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13 May 2011 Interim statement Q1 2011
Elia Group confirms its confidence in the 2011 financial results.
General Meeting of 10 May approves gross dividend of €1.40 per share, to be paid out on 25 May 2011, and the renewal of all 14 directorships.
King Albert II visits Elia’s National Control Centre.
Further step towards market integration with intraday coupling between Belgium and the Netherlands.
Chancellor Merkel opens Germany’s first offshore wind farm.
Financial forecasts As reported in the 2010 annual results, Elia is unable to give any concrete profit forecasts since the annual result is dependent upon parameters that will either not be known until the end of 2011 (such as the inflation figure for December 2011) or else can only be calculated at that time (e.g. average Belgian tenyear interest rate; the beta of Elia shares; total investment of Eurogrid/50Hertz). Elia will receive the first dividends from 50Hertz Transmission in the second half of 2011 (€60 million, of which 60% – €36 million – for Elia). Investments and large-scale maintenance works by Elia Transmission (Belgium) in 2011 are on schedule to be completed as planned. Investments by 50Hertz Transmission are currently estimated at approximately €200 million due to delays with building permits. The General Meeting of 10 May approved the gross dividend for 2010 of €1.40 per share. The dividend for financial year 2010 will be paid out on 25 May 2011 (the date of detachment of the coupon is 20 May before opening of the Stock Exchange) in exchange for coupon 7, with or without strip VVPR 7. Payment will be made at Belgian branches of Dexia Bank, Fortis Bank, KBC Bank and ING. ING is also the central payment agent. Renewal of mandates of the 14 directors on Elia’s Board The Extraordinary General Meeting of Shareholders on 13 January 2011 approved an amendment to the Articles of Association increasing the number of directors from 12 to 14, half of those being independent directors. The Elia Board of Directors subsequently co-opted two new directors. Ms Miriam Maes was coopted as an independent director after a favourable opinion from CREG; Mr Steve Stevaert now sits as the representative of reference shareholder Publi-T. Elia’s General Meeting of Shareholders on 10 May approved the appointments. Miriam Maes has extensive experience in the international energy world: she is the founder and CEO of Foresee, a London-based consultancy that advises very large companies on energy management strategy. Before that she was Chief Operating Officer at EDF Energy and Executive HR Manager at TXU, having also occupied a number of executive positions in, amongst others, the food sector, at Marmon and Quest International. Steve Stevaert can look back on an impressive political career, having been among other things Mayor of the city of Hasselt, Chairman of the Flemish socialist party SPA, Vice-Minister-President of the Flemish Government and Flemish Minister of Mobility, and Governor of the province of Limburg (from 2005 to 2009). Steve Stevaert is Honorary Governor and Minister of State. He is Chairman of Infrax and a director of Interelectra.
The General Meeting of 10 May confirmed the appointment of these directors. The 14 directorships – seven independent and seven non-independent – which expired on the date of the General Meeting were also renewed for a period of six years ending at the General Meeting in May 2017. King Albert II visits Elia’s National Control Centre On Wednesday 13 April, the King, accompanied by the Federal Minister for Energy and Climate Paul Magnette, attended Elia’s premises near the Port of Brussels to visit the National Control Centre and learn about the role of the transmission system operator in the Belgian and European energy landscape and the challenges it faces, particularly in the context of the transition to a sustainable energy policy. His Majesty was shown the main hall of the National Control Centre – the nerve centre of Belgium’s highvoltage grid – as well as the training centre, which provides technical training to a large number of Elia staff each year and is also open to students.
Integrated intraday market between Belgium and the Netherlands marks a further step towards market integration 17 February 2011 saw the integration of the Belgian and Dutch intraday markets through the introduction of an implicit allocation mechanism for intraday capacity on the Belgian/Dutch border. The launch of the cross-border intraday market is a joint effort of the Belgian and Dutch transmission system operators (Elia and TenneT) and power exchanges (Belpex and APX-ENDEX). The integrated crossborder trading solution is based on the Elbas technology already in use in the Nordic countries and Germany. The plan is that implementation of the integrated intraday market between the Netherlands and Belgium will soon be expanded to include the Nordic and German intraday markets of Nord Pool Spot (through the NorNed cable as well as through the Dutch/German and German/Danish borders). Chancellor Merkel opens Germany’s first offshore wind farm The German Federal Chancellor Angela Merkel opened Germany’s first offshore commercial wind farm on 30 April. Baltic 1 is located in the Baltic Sea, 16 km from the coast, and is connected to the 50Hertz grid. It comprises 21 wind turbines with a total capacity of 50 MW, capable of supplying power to 50,000 households each year. 50Hertz Transmission was responsible for connecting the wind farm to its network and achieved this successfully despite difficult weather conditions during the cold snap in late 2010. The energy group EnBW will soon be building a second wind farm, with 80 turbines, which will also be connected to the 50Hertz grid. By 2030, turbines with a total generation capacity of 20,000 to 25,300 MW are due to be operating off the German coastline. Financial calendar Trading of ex-coupon number 7 Payment of dividend for 2010 Publication of half-year results 2011 Interim information after nine months 2011
20 May 2011 25 May 2011 26 August 2011 15 November 2011
About Elia: Elia is the Belgian transmission system operator, transmitting electricity efficiently, reliably and securely from producers to distribution system operators and major industrial users. Elia is responsible for importing and exporting electricity from and to neighbouring countries. Elia owns the entire Belgian very high voltage grid (150 to 380 kV) and some 94% (ownership and user rights) of the Belgian high-voltage grid (30 to 70 kV). The Elia grid comprises 5,608 km of overhead lines and 2,775 km of underground connections and is a key link between electricity markets in northern and southern Europe. It also links Belgian producers and consumers. Belgium's recent investment in interconnection capacity with its neighbours makes it one of the most open and interconnected grids in Europe. Elia has recently expanded its activities on a broader European level and, following its acquisition of German TSO 50Hertz and in cooperation with Industry Funds Management (IFM), is now one of the top five transmission system operators in Europe.
More information: Media: Eva Suls Axelle Pollet
+32 2 546 73 78 +32 2 546 75 11
+32 477 48 80 09 +32 475 84 38 91
Investor relations: Bert Maes
+32 2 546 72 39
+32 472 40 69 97
Website : the present press release can also be consulted on www.elia.be