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General Overview of Spanish LNG Sector
Rocío PrietoSubdirectora de Gas Natural
27th November 2018
2
INDEX
I. GENERAL OVERVIEWII. LNG in Spain today
• Wholesale prices and LNG• Utilization of the terminals• Regulation of access• OTC market• Remuneration and tariffs• Current problems
III. Future LNG model in Spain
November 2018
3November 2018
Gas Indicators Evolution 1998 2018Demand 13 bcm 30 bcm
Customers 3,5 mill. 7,8 mill.
Ratio in primary energy 11% 20%
Number of shippers Almost only one More than 70
Transmission Network size 5.000 km More than 12.000 km
Distribution Network size 24.000 km More than 60.000 km
Regasification terminals 3 7
Underground Storage capacity (working gas) 22.864 GWh 32.057 GWh
Supply diversification 5 different origins 13 different origins
General Overview
Spanish gas sector developed initially and expanded geographically because of LNG availability
OviedoSantander
Palencia
Valladolid
Burgos
A Coruña
Zamora
LeónPontevedraOurense
Salamanca Segovia
Lugo
ZaragozaSoria
Cuenca
Jaén
PLANTA DE HUELVAPOSEIDÓN
A.S.MARISMAS
Viura
Granada
Málaga
Córdoba
Cádiz
HuelvaSevilla
Algeciras
Jerez
Estepona
Motril
Puente Genil
48”
C.I. BADAJOZ
CáceresToledo
Talavera
PLANTA DE BILBAO
A.S. GAVIOTA
C.I. TARIFA
Pamplona
S. Sebastián
Vitoria NAVARRA
Huesca
Lleida
Tarragona
Barcelona
Castellón
Valencia
Alicante
Murcia
Ciudad Real
Cartagena
Lorca
Albacete
PLANTA DE CARTAGENA
32”
28”
20”
26”
Aranda
Guadalajara
26”
26”
20”
30”
20”
20”
20”12”
12”
16”Ponferrada
20”
12”
30”
24”
30”
Mérida
Plasencia
Linares
Arcos
16”
12”
Monzón Manresa10”
Montmeló
Girona
10”
1.546
Larrau
Tamarite
Cabanas
Vigo
Guitiriz
Santiago
C.I. TUY
Astorga
Villamañan
Benavente
AvilésGijón
Luarca
Langreo
Reinosa
Miranda
Arrigorriaga
Irún
Tordesillas Cuéllar
Castejón
Sangüesa
12”
Castelnou
Tortosa
Alcora
20”Segorbe
Sagunto
16”
12”
10”
20”
10”
16”
8”
Cheste6”
Agullent
Elche
20”
16”
Logroño
Lisboa
Sines
Guarda
Viseu
Braga
Oporto
Portalegre
Campomaior
Bidoeira
PLANTA DE SINES
26”
20”
30” Teruel
20”
Villamayor
1.350
1.950
Almería
OlmedoMedina delCampo
12”
20”
28”
32”
16”
12”
12”
24”
20”
Jerez de los Caballeros
Ávila
PLANTA DE SAGUNTO
A.S. CARRIZO
Mijas
Villacarrillo
6”
6”
Almazán
12”
Treto
30”30”
12”
Turégano
238
Caspe
Aranjuez
Totana
1.000
C.I. IRÚN(ampliación 2015)
Agreda
Calatayud
10”
Almacenamiento subterráneo (Mm3(n) gas)
Almacenamiento subterráneo (parado)
Capacidad de extracción (miles de m3(n)/h de gas)
Estación de compresión
Gasoducto de transporte (primario)Gasoducto de transporte (secundario)(en proyecto/construcción)
PLANTA DEL MUSEL
200
Planta de regasificación (miles de m3 de GNL)
Planta de regasificación (hibernación/proyecto)
Capacidad de regasificación (miles de m3(n)/h)
Capacidad de regasificación (en proyecto/const.)
