9. Investments in associates
We have interests in the following associates:
| Company name | Registered office | Interest | |
|---|---|---|---|
| 31 Dec. 2024 | 31 Dec. 2023 | ||
| Beheerder Afsprakenstelsel B.V. | Amersfoort | 25.0% | 25.0% |
| Demonstratie Faciliteit Super Kritische Water Vergassing (SKW) Alkmaar B.V.¹ | Alkmaar | 34.8% | 35.0% |
| Trading Hub Europe GmbH | Ratingen, Germany | 9.1% | 9.1% |
None of the associates have a material impact on Gasunie’s equity, results or cash flows. In 2024, our share in the other comprehensive income of associates was less than € 0.1 million (2023: also less than € 0.1 million).
Beheerder Afsprakenstelsel B.V.
We have a 25% interest in Beheerder Afsprakenstelsel B.V. (BAS). BAS is responsible for the practical support of the Market Facilitation Forum (MFF) association and also responsible for the implementation and monitoring of the agreements made within MFF. The rest of the shares in BAS are held by TenneT (25%) and seven regional grid operators (together 50%). Based on contractual arrangements between the shareholders, we have significant influence on the relevant operations of BAS.
At year-end 2024, we had provided BAS a loan of € 0.3 million (year-end 2023: € 0) under a credit facility with a maximum borrowing limit of € 2.5 million (Gasunie’s share) and with a term ending on 1 October 2042. The credit facility is to be used to finance the company’s activities as described above.
BAS pays arm’s length interest on the balance of the credit facility based on a floating interest rate plus 115 basis points. Repayment of the outstanding balance on the credit facility is predominantly long term.
Demonstratiefaciliteit SKW
In 2017 SCW Systems and Gasunie established the demonstration facility SKW Alkmaar. This is a cooperation aimed at developing plants that use supercritical water (SCW) gasification of wet biomass to ultimately produce biomethane, which can then be fed directly into the gas transmission network. The aim of the cooperation is to build a demonstration facility to demonstrate that this new technology can work robustly on an industrial scale over the coming years.
During 2024 our financial interest decreased to 34.8%. The decrease in our interest is related to the fact that the two shareholders do not participate pro rata in additional capital contributions and, in line with the contractual arrangements, this means that there is no longer joint control. We can, however, exercise significant influence on the relevant activities through our voting rights. For this reason, since the end of the joint control we have reclassified this interest as an associate. This reclassification has not affected the measurement of our interest.
Trading Hub Europe
Since its establishment in 2021, Trading Hub Europe (THE) has been the market area coordinator for the German high-pressure transmission network and, in that capacity, is involved in managing network balancing, data collection and exchange of relevant market data, managing virtual trading points, and more. THE is jointly owned by the German TSOs, including Gasunie Deutschland, with each shareholder holding 9.09% of the shares, and based on contractual arrangements each can exert significant influence on the relevant operations of THE.