Investments by Fluxys Belgium down in 2018

By  Trend

In 2018, investments of Fluxys Belgium in property, plant and equipment totaled 78.1 million euros, compared with 83.4 million euros in 2017, Trend reports citing a message from the company.

Reportedly, 17.8 million euros was spent on transmission projects, 0.8 million euros on storage infrastructure and 59.5 million euros on LNG infrastructure projects (mainly the construction of a fifth tank at the Zeebrugge LNG terminal).

At its Annual General Meeting on 14 May 2019, Fluxys Belgium will propose paying out a gross dividend of 1.26 euros per share by releasing 9.9 million euros from unavailable reserves.

"Fluxys Belgium's grid and balancing system proved particularly robust in late February and early March 2018. During the cold spell occurring over that period, producers suffered interruptions and technical problems arose elsewhere in the Northwest European gas grid. Under those exceptional circumstances, the Fluxys Belgium system offered the resilience required to support smooth market functioning and competitive prices on the wholesale market," reads the message.

The Fluxys Belgium grid also was once again ready to cover peak demand from gas-fired power stations for which October and November 2018 were record months as they strove to meet the needs for power generation in Belgium, according to the message.

Fluxys holds 19 percent share in the Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe.