03 Key figures

Transmission performance

Netherlands

In 2024, Gasunie Transport Services transported 639 TWh (59.7 bcm) of gas, a drop of roughly 8.5% compared to the 701 TWh (65.2 bcm) in 2023. As in previous years, this is a historic low. The decline is entirely due to lower export demand.

Considerably less high-calorific gas (H-gas) was transported to the storage facilities in Germany connected to the GTS network. Because Belgium, France and Germany have, for some time now, been converting their markets for G-gas (the former ‘Dutch’ low-calorific gas) to H-gas (the international quality for natural gas), the export of G-gas decreased once more.

Domestic consumption increased slightly by 0.7%, due to larger offtake by power stations (+3.6%) and industrial consumers (+2.6%). On the other hand, gas offtake by the regional grid operators, which supply gas to homes and SMEs, fell by 1.6%.

On the source side, it is notable that considerably more gas entered the network from Dutch storage facilities (10.3 bcm compared to 6.2 bcm). Not surprisingly, then, the fill level in Dutch storage facilities was clearly lower at the end of 2024 (at 57%) than at the end of 2023 (82% full). Our joint ventures Gate Terminal and EemsEnergyTerminal brought less LNG into the GTS system in 2024: 16.7 bcm compared to 20.2 bcm a year earlier.

In 2024, GTS needed to convert less H-gas to G-gas as the result of lower demand for G-gas due to high temperatures, G-gas phase-out programmes in the Netherlands’ neighbouring countries, and because more G-gas was extracted from storage facilities than the year before. The volume of converted H-gas decreased by 18%, from 269 TWh (23.9 bcm) in 2023 to 222 TWh (19.7 bcm) in 2024. The associated volume of nitrogen used decreased from 2.84 bcm to 2.36 bcm over the same period.

Germany

In 2024, Gasunie Deutschland transmitted 248 TWh (25.4 bcm) of gas over its grid, a decrease of 9% compared to the 272 TWh (27.9 bcm) transmitted in 2023. The feed-in of LNG to the GUD network increased sharply due to the connection of the temporary LNG port in Brunsbüttel. GUD is ready to also connect the temporary LNG port in Stade; however, that facility was not yet ready at the end of 2024. Imports of natural gas from the Netherlands and Norway fell by 26% and 6% respectively.

GUD temporarily decommissioned several natural gas pipelines in 2024 to prepare these for the transmission of hydrogen. Because these decommissionings took place in the summer they had no impact on transmission capacity.

Peak supply

Peak supply is an important public task carried out by GTS for small users in the Netherlands. Peak supply must be distributed if the mean effective 24-hour temperature falls to below -9.0°C. GTS provides all the necessary facilities to ensure peak supply deliveries to licence holders, including gas purchasing, flexibility services and gas transport over the national grid. In 2024, there was no peak supply, because the temperature never fell to below -9.0°C.

A large part of Gasunie’s income comes from the TSOs GTS and GUD, who work with regulated rates. If the income from the regulated services is higher than permitted in a given year, it must be returned to the market (‘settled’) several years later in the form of lower tariffs, and if the income is lower, the same applies in reverse. This mechanism also applies to energy costs: if these deviate from the standard they are also settled.

Accordingly, we present two profit and loss accounts, the first showing the ‘reported result’ (the result shown in our financial statements) and the second showing the ‘underlying result’, i.e. the result corrected for past settlements and future settlements. This underlying result gives a better indication of our performance in 2024.

With regard to gas transmission, 2022 was an exceptional year. The geopolitical circumstances at that time resulted in both additional income and in higher energy costs for Gasunie. A large part of the additional revenue and energy costs from 2022 was settled with our customers in 2024 through our tariffs, which is reflected in a lower reported result for 2024. The underlying operating result and the underlying result before taxation, which gives a better indication of our performance, both come out to around € 500 million, which is in line with 2023.

Revenue

The underlying operating costs were € 174 million lower than in 2023. This is largely the accounting effect of EemsEnergyTerminal no longer being fully consolidated since the end of 2023 since we now only hold 50% of the shares. This results in lower revenue of around € 200 million. The reported operating revenue was € 767 million lower than last year. Alongside the accounting effect of EemsEnergyTerminal described above, lower tariffs as a result of the regulation methodology account for around € 300 million of this decrease. This includes the settlements from 2022. In addition, capacity bookings were approximately € 100 million lower and revenue from auctions was also approximately € 100 million lower.

Operating result

The underlying operating result decreased by € 41 million compared to last year. In addition to the revenue-related developments as described above, this was largely the effect of an increase in the number of employees, particularly due to the development of our energy transition projects. The energy costs associated with gas transmission and transport and gas quality conversion were lower than last year. This is almost entirely the result of EemsEnergyTerminal no longer being consolidated since the end of 2023. This also resulted in lower depreciation costs. Additionally, part of the provision for abandonment costs and removal or rehabilitation of pipelines in the GTS network has been released.

The reported operating result decreased by € 508 million compared to last year. In addition to the effects explained above, energy tariffs decreased, as did the amount of energy required for gas transmission.

Result after taxation

The financial income and expenses are in line with last year, as is the result we received from our participating interests. This leads to an underlying net result of € 355 million, which is € 75 million lower than in 2023. As a result of all the regulatory settlements, the reported net result is € 70 million, € 413 million less than in 2023.

