INTEGRATION OF LNG TERMINAL IN THE LITHUANIAN GAS SYSTEM 22 ND MAY, Mantas Šabanas Project Analytics Manager

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1 INTEGRATION OF LNG TERMINAL IN THE LITHUANIAN GAS SYSTEM 22 ND MAY, 2018 Mantas Šabanas Project Analytics Manager

2 KN AN OIL PRODUCT AND LNG TERMINAL OPERATOR Traditional business Focus on strategic expansion development, construction and operation of LNG terminals 50+ years of oil product terminal operations Klaipeda LNG terminal based on FSRU Independence LNG reloading and bunkering station under commissioning in Klaipeda State fuel reserves terminal LNG transport and bunkering vessel project for the Baltic Sea LNG terminal development and Advisory services 2

3 THE RATIONALE LNG TERMINAL Ensured security of energy supply Diversified energy sources Third party access to spur competition Import prices reflect the global market price level 3

4 KLAIPEDA LNG TERMINAL INFRASTRUCTURE Terminal commissioned by KN in Dec m3 of LNG storage 4 bcm/y regasification capacity Open third party access FSRU leased until 2024, KN holds a purchase option Terminal operator FSRU and jetty operation Offshore connecting pipeline Onshore pipeline Subterranean, 15 km Gas metering station FSRU operator Transmission system operator FSRU Jetty Gas Metering Station 4

5 MARKET BENEFITS BROUGHT BY THE TERMINAL Finland 3 bcm Ended the 100% reliance on monopoly supplier Balticconnector From 2020 Transparent third party access mechanism 0,5 bcm Effective price cap Baltic gas users have access to international LNG markets Incukalns UGS Near-complete ability to supply the gas market need Combined with Incukalns UGS for seasonality 1,3 bcm Access to clients with limited size portfolios Joint use of LNG in the terminal FSRU Independence 4 bcm import capacity 2,3 bcm Enabling the small scale LNG development Break bulk of high quality LNG for further distribution Poland 15 bcm GIPL From 2021 Ukraine 33 bcm 5

6 SECURITY OF SUPPLY FOR THE BALTIC STATES Gas supply disruption 6 months, cold spell scenario Baltic states are now protected against a major gas supply disruption from the east Security provided by a combination of key infrastructure elements Alternative gas import route via Klaipeda LNG terminal Seasonal storage in Incukalns Upgraded transmission pipeline network Full supply in cold winter District heating operating as usual No interruption to either residential or industrial customers Source: Energy Security Stress Test 2014 coordinated by the European Commission: Joint report by Estonia, Latvia, Lithuania and Finland (adjusted by Klaipėdos Nafta to reflect post-stress Test conditions) 6

7 GAS MARKET CHANGES SINCE INTRODUCTION OF LNG The market situation in 2018 is very different to 2012 Baltics, EU15 and NBP gas prices ( /MWh) Wholesale gas price benefits Reflective of EU hub prices rather than oil-indexation Lithuanian prices are now similar to other markets LNG competes with pipeline gas Security of Supply benefits No longer dependent on a single supply source Further improvements with access to Inčukalns and GIPL Regulatory arrangements Implementation of EU directives has established competition Prospects of regional gas markets Retail competition still to be established Source: OIES and Pöyry analysis 7

8 PRICE CONVERGENCE TO EUROPEAN HUBS DUE TO LNG TERMINAL IN KLAIPEDA Gas prices in the Baltic region have converged closer to the main European gas trading hubs Benefit is felt in all Baltic states, due to available interconnection capacity and regulated 3 rd party access to the LNG terminal Klaipeda LNG terminal allows regional gas consumers to source gas from global markets Klaipeda LNG terminal can cover 90% of regional demand Former incumbent and monopoly gas supplier is unable to charge premium prices LNG terminal provides bargaining power, even if some physical volumes still come from the east Source: European Commission Q Gas market report 8

9 ENABLING REGIONAL GAS STORAGE INFRASTRUCTURE Klaipeda LNG import terminal is a proven alternative supply route for seasonal storage in Inčukalns UGS Maximises the use of overall regional gas infrastructure Immediately after the Latvian gas market opening in April 2017, first injections to Inčukalns were enabled by gas flow from LT Lietuvos Duju Tiekimas brought two spot LNG cargoes in part to supply Latvian customers directly and via seasonal storage First half of May 2018 all gas flows into the Latvian transmission system were coming form Lithuania*, largely coming via the LNG terminal *No Russian flows and no gas storage withdrawal for 12 consecutive days Source: Conexus Baltic Grid website 9

10 COMMERCIAL INNOVATION - JOINT USE OF LNG TO ENABLE LNG ACCESS FOR SMALLER REGIONAL USERS Advantages of SWAP model Terminal can be simultaneously used by several clients Decouples client regasification profile from physical LNG delivery Enables relatively small regional gas traders to access LNG markets Inventory level in tanks, m 3 Process Borrowed / returned LNG quantities are indicated in approved schedules Terminal users provide bank guarantees to each other to ensure LNG delivery Regasification rate, Nm 3 /h Access to terminal Nominations open for upcoming gas year on 25 th of April Annual schedules approved no later than 2 months before gas year Schedules published on KN website Spot capacity booking no later than 60 day prior to use Terminal user No.1 delivers LNG and lends it Terminal user No. 2 delivers LNG and returns it Time period 10

11 KLAIPEDA LNG TERMINAL SMALL SCALE LNG ENABLER Large scale LNG terminal Existing small scale LNG terminal Tornio Planned small scale LNG terminal Klaipeda LNG terminal enables further small scale LNG developments in the Baltic Sea region Break-bulk of internationally traded LNG cargoes 2 day voyage from Klaipeda Eight reloading operations since 2017 Small scale LNG reloading station commissioned in m3 LNG storage capacity Truck loading and vessel bunkering LNG bunkering transportation vessel to be launched in Q Risavika Ora 1 day voyage from Klaipeda Lysekil Gavle Pori Nyneshamn Estonia Hamina Ice-class multi purpose vessel m3 capacity Klaipeda Gate Swinoujscie 11

12 KLAIPEDA LNG TERMINAL HUB IN ITS 4TH YEAR OF OPERATIONS Forecast / 2022 Natural gas regasified, bcm >0.9 Capacity utilization 13% 35% 30% >25% Terminal users Multiple users LNG reload services to - - Multiple users Access to regas markets Reloaded LNG delivered to Multiple countries LNG suppliers Multiple suppliers LNG truck loading station users Oil terminal Multiple users LNG truck loading services for Multiple users Operational regime Energy security Energy security Commercial regas Energy security Commercial regas Commercial reloading Commercial truck loading Energy security Commercial regas Commercial reloading Commercial truck loading 12

13 UTILIZATION OF KLAIPEDA LNG TERMINAL 2018 Approved LNGT regasification schedule + additional capacity booking forecast Booked capacity Spare capacity Forecasted additional utilization average Nm 3 / day LNG cargo delivery Reload operation Forecast delivery/reload 2018e

14 FUTURE CHALLENGES Ensured continued operations post 2024 Regional gas market integration Gas in the future energy mix Building the small scale LNG market 14

15 Mantas Šabanas Analytics Manager LNG Department

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