04 Notes to the key figures

A large part of Gasunie’s revenue comes from network operators GTS and GUD, who operate with regulated tariffs. If these revenues exceed the allowed amount in a given year, they must be returned to the market a few years later (‘settled’) in the form of lower tariffs. The reverse also applies. This mechanism also applies to energy costs. When these deviate from the standard, they are also settled.

Therefore, we present two income statements. The first shows the reported (‘accounting’) result. The second is an approximation of the result adjusted for settlements from the past and settlements into the future.

The underlying result per half-year is based on a number of assumptions and thus serves as an indication of developments.

The rise in tariffs is the result of the regulatory system under which Gasunie operates in the Netherlands and Germany. In 2022, with the Russian invasion of Ukraine, Gasunie’s network operators sold much more capacity than expected at sometimes much higher prices. As a result, actual revenue that year was substantially higher than the revenue cap set by the regulators. Those additional revenues were largely returned to the market in 2024 in the form of lower rates. That effect has now largely worn off.

The increase in net profit is, in absolute terms, smaller than the increase in revenue. This is partly due to an increase in the number of employees to support our energy transition ambitions. Additionally, depreciation costs are higher because new infrastructure has been brought into use.