Management summary

Definitions

A

  • Arbo

    ‘Arbeidsomstandigheden’, the Dutch term for working conditions.

B

C

  • CCUS

    The storage and reuse of CO₂ is also referred to as CCUS (Carbon Capture, Utilisation and Storage).

  • CH₄

    Methane; the most important component of natural gas.

  • Churn factor

    The churn factor expresses how often a standard quantity of gas is traded on average in the period between initial production and consumption by the... Meer informatie over dit begrip

  • CO

    Carbon monoxide; released when fuel does not fully burn.

  • CO₂

    Carbon dioxide; released when fuel fully burns.

  • CO₂ equivalent emission

    CO₂ and CH4 emissions can be converted by means of the Global Warming Potential (GWP) into a measure for the enhanced greenhouse effect, called... Meer informatie over dit begrip

  • Compliance covenant

    A compliance covenant is an agreement with the Dutch tax authorities containing basic principles and the way in which the parties wish to deal with each other.

  • Controllable cost

    Normalised total of staff costs and other operating expenses minus costs allocated to investments and uncontrollable energy costs.

E

  • EBIT

    Earnings before deduction of interest and taxes.

  • EBITDA

    Earnings before deduction of interest, taxes, depreciation and amortisation.

  • Effective temperature

    The 'effective temperature' refers to the actual temperature, supplemented by an adjustment for wind speed.

  • Employer branding

    Employer branding is the promotion of the organisation as an employer of choice to a specific target group of (potential) employees. The better Gasunie's... Meer informatie over dit begrip

  • ENTSOG

    ENTSOG, the European Network of Transmission System Operators for Gas aims to facilitate and promote cooperation between national gas transmission system operators (TSOs) in Europe.

  • Expression of interest

    Formally stating an interest, such as in taking part in a grant scheme.

F

  • FFO

    Funds From Operations is the sum of the result after taxation of ordinary activities, depreciation, amortisation and impairments.

  • FFO/interest ratio

    This ratio gives insight into the development of the Funds From Operations relative to finance costs.

  • Flaring

    The controlled releasing of gas by burning it.

G

  • GHG Scope 1, 2 and 3

    The Greenhouse Gas Protocol, the prevailing standard for reporting on CO₂ emissions, breaks down emissions according to their source. It is divided into... Meer informatie over dit begrip

  • Green gas

    Green gas is biogas upgraded to the quality of natural gas.

  • Greenhouse gas

    Gas that contributes to the creation of an insulating layer around the earth, causing it to warm up. The most important greenhouse gases are: water vapour,... Meer informatie over dit begrip

  • GTS

    Gasunie Transport Services

  • GUD

    Gasunie Deutschland

  • GW

    A gigawatt (GW) is a unit of electric power. A megawatt is equal to the annual production of 4,444 solar panels, the production of one offshore wind turbine... Meer informatie over dit begrip

  • GWP

    Global Warming Potential (GWP). The Intergovernmental Panel on Climate Change regularly updates the GWP based on the latest scientific insights.

H

  • H₂

    Hydrogen.

  • Hydrocarbons

    A group of chemical substances comprising carbon and hydrogen.

I

  • Implicit Allocation Mechanism

    Implicit Allocation Mechanism (IAM) is a method to sell unbundled transmission capacity, which is combined with an equivalent volume of gas outside the PRISMA auction calendar.

  • Incidents (resulting/not resulting in absence)

    Incidents resulting in injuries to one or more employees of Gasunie and/or third parties as a consequence of carrying out work. Absence refers to work (or... Meer informatie over dit begrip

  • Input tax

    Input tax is ‘VAT on our costs’, i.e. VAT that our suppliers have billed us for.

  • Invested capital

    Total of tangible fixed assets, investments in joint ventures, investments in associates, and other equity interests adjusted for work in progress assets for which payment has yet to be received.

  • IPPC

    The Integrated Pollution Prevention and Control (IPPC) directive aims at integrated prevention and combating of environmental pollution. The IPPC directive... Meer informatie over dit begrip

  • ISO

    International Standardisation Organisation; an organisation that sets international standards.

K

  • Kohleausstieg

    Coal phase-out, the German government’s decision to ban the operation of coal-fired power stations in the long term.

L

  • Licence to operate

    The mandate that a company is given (by the government and/or society) to perform its tasks.

  • LNG

    Liquefied Natural Gas.

M

  • MW

    A megawatt (MW) is a unit of electric power. A megawatt is equal to the annual production of 4 solar panels, the production of one offshore wind turbine in... Meer informatie over dit begrip

N

  • NC TAR

    Network code on harmonised transmission tariff structures for gas (NC TAR). NC TAR describes a method used for calculating the gas transmission tariffs for... Meer informatie over dit begrip

  • Net debt including guarantees/tangible fixed assets

    Net debt including guarantees/tangible fixed assets

  • NOPLAT

    The normalised Net Operating Profit Less Adjusted Taxes is the total of normalised EBIT and the share in the result of associates net of taxes.

  • Normalisation

    Normalisation

  • Normalised ROE

    Normalised Return On Equity is calculated by dividing the normalised result after taxation by the normalised equity.

  • Normalised ROIC

    Normalised Return On Invested Capital is calculated by dividing the normalised NOPLAT by the invested capital. This ratio provides information on the extent... Meer informatie over dit begrip

  • NOₓ

    Collective term for nitrogen oxide gases. These gases are released in all burning processes and contribute to atmospheric pollution.

O

  • Odorant

    Aromatic substance added to naturally odourless natural gas for safety reasons.

  • Olympus

    System for registering compressor data.

P

  • Payout ratio

    The payout ratio indicates, as a percentage, how much of the profit is paid out as dividend to the shareholder.

  • Power-to-gas

    A technique for storing energy where electrical energy is converted into chemical energy in the form of gas, since gas is easier to store than electricity.... Meer informatie over dit begrip

  • Pseudo-G-gas

    Pseudo-G-gas is low-calorific gas made from high-calorific gas. This gas is of the same quality as Groningen gas.

R

  • Reportable incidents

    Incidents resulting in absence, medical treatment, replacement work or fatalities.

S

  • Scope 1, 2 and 3

    The Greenhouse Gas Protocol, the prevailing standard for reporting on CO₂ emissions, breaks down emissions according to their source. It is divided into... Meer informatie over dit begrip

  • Security of supply

    In the Netherlands, this is understood to mean: the number of times gas transport was interrupted because no, or insufficient, gas was able to flow through... Meer informatie over dit begrip

  • SF₆

    Sulphur hexafluoride (SF₆) is an inorganic compound of sulphur and fluorine. It is a powerful greenhouse gas.

  • Stakeholders

    Organisations or persons with a certain interest in the company.

T

U

  • Utilisation

    Minimum (or maximum) monthly flow divided by the monthly average value of firm total.

V

  • Venting

    The controlled releasing of gas.

W

  • WACC

    The Weighted Average Cost of Capital, usually abbreviated to WACC.