Yacimiento
Conexión intern. (miles de m3(n)/h) (INV./VERANO)
PLANTA DE TENERIFE
PLANTA DE GRAN CANARIA
150
12”
Ejea
Otero de Herreros
12”
Arévalo
36”
8”
Lemona
Llanera26”
Almonte
16”
Villarrobledo
Abegondo
Vegadeo
20”
42”
30” Reus
30”
Bermeo
Onda
Figueres36”
Villapresente
ViellaLa Jonquera
26”40”
Villanueva de la Serena
Miajadas
12”
Martorell
Guadix16”
Zarza de Tajo
Andorra la Vella
C.I. ALMERÍA
150 150 150 150
PLANTA DE BARCELONA
1.125
120
PLANTA DE MUGARDOS
413150 150
As Pontes 150 150 150
150
800
820A.S. SERRABLO
283
C.I. LARRAU(ampliación 2013)
150800 15020”
55 105
1.350 150150
150
20”
20”
26”
20”
Arganda
A.S. YELA
A.S. CASTOR
TIVISSA BANYERES
PATERNA
1.300
Vinarós26”
1.042
1.050625 26”
Almussafes
Caudete
Igualada
12”
CREVILLENT
Orihuela
Baza Huércal‐Overa
Vilches
Martos
10”
16”
171
300
Viana do Castelo
Cantanhede
Mangualde
Lares
Torres Vedras Cartaxo
28”
28”
Montemor
Palmela
Monforte
Pego
EstarrejaAveiro
Valença do Minho
Porto Coelheiros
Gaia
CARREGADO
Setúbal
DENIACHINCHILLA
MONTESA
HARO
VILLAR DEARNEDO
ALGETE
CORESES
ALCÁZAR DESAN JUAN
Puertollano
ALMODÓVARALMENDRALEJO
DOS HERMANAS60100150150160
127 150 150
80 80 150 150 150 150
120
16”
10”
26”
Bilbao
Bergara
26”
26”
20”Boecillo
Collado Hermoso8”
Santo Tomé
26”
26”
26”
10”4”
Barbastro6”
20”
16” 12”
Getafe20”
16”12”
Madrid Alcalá
26”
10”
32”
32”
Palma
Ibiza10”
14”Son Reus
Sabón20”
Banyeres
14”
8”
8”
24”
8”
12”
26”
10”
VILLAFRANCA36”
14”
36”
Besós
10”
Villalba
6”
Alfarrás
EUSKADOUR
Santa Cruz
Las Palmas
12”
Calamocha
8”
Solsona
Subirats
12”
Altea6”
Ezcaray10”
12” 8”
8”
Rota
Peñaranda
12”
10”
Alcañiz
Ariño
Azaila10”
10”
La RoblaGuardo
16”
10”
8”
16”
10”Cártama
20”
8”
Villafranca
16”
8”
62452
8”
16”
10”
VIP PIRINEOS
VIP IBÉRICO
November 2018 5
LNG increase diversification of sources, and therefore SoS enhancement
General Overview
November 2018 6
LNG vs NG Supplied to Spain
General Overview
November 2018 7
Retail Market share evolution(in terms of gas volume supplied to final customers)
General OverviewMore traders in a market… more gas sources and vice versa…
Natural gas demand evolution
November 2018 8
Industrial and residential Electricity generation
General Overview
Gas demand for electricity generation fostered the development of LNG terminals in the 2000´s
9
Wholesale prices and LNG
Gas from Europeto Asia Gas from Europe
to Asia
Asia
Europe
USA
A market relying on LNG is exposed to global gas prices
10
Autum 2017: Spain and South France decoupled (2‐4 €/MWh)
Winter 2018: European cold waveSpain price below allEuropean marketsWinter 2017: spot LNG Price
tensions and high demand in Spain and South France
Gas Market – Trading at MIBGAS ExchangeGas prices at hubs with a big influence of LNG behaves differently
Wholesale prices and LNG
November 2018 11
Gas demand vs gas trade ‐ 2017
Wholesale prices and LNGOTC trading volumes concentrate in LNG terminals
12
BarcelonaBilbao
Mugardos
Huelva
Cartagena
Sagunto
REGASIFICATION
169,6 TWh (48,3% of demand)
Capacity contracts: 30%Utilization: 25%
UNLOADING216 Ships183,9 TWh Virtual pipelines
LNG “by road”38.821 trucks11,4 TWh
LOADING5 ships1,05 TWh
LNG STORAGE22,7 TWh (23 days)
Medium tank level 43%
51 users274 TWh traded
Spanish LNG Sector – Situation in 2017
LNG infrastructures have low level of utilization for multiple reasons
59 destinations outside Spain in 2015: Portugal, France, Italy, Switzerland and FYROM
Virtual pipelines : LNG transported in trucks to places where there is no pipeline, to satellite plants
869 sites received LNG with trucks in 2015
201510.719 GWh supplied34.400 trucks loaded
13
14
LNG Regulation ‐ TPA Regime in Spain
Full REGULATED TPA to all the terminals and services
• Transparent and public TPA tariffs• Transparent Capacity Allocation Mechanisms• Freedom of LNG terminal choice• Regasification (send‐out) rate decided by users• Possibility to contract capacity at any time and for any duration• Possibility to exchange and trade LNG (OTCmarket)• Possibility to exchange capacity at the secondary market• Anti hoarding mechanisms
Contracting regasification capacity give you the right to use the unloading, storage and regasification facilities
Capacity contracted FCFS, no time limit
• MWh/day of regasification / truck loading rights• Unloading and storage rights included
Slots allocated when programming• Initial yearly schedule• Firm dates established by the 25th of m‐1
Daily nomination and gas allocation• Payments by the volume of gas stored each day• by the gas regasified each day• by each cargo unloaded/loaded
LNG Regulation ‐ TPA Regime in Spain
16
1) Transshipment: transfer of LNG from one vessel to another.
2) Truck loading: transfer of LNG from the terminal into trucks.
3) Small ship loading: transfer of LNG from the terminal into small ships (<10.000 m3) for onshore uses.
4) Bunkering: when the LNG transferred from the terminal is used as fuel for transport (LNG fuelled ships, trucks, rail…).
5) Cooling down service: using LNG to cool down ships.
6) Storage as unbundled service: transfer of LNG into tanks of the terminal as a service not associated to the regasification capacity contract.
ADDITIONAL SERVICES OFFERED in LNG terminals in Europe
LNG Regulation ‐ TPA Regime
17
• Availability of capacity in the long and short term (avoid uncertainity) Unloading capacity Storage capacity Regasification capacity Truck loading Ship loading
• Flexibility Slot flexibility Services that could be adapted to the final market (different
regasification schemes)• Compatibility
Ship‐Dock (unloading arms) Gas quality
LNG marketWhat do the users of the terminal want?
LNG regulated tariffs in Spain
18
These are the values for annual tariffs. In case of shorter term capacity multipliers are applied (only to the capacity regasification charge).
LNG Tariffs are applied to 3 concepts: • Unloading LNG (fix & variable terms)• LNG storage (only variable term). Penalties for having “too much” LNG stored• Send out /regasification capacity (capacity & commodity charges)• Other services are also available: reload of LNG to ships / bunkering.
19
Remuneration of LNG Spanish terminals
1. Remuneration for availability
a. O&M costs: are established through standard costs
b. Investment costs: Depreciation costs + Financial remuneration (net ofdepreciation)
‐ Remuneration for depreciation = Investment value / working life
‐ Remuneration for financial costs = Net investment value (investment lessdepreciation) multiplied by rate of return
2. Remuneration for Continuity of Supply
‐Dependent of the Demand Variation with respect to the previous year:
Higher if demand increase / Lower if demand decrease.
