focus areas % 100 • Asset strategy and capital management 98 96.6% • Best practice powertrain overhauls 96 95.1% • Effective balance of plant 94.1% maintenance 94 • Optimised plant performance and efficiency 92 90 2007 2008 2009e 25
Slide 27: Efficiency improvement - Humber case study
Efficiency improvement - Humber case study M-Series upgrade M - Blading Lifetime Performance GT13E2 MXL MCL mode Lower firing temperature Higher temperature Extended inspection intervals Output and efficiency increase Efficiency improvement Inspection intervals unchanged South Humber Bank Phase II G
Slide 28: Operational performance
Operational performance Strong safety culture Competitive built over time cost performance Rate Controllable Cost £/MW 2.5 24,000 * Total recordable injury rate Brigg Benchmarking comparison 21,000 Roosecote 2.0 18,000 Barry 15,000 1.5 King's Lynn Benchmark performance 12,000 Peterborough 1.0 9,000
Slide 29: Agenda
Agenda • UK wholesale electricity market • Centrica power generation portfolio – CCGT – Renewables – Nuclear • Summary 28
Slide 30: Leading position in offshore wind
Leading position in offshore wind Operators of offshore wind (Global) Access to scarce resource DONG Others A2 Sea- Sea Worker A2 Sea- Sea Jack RWE Centrica EON MPI Resolution Smit - Lisa Vattenfall • In house turnkey capability • Lynn and Inner Dowsing delivered on budget and on time Jack-Up Barge
Slide 31: Growing the offshore wind portfolio
Growing the offshore wind portfolio Greater Wash developments Releasing capital Centrica - Round 1 Projects 2 TCW Centrica - Round 2 Projects £84m Other Developers for 50% equity 4 £350m 1 net £375m proceeds to construct LID & GoF 15 year PPA 3 £340m Banking consortium 30
Slide 32: Round 3 is a different technology proposition
Round 3 is a different technology proposition Strategic zones New technology required Water depth (m) 50 3-4 GW Round 3 Zone 25 1.4 GW Centrica R2 projects 0 0 Shore distance (km) 100 Round 3 Zones 31
Slide 33: Future development dependent on economics
Future development dependent on economics Cost of offshore wind IRR Sensitivity IRR % 140 14 £/MWh 12 Operating 10 120 costs 8 100 6 4 2 ROCs 2 80 0 0 0.5 1 1.5 1.75 2 60 ROC multiplier Capital IRR* % costs 14 40 12 Implied power 10 20 price 8 6 0 4 2 0 0% 10% 20% Capex reduction * Assumes 1.5 ROCs
Slide 34: Agenda
Agenda • UK wholesale electricity market • Centrica power generation portfolio – CCGT – Renewables – Nuclear • Summary 33
Slide 35: Overview of the British Energy deal
Overview of the British Energy (BE) deal Key components Governance Existing Fleet New Build Rights to offtake Centrica EDF 20% equity stake in Centrica EDF 20% of uncommitted BE fleet power 20% 80% 20% 80% Lake NNB Holding Acquisitions Company Ltd 100% Technical 100% Committee Additional offtake Opt
Slide 36: Significant improvement in performance of BE fleet
Significant improvement in performance of BE fleet TWh BE Nuclear fleet output 18 16 55.5 TWh 51.9 TWh 40.2 TWh 42.5 TWh • 2008 technically Q1 - Q3 challenging year 14 12 • 2009 output 10 improved 8 • 50.7TWh output for 6 11 months to 4 November 2009 2 0 Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan-
Slide 37: Scope for possible life extensions
Scope for possible life extensions Current position of BE station lifetimes Dungeness B Hunterston B Hinkley Point B Hartlepool Heysham 1 Torness Heysham 2 Sizewell B 1995 2000 2005 2010 2015 2020 2025 2030 2035 Original asset accounting life Life extensions already declared Lifetime extension asses
Slide 38: Key future decision is new build final investment decision
Key future decision is new build final investment decision New build development 2009 2010 2011 2012 Government Activity EDF sites in NPS • NPS designated • Planning approval • Planning regime implemented • FDP approval • FDP guidance issued • Justification decision Regulator Activity • Generic Desi
Slide 39: Summary
Summary • Increasingly diversified generation portfolio Competitively – Range of fuel mix advantaged – Lowest carbon intensity – Combination of baseload and mid-merit • Performance of existing plant improving • Proven capability in wind development and financing Growth platform • World class nuclear
Slide 40: Upstream Gas
Upstream Gas Mark Hanafin 39
Slide 41: Agenda
Agenda • UK gas market fundamentals • Strategic rationale for investment • Benefits from strategy – Capability – Sustainability – Flexibility • Summary 40
Slide 42: UK, 5th biggest gas market, becoming a major importer
UK, as the 5th biggest gas market, is rapidly becoming a major importer UK annual gas supply and demand 6,000 bcf Projected Balance of supply 5,000 sources will be driven by: 4,000 UK demand • Relative price • Availability of supply 3,000 • Perceived 2,000 reliability/security of supply UKCS 1,000 0