Investments

The operational cash flow decreased by € 540 million compared to 2023, mainly due to the lower operating result in 2024. In 2023, the connections for the LNG storage facilities in Germany took a large portion of the investment cash flow, as did WarmtelinQ and Porthos. In 2024, capital expenditures were mainly directed to WarmtelinQ, Porthos and Waterstofnetwerk Nederland.

Financial outlook

We expect the operating result and the net result for the coming years to increase once more compared to the result for 2024.

Several energy transition projects have now been approved (fully or in part). We also expect to make investment decisions for new energy transition projects in the coming years.

In the second half of 2025, Gasunie will repay a loan from the European Investment Bank (EIB) amounting to € 125 million. In 2026 Gasunie will repay the EIB for another bond loan of € 650 million.

Regulation

Netherlands

The regulatory authority ACM sets the permitted revenue for GTS and thus the tariffs GTS may charge, based on its methodology decision. The methodology decision describes the means by which GTS can recoup its efficient costs during a regulatory period, and the rules that apply. The current regulatory period runs from 2022 to 2026.

At the end of 2023, ACM adopted an amended methodology decision following the ruling of the Dutch Trade and Industry Appeals Tribunal. The amended methodology decision resulted in a significant increase in GTS’ permitted revenue. The increase in permitted revenue, combined with a decrease in contracted capacities, led to an increase in the transmission tariff for 2025 of approximately 52% on average compared to 2024. The tariff increase follows the sharp decrease of 20% in transmission tariffs for 2024 compared to 2023. Given the minor share of the GTS transmission costs in the total energy bill, this rise in GTS’ tariffs will have a limited impact on the end user’s gas bill.

ACM is currently working on a new regulatory methodology the regulator can use to determine the permitted revenues from 2027 onwards. With the new methodology, the regulator aims to ensure better alignment with the challenges faced by network operators in the context of the energy transition. To further shape the new regulatory methodology, over the coming period ACM will be organising consultations. A draft methodology decision for the 2027-2031 regulatory period is expected in the autumn of 2025.

Germany

German regulator BNetzA has set the return on equity for the 2023-2027 regulatory period at 5.07% pre-tax for new assets and 3.51% pre-tax for old assets. Together with several other TSOs, GUD filed an objection to this with the court and in 2023 the Düsseldorf Higher Regional Court ruled in favour of the network operators and annulled the tariffs set by the regulatory authority. BNetzA appealed the decision to the German Federal Court of Justice and the appeal succeeded on most points.

Early in 2022, BNetzA started evaluating a new general efficiency factor that will apply to all TSOs and DSOs during the 2023-2027 regulatory period. In 2023, BNetzA published a draft decision setting the general efficiency factor for gas at 0.75%. The final determination is still pending the outcome of further legal proceedings regarding the efficiency benchmark for the DSOs.

In 2021, the European Court of Justice ruled that the German legislator had restricted BNetzA’s powers in violation of EU law and, as a result, new legislation came into force at the end of 2023 granting BNetzA more decision-making powers. Early in 2024, BNetzA initiated proceedings to replace the incentive regulation and network tariff regulations with its own provisions, in line with the Court’s ruling.

In Germany, a change in the law means that the network operators will have a high degree of flexibility in determining the depreciation periods and methodologies for regulated services from 2026 onwards. This change in the law also introduces 2045 as a possible end date for the depreciation of the natural gas transmission network, in line with the German Climate Act and Germany’s aim to be climate neutral by 2045. However, German network operators are allowed to use a longer or (in certain contexts) even shorter depreciation period, depending on their own views on the use/repurposing of their networks.

Regulatory settlements

As transmission system operators with a monopoly position, GTS and GUD come under the regulatory purview of the Netherlands Authority for Consumers and Markets and Bundesnetzagentur respectively. These regulatory authorities determine how much GTS and GUD may earn (the revenue cap), thus guaranteeing that GTS’ and GUD’s customers are charged reasonable transmission tariffs.

If the income from the regulated services is higher than permitted in a given year, it must be returned to the market (‘settled’) several years later in the form of lower tariffs, and if the income is lower, the same applies in reverse. This mechanism also applies to energy costs and other elements from the regulation methodology: if these deviate from the standard they are also settled.

Under the International Financial Reporting Standards (IFRS) for large companies, these settlements may not be recognised as receivables or debt in the balance sheet. These settlements are, therefore, not recognised in the year in which they arise, but rather in the year in which they are implemented in the tariffs. This gives a distorted picture of the financial result in any given year. Due to the large size of the regulatory settlements, we also present an underlying result in the key figures.

The tariffs for 2024 included a set-off of € 158 million from previous years. This sum consists of a negative settlement of € 143 million for Gasunie Transport Services and € 15 million for Gasunie Deutschland. The revenue achieved, energy costs incurred and investments made in 2024 deviate from the standard set by the regulatory authorities in the Netherlands and Germany. Along with prior-year effects that are yet to be settled, this will result in a future receivable of € 289 million for Gasunie Transport Services and a future receivable of € 96 million for Gasunie Deutschland. These amounts will be set off in the tariffs in subsequent years.