• Infrastructures development under a regulated economic regime:• Investment recovery guaranteed with a reasonable rate of return. No
risk
November 2018
20
LNG Market in Spain – OTC trading 2017
Balancing point Traded gas(GWh)
Production(GWh)
Churnrate
active traders
Shareof 3 main traders
Barcelona LNG Terminal 127.422 59.954 2,1 42 45%Huelva LNG Terminal 42.564 48.374 0,9 31 63%Bilbao LNG Terminal 56.477 29.916 1,9 26 59%Cartagena LNG Terminal 8.780 9.377 0,9 25 59%Mugardos LNG Terminal 9.880 11.756 0,8 20 65%Sagunto LNG Terminal 29.676 21.614 1,4 25 58%
Total LNG 274.799 180.991 1,5 51 36%Underground storage (UGS) 3.497 21 68%Virtual balancing point (PVB) 237.471 169.897 1,4 77 22%
Total Spain 515.767 350.888 1,5 82 27%
• LNG terminals in Spain are used by many shippers. Many companies unload and regasify in the terminal, and other can also storage LNG or load trucks (small scale), and others only trade
21
Current problems
What happen when there is almost no gas in the terminals?
• Finantial problems: In the Spanish case, created a déficit to be paid by consumers (tariffs) in the coming years. Rate of return were decreased and linked with gas demand
• The incentive for creativeness: LNG operator looking for new markets, ofering new services, compiting among each others to load cargoes, develop small scale, bunker…
• Phisical and enviromental problems• Operational problems• Boil off gas: avoid emisions
22
Current LNG market constraints
The Current LNG market might still be limited because:
1. Is exclusively based on OTC operations2. Is not transparent3. Is not very liquid4. There are as many LNG markets as LNG terminals:
• Liquidity is limited to those terminals havingenough users
• Users willing to trade LNG at a particular terminal need to have TPA contract in the terminal
• Users with bigger LNG portfolios have competitive advantages and more flexibility
23
Challenges – Towards a new LNG model
1. Provide new services, adapted to market needs, with competitive tariffs:o Bunkeringo Virtual liquefaction, etc.
2. To give the right value to the flexibility offered by Spanish LNG terminals
3. Facilitate LNG management
4. Easy and agile TPA processes: contracting, nominating, etc.
5. Alleviate current congestions at specific LNG terminals
6. Reduce competitive advantages for large suppliers
24
Challenges – Towards a new LNG model
7. Facilitate LNG transactions and increase liquidity in the LNG market.
8. Encourage the creation of a potential LNG hub for Europe.
9. Providemore flexibility for users:
Unbundled services
Possibility to customize bundled services
Standard services, similar to other European LNG terminals
Improve competition in the Spanish (and European) LNG marketImprove competition in the Spanish (and European) LNG market
25
Future situation ‐ Type of LNG services inSpain
BUNDLED UNBUNDLED
• Ship unloading, LNG storage and regasification
• Ships unloading• Regasification• LNG storage• LNG trucks• Ships loading
• Transhipment• Cooling down• Bunkering• Virtual liquefaction
LOCATIONAL NO LOCATIONAL• Ships unloading• LNG trucks• Ships loading
• Transhipment• Cooling down• Bunkering
• Regasification• LNG storage• Virtual liquefaction
DISCONTINUOUS CONTINUOUS
• Ships unloading• Ships loading• Transhipment
• Cooling down• Bunkering
• Regasification• LNG storage• LNG trucks• Virtual liquefaction
26Source: Criogénicas Técnicas aplicaciones industriales
Innovation in LNG
Filing stations: Compressed Natural Gas and LNG for vehicles
Use of LNG as fuel for road transportation
27
Innovation in LNGUse of LNG as fuel for maritime transportation
Calorific values:
1 Tm LNG = 15,200 kWh1 Tm LPG (propano) = 13,800 kWh1 Tm Diesel = 10,400 kWh1 Tm Fueloil = 10,100 kWh