The Role of LNG in New England Gas Supply
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1 The Role of LNG in New England Gas Supply Keith Crane, Commercial Development Director GDF SUEZ Gas North America Northeast Gas Association Meeting April 23,
2 Winter 2014/2015 Was Cold 2 2
3 New England Gas Requirements Historical New England Gas Pipeline Utilization Gas Delivered to New England on Algonquin and Tennessee Pipelines Excluding LNG Peak Delivery Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Source: Ventyx, Bloomberg, SNL. Note: Excludes peaking sources of supply (e.g. LNG). 3 3
4 New England Gas Requirements Historical LNG Contribution to Peak Supply Requirements 4.5 Gas Delivered to New England Pipelines Including LNG Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Source: Ventyx, Bloomberg, SNL. Note: Excludes LNG supplied to the Mystic Power Station. 4 4
5 New England Gas Requirements The Peak Supply Period is Relatively Short Peak Winter Consumption Days Nov '10 - Mar '11 Nov '11 - Mar '12 Nov '12 - Mar '13 Nov '13 - Mar '14 Nov '14 - Mar '15 New England's got this peaky demand with regards to the gas system, where during the summer, and the spring and the fall seasons, there's enough pipeline capacity in the region. It's really when we get into the winter that we have a problem. ISO NE President and CEO Gordon van Welie, March 26, 2015 Source: SNL. Note: Peak winter consumption days are defined as days where gas demand exceeded 3.4 of pipeline capacity. 5 5
6 New England Gas Requirements Peak Supply Contribution to Winter Winter Peak Supply by Source Distrigas LNG to Mystic ISO-NE Winter Reliability Program (Oil) LNG from LDCs LNG to New England Pipelines 10 0 Winter Peak Supply Source: Ventyx, Bloomberg, SNL and ISO-NE. Contribution from the ISO-NE Winter Reliability Program represents 2.7 million barrels of oil through the end of February. Note: The LDC contribution to winter is estimated. 6 6
7 New England Gas Requirements Existing Gas Peaking Capability is Sufficient to Meet Market Requirements Peak Daily Supply Capability Peak Seasonal Supply Capability Northeast Gateway Distrigas Canaport LDC Vaporization Northeast Gateway Distrigas Canaport LDC Vaporization Total Sendout 3.6 Total Sendout 120 Source: Internal research. Note: peak seasonal supply represents 40 days of peak daily vaporization except for the LDCs which is limited to the total LNG storage capacity owned by the LDCs (approximately 20 ). Existing LDC storage and vaporization assets have the potential to provide greater peaking supply through winter replenishment of their LNG storage via winter liquid supply from Distrigas. 7 7
8 LNG Prices Global LNG Prices Should be Favorable for the Intermediate Term $9.50 Proxy for Future Global LNG Prices $9.00 $8.50 $/MMBtu $8.00 $7.50 $7.00 $6.50 $6.00 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 NBP Index Indicative Gulf Coast LNG Price 12% of Brent Source: SNL for base commodity curves and internal analysis. 8 8
9 New England and Security of Gas Supply New England gas supply infrastructure has evolved to serve local gas distribution requirements Increased pipeline capacity to serve LDC growth LNG peaking services for unpredictable demand above pipeline capacity This approach has been efficient by not burdening rate payers with infrastructure costs that were unnecessary Canaport System winter constraints are located just where LNG-derived supply serves the market best primarily in eastern New England The real question is will LNG be there when it s needed? Neptune Northeast Gateway Distrigas The Answer is Yes LNG Peakshavers Source: Ventyx Velocity Suite. 9 9
10 Securing Peak Gas Supply for New England As we saw before, there is excess pipeline capacity now, even with the significant growth in base gas demand Gas Delivered to New England on Algonquin and Tennessee Pipelines Peak Delivery Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 New pipeline capacity will be needed, but capacity sized appropriately for the growth in base demand As we have discussed, the capability of existing infrastructure to satisfy peak gas requirements exceeds current market demand LNG is the solution for peak period needs and is the perfect complement to right-sized growth in pipeline capacity LNG provides a pipeline for gas when it is really needed LNG doesn t require new investment in infrastructure LNG s optionality its ability to flex significantly in its contribution from season to season will lead to significantly lower costs to consumers over time The Key to Peak Supply Security is Contracting 10 10
11 Contracting for Peak Gas Supply Year-to-year or seasonal solicitations for peak gas needs necessarily result in uncertainty around supply availability Whether its pipeline gas or LNG, New England market demand must compete with alternative market demand A pipeline by itself doesn t solve this problem gas supply and gas storage must secured (without securing supply and storage, gas availability and price uncertainty still exists) Commitments equal security of supply Just like agreements for pipeline capacity, underground storage and gas production GDF SUEZ and contracting for LNG supply Product(s) in the market 10-year contract for summer LNG supply Product(s) to be offered by GDF SUEZ Option contract for summer liquid supply Contract for winter base load gas supply Contract for winter peaking gas supply Option contract for winter liquid refill 11 11
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