Slide 43: UK gas sourced increasingly from NCS, LNG and continental
UK gas will need to be sourced increasingly from NCS, LNG and potentially continental pipeline gas UK annual gas supply and demand 6,000 bcf 5,000 4,000 UK demand 3,000 LNG / Continental pipeline gas 2,000 NCS UKCS 1,000 0 1996 2000 2004 2008 2012 2016 2020 Note: Imports from NCS are low case, based
Slide 44: North Sea fields best value source of gas for the UK
North Sea fields are currently the best value source of gas for the UK Average cost for UK delivery Pipeline LNG $/mmbtu UK Netherlands Norway Qatar Trinidad Egypt Nigeria Russia 43
Slide 45: Fundamentals drive our strategy for upstream gas investment
These fundamentals drive our strategy for upstream gas investment • UK increased dependence on imports – Need for security of supply • Volatile prices and potential supply disruptions increasing value of production flexibility • Long term gas prices expected to rise in the UK – Downstream business m
Slide 46: Upstream Strategy: sustain and grow upstream gas business
Upstream Strategy: Sustain and grow an upstream gas business contributing strong returns Upstream Strategy Benefits UK, Netherlands Offshore - Be the leading consolidator and operator of mature and Capability orphaned assets Norway - Partner with leading NCS operators, Sustainability progress into o
Slide 47: Venture acquisition fundamental to strategy
Venture acquisition fundamental to strategy Key benefits of Venture acquisition • Experienced Venture team with industry leading skills Capability – commercial, geoscience and engineering • Strong presence in the UKCS • Transform Centrica Upstream business from ‘blow Sustainability down’ to sustaina
Slide 48: Capability: regional / hub based strategy
Capability: Aligned around ‘regional / hub’ based strategy, with well-defined E&P capabilities • Five core regions in the portfolio, each with Original Centrica acreage Original Venture acreage a P&L • Benefits of regional / hub based strategy – Builds detailed area knowledge and focus Norway – Lowe
Slide 49: Case Study: Greater Markham Area
Capability Case Study: Greater Markham Area (GMA) - strategic hub investment • Venture acquired operated interest in the GMA in 2006 – At that time production was ~3 mboepd (net) • Venture initiated a programme of upgrading facilities and has brought 2 new developments onstream – Current production
Slide 50: Case Study: Greater Kittiwake Area rejuvenation
Capability Case Study: Greater Kittiwake Area (GKA) rejuvenation • Venture acquired a 50% operated interest in the GKA in 2003 • At that time ~5,000 boepd (gross) with forecast abandonment ~2005 • Venture initiated a programme of maintenance catch-up and has brought 3 new discoveries onstream with a
Slide 51: Combined business has substantial scale in the UKCS
Capability: Combined business has substantial scale and capability in the UKCS 2009 production (mboe/d est.) 300 • Centrica Energy now 7th largest 200 gas producer in the UKCS 100 • #1 UK Utility with access to gas hedge 0 BP Total Conoco Centrica Chevron Talisman Apache Marathon Shell Phillips Exxo
Slide 52: Sustainability: Strong HSE track record
Sustainability: Strong HSE track record built over a period of time Total accident rate 2.0 per 100,000 hours worked 1.5 1.0 Strong HSE culture built over time 0.5 People looking after people 0.0 1996 1998 2000 2002 2004 2006 2008 2010 Total reportable accident rate 0.6 per 100,000 hours worked 0.5
Slide 53: Sustainability: leading operator of mature and orphaned fields
Sustainability: Leading operator of mature and orphaned fields, delivering sustainable level of production Upstream gas production profile 350 Production (bcf) 300 Venture Risked target band 250 Production development New options acquisitions 200 150 Pre-Venture Production Future prospects 100 50 Mo
Slide 54: Flexibility: A unique portfolio of options
Flexibility: A unique portfolio of options • Short term flexibility: Morecambe • Longer term development provides unique operating flexibility and control flexibility benefits • A majority operated portfolio – If spot market prices fall below across combined assets economic signals, options exist −
Slide 55: Flexibility: opportunities to target and time investments
Flexibility: Significant opportunities to target and time investments Development Optionality Production (mmboe) ~£300m 50 ~£1,100m ~£250m ~£350m • Peik • Sycamore ~£100m • York • Ensign • Cygnus • Accord & 25 • Statfjord Beechnut • Chiswick • Kew • F3 FA • Fulham • Christian • Carna Development opt
Slide 56: Flexibility: well positioned to procure LNG
Flexibility: Centrica capabilities makes us well positioned to procure LNG • Centrica represents a ‘major demand mmth/month UK LNG Imports holder’ in the UK, a market well placed 600 Dragon Isle of Grain 2 for LNG South Hook Isle of Grain 1 500 – Significant partner for major resource Teeside GasPor
Slide 57: Summary
Summary • Strong support for ‘dual fuel’ gas hedge Competitively advantaged • Well defined capabilities across our core markets • Significant flexibility to react to market conditions • Sustainable gas business, rather than ‘blow down’ Growth reserves platform • Access to a strong platform of growth
Slide 58: Centrica Storage
Centrica Storage Simon Wills 57
Slide 59: Agenda
Agenda • UK storage market fundamentals • Centrica Storage – Rough – New projects • Summary 58
Slide 60: UK will need to import and store more gas
In future, the UK will need to import and store more gas to satisfy its requirements UK gas supply • UKCS decline will continue and Norwegian 6% 100% production will plateau – Gap created by declining UKCS and NCS supplies expected to be replaced 61% LNG + by LNG and continental gas Continental pipe
Slide 61: Gas storage required for seasonal variations and volatility
Gas storage is required to address seasonal variations and short-term volatility Fluctuations in UK gas demand Volatility in UK gas prices 450 80 MCM p/therm 400 70 60 350 50 300 40 250 30 200 20 150 10 100 0 J F M A M J J A S O N D Jan Jul Jan Jul 2009 2008 2009 Storage needed for seasonality… Stor
Slide 62: UK storage capacity one of lowest in Europe
UK storage capacity one of lowest in Europe, making strong case for additional investment Gas storage as a % of annual demand 30% Construction Present Present storage 25% Existing storage capacity Working Annual capacity as days of Rough volume demand as a % of average (BCM) (BCM) demand demand 20%
Slide 63: Centrica Storage owns and operates Rough Storage facility
Centrica Storage (CSL) owns and operates the Rough Storage facility in the UK Our vision is to become the leading multi-asset, multi-product gas storage business in the UK Rough is the 2nd largest gas storage facility in Europe and accounts for 75% of UK storage capacity 62
Slide 64: Innovative storage offerings creating additional value
Our innovative storage offerings instrumental in creating additional value through optimisation CSL Product and Service Offerings SBU revenue and price for calendar year Average SBU price for calendar year (p) SBU revenue for calendar year (£m) 300 60 • S Store - Standard Storage SBU revenue Average
Slide 65: CSL's operational performance strong across key parameters
CSL’s operational performance is strong across all key parameters Total offshore (3B & 8A) & Easington Terminal Availability performance combined maintenance backlog (hours) 99% 99% 98% 99% 99% 50,000 100% 96% 94% Without incident 40,000 Man hours Combined availability (%) 80% 30,000 20,000 Easingto
Slide 66: Rough record withdrawal and injection season
In particular, our Rough storage facility has seen a record withdrawal and injection season 5 Year historical profile (2004 – 2009) 130 110 Higher injection rate BCF 90 Increased 70 storage capacity 50 Min-Max Range 2009 30 Earlier 5yr Average withdrawal 10 J F M A M J J A S O N D 65
Slide 67: CSL announced new storage projects
CSL has announced new storage projects to address future UK requirements Caythorpe Baird Bains Description Onshore Existing gas field Existing gas depleted gas in Southern North field in East field Sea Irish Sea % Owned by 100.0% 70.0% 52.8% Centrica Working Gas (bcf) 7.5 60 15-20 Cushion Gas 4 50-7
Slide 68: Development of three storage assets to boost UK capacity
Development of CSL’s three storage assets will make significant contribution to UK storage capacity CSL storage capacity CSL withdrawal capability (BCF) (BCF/day) 185 2.87 7.5 0.27 42 +45% 128 0.94 +91% 9 10 10 1.50 0.16 118 118 1.50 2010 2015 2010 2015 Caythorpe (100%) Bains (52.8%) Rough (100%) 67
Slide 69: Summary
Summary • Unique position in UK storage market Competitively – Knowledge of UK storage market advantaged – Extensive third party sales experience – Excellent HSE & operational record • Proven capability in storage operation Growth • Proven development capability via Centrica Energy platform • Pipeli
Slide 70: Financials
Financials Andrew Le Poidevin 69
Slide 71: Agenda
Agenda • Balance sheet • Investment programme • Cash generation • Hedging • Costs 70
Slide 72: British Energy and Venture a step change in size of Centrica Energy
British Energy and Venture represent a step change in the size of Centrica Energy Capital Employed • Venture Acquisition – Fair value uplift of producing and 3.0 development assets £bn Gas Power 4.0 – Incremental depreciation will be separately 2.5 identified – excluded from underlying EPS – Mark to
Slide 73: Investment opportunities offer a growth platform
Investment opportunities offer a growth platform with embedded optionality Potential project pipeline – investment opportunities* Gas Wind CCGT Nuclear Storage Committed 2.0 £bn 1.5 1.0 0.5 ~60% ~30% ~25% 0.0 2010 2010e 2011 2011e 2012 2012e Baird Bains New Nuclear Key Caythorpe Race Bank Heimdal Ea
Slide 74: Group capital allocation process
Group capital allocation process ensures a portfolio view when prioritising investments Business • Identification and prioritisation of opportunity pipeline Development • Business level screening • Assessment of risks – e.g. commodity, financial, operational • Ensure investments are ‘on strategy’ St
Slide 75: Case Study – Lincs offshore wind
Case Study – Lincs offshore wind 2008 2009 Business • Business case developed • Improved cost base through Development • Based on LID development, area supplier negotiation knowledge, and expertise • Flexibility on timing with vessel optionality Strategic • Aligned with power generation • Financing
Slide 76: Strong cash generation to fund investments
Strong cash generation from underlying business to fund investments 2008 2009e 2.0 2.0 £bn £bn 1.6 1.6 1.2 1.2 0.8 0.8 0.4 0.4 0.0 0.0 Source Use Source Use Operating Cash Flow* Windfarm Proceeds Investments Tax * From Centrica Energy and Centrica Storage 75
Slide 77: Hedging underpins financial returns
Hedging underpins financial returns • Hedging Principles – Rateable selling strategies, profile approaching 100% by month ahead – Flexibility to deviate to exploit fundamental view, maximise extrinsic value and asymmetric returns, subject to PaR limits 2010 Production Hedging 2010 Profit at Risk (Pa
Slide 78: Gas and Power cost structure
Gas and Power cost structure Gas and Oil CCGT * • Oil and Gas (full year Venture) – DD&A charged on unit of 25 12 production basis by field £/boe £/MWh 10 – Product and field mix affect 20 Upstream average 8 – New developments leading to 15 higher unit costs 6 10 • Power Stations 4 – Production vari
Slide 79: UK Upstream Energy's tax rate will decline over time
UK Upstream Energy’s tax rate will decline over time 2010 Tax Rate Morecambe, Statfjord, Brae 75% • Morecambe production highly taxed Other UK 50% Venture 50% • Tax rate will reduce as Morecambe declines Norway ~78% Netherlands 48% Power Generation 28% Gas Storage 28% 78
Slide 80: Summary
Summary • Capital allocation process ensures risk Competitively assessment and investment prioritisation advantaged • Business capabilities allow us to create value Growth • Investment pipeline of ~£5bn (2010-2012) platform • Portfolio provides flexibility around options and timing • Balanced portfo
Slide 81: Wrap up / Q&A
Wrap up / Q&A Sam Laidlaw 80
Slide 82: Appendix 1: Centrica Group WACC
Appendix 1: Centrica Group Weighted Average Cost of Capital (WACC) Risk Free Rate1 3.6% Market Risk Premium2 6.0% Beta 0.70 Cost of Equity 7.8% Tax Rate 28% Debt Premium3 1.5% Cost of Debt (before tax) 5.1% Cost of Debt (after tax) 3.7% Equity / (Debt + Equity) 20% WACC 7.0% Note: 1) 10yr GILT 2) Im
Slide 83: Appendix 2: Displays
Appendix 2: Displays 82
Slide 84: Langage power station display
Spr ts fet Pee ae ¢ See 2 - > Langage... L ») How does a power Will ba one of the most modern and efficient gas firad power angage ; station work? i ie There are four main stages: Stations in the work Comes online at the end of 2009, generating enough power to serve 1 million homes Increases Centric
Slide 85: Renewables and Nuclear display
Renewables Why renewables? strong pipeline of renewable power projects The map shows haw many hames each ‘wind them contd prowige power for fn Feasts £ red 2, the Crone Ents versed lor OGY Of emPabsenl uit pemvin Frond Site aration 25GAN try Ove 2 AATORW waned fire projet & retiee cot tha Lincoknawe
Slide 86: North Sea operator display
wth Sea Operator since 20 21 In production ament of skills opment and pr Proven track record ot First North Sea ail field de infrastruc 2 manned platiorms 1 FPSO 1ed + Voeture soqurred a {0% operstod Ptereat in the GKA in 2003 + At that time production was -5,000 bowpe forces) witt forecatt abandonm
Slide 87: The case for UK gas storage
The case for UK gas storage Storage Projects a roa Centrica Storage ee cerry m7 7 ma Our Capability , pats, | Senet T"istcraeneng | cocnand UK's largeet etorage facility ~ Rough ia 4 UK 43 98.00 4% 160 24 hours J j Nethersinds, 5.0 bod 1.0% 3 on stancy 24 hours a day. 385 a days a year . Germany aI