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Integrated Annual Report 2022
Fluxys Belgium
Let’s make
Belgium famous
for its hydrogen
network
#
OneteamOnetarget
shaping together
a bright energy
future
What we’re doing to speed up the
energy transition
This is who
we are
Transmission Storage Terminalling
Our ambition
Natural gas
& biomethane
Hydrogen
CO
2
Natural gas
& bio-
methane
Natural gas
& biomethane
Hydrogen
CO
2
100%
focus on speeding up
the energy transition
independent
infrastructure
company
open access to our
infrastructure and
services
30x30x30
For the market
By 2030
provide capacity for annual
transport:30 TWh of hydrogen
and 30 million tonnes of CO
2
In our own activities
By 2035
fully climate-neutral
Our contribution
to prosperity
Our investmentsOur talents
909
Employees
17/83
Diversity
women/men
81
New employees
58
Number of
employees taking
on a new role within
the company
175
133
97
38
37
Personnel
Suppliers
Society
(taxes)
Financial
institutions
(interest)
Share-
holders
(dividend)
2022
€480 million
in added value
10-year
investment plan
€2,8 billion
25%
75%
Sustainable
economic
activities
Other
investments
0%
3
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This sustainability report was validated by an external auditor. Validation was carried out according to the
‘International Standard on Assurance Engagements (ISAE) 3000 (Revised)’, a model developed for the certification
of non-financial data. The certified indicators are indicated throughout the report with a
.
Contents
Looking to the future ................................................ 4
Our profile: a purpose-driven company .............. 11
Our purpose and strategy ................................................ 12
Value creation: a continuous process .......................... 14
Our context ............................................................................ 16
Our services for speeding up ......................................... 18
the energy transition
How we are developing our infrastructure into ........ 21
the multi-molecule hub
Our structure and governance ...................................... 22
Our reporting ....................................................................... 28
Materiality analysis ............................................................. 32
Our risk management ....................................................... 34
Legal and regulatory framework ................................... 38
Our performance in terms of financial ................. 44
resilience and digitalisation
Financial resilience ............................................................ 48
Digitalisation ......................................................................... 56
Our ESG performance ............................................ 60
Environment ....................................................................... 62
Climate change – Transporting molecules ............... 64
for a carbon-neutral future
Climate change – Systematically reducing ................ 74
our own climate impact
Climate change – Management of natural capital ... 82
Climate change – EU taxonomy for .............................. 86
sustainable economic activities
Social ..................................................................................... 94
Safe and reliable infrastructure .................................... 96
Good neighbourly relations ........................................... 104
Management of human capital ..................................... 106
Employee safety, health and well-being ................... 112
Social dialogue .................................................................... 117
Diversity ................................................................................ 118
Customer care ................................................................... 120
Human rights ...................................................................... 122
Governance ....................................................................... 124
Ethics and integrity – efforts ........................................ 126
to combat corruption
Data security and privacy ............................................... 128
Corporate Governance Declaration .................. 130
Annex ....................................................................... 148
Methodology for calculating greenhouse ............... 149
gas emissions
Health, Safety and Environment Policy ...................... 150
GRI index ............................................................................... 151
Independent auditor’s assurance report ................... 153
Financial situation .................................................. 157
Statutory auditor’s report and ............................ xxx
declaration by responsible persons
Glossary ................................................................... xxx
Shareholder’s guide .............................................. xxx
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Looking to the future
Looking
to the future
5
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Looking
#
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to the future
Acceleration is key and we’re fully into our double mission. Creating
solutions for large-scale decarbonisation through hydrogen and CO
2
infrastructure. As well as ensuring security of energy supply. That’s how we
provide continuity while speeding up towards a sustainable future, both for
society and for our company.
6
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Looking to the future
#
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The essential infrastructure
partner for speeding up
the energy transition
Pascal De Buck
Managing Director and CEO
Daniël Termont
Chairman of the Board of Directors
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2022 was an eventful year. What
implications does it have for the future?
Pascal De Buck It was a terrible year for the
Ukrainian population, and in terms of the violence
and suﬀ ering that people are enduring. We can
only very much hope that this suﬀ ering will come
to an end as soon as possible. The geopolitical
situation has also turned the energy market upside
down. The challenge is twofold: both to provide
solutions for the security of supply of natural gas for
Europe and to resolutely move towards large-scale
decarbonisation.
What does the way forward look like?
Daniël Termont The message is to speed things
up. We have honed our strategy accordingly. As
a company, we have both the strength and the
Milestones
mission to be the essential infrastructure partner
for speeding up the energy transition. We are
developing infrastructure for hydrogen and CO
2
to ensure a rapid scale-up of decarbonisation
solutions. At the same time, we will continue to help
society with its natural gas supply for as long as that
is necessary.
Pascal De Buck Together with industry and our
partners, we have put our foot on the accelerator.
The preparation of the hydrogen and CO
2
infrastructure in the industrial clusters has moved
forward in double quick time. Cross-border
connections with France, the Netherlands and
Germany for hydrogen are already being worked
on. We are all set to develop the hydrogen and
CO
2
infrastructure for the Belgian and North-West
European economy.
Supporting security
of supply 24/7
The geopolitical situation has
profoundly changed the dynamics
of gas markets and the direction
of ﬂ ows in Europe. Throughout the
year, our teams across the country
left no stone unturned to ensure
security of supply in North-West
Europe – with impressive results.
As well as supplying Belgium via
the Belgian network, suppliers
managed to get unprecedented
quantities of natural gas to the
Netherlands and Germany. Flows
to Germany soared to 256 TWh
(from 20 TWh in 2021) and those to
the Netherlands increased to 145
TWh (from 68 TWh in 2021). At the
same time, the Loenhout storage
facility was fi lled to record levels
before the winter period started.
The Belgian network has thus
once again confi rmed its role as
an energy hub for Europe, with the
Zeebrugge area as an important
gateway for both natural gas via
pipelines and LNG via ship.
Multi-molecule system
takes shape
Achieving climate neutrality will
require ﬂ ows of hydrogen and
CO
2
. Together with industry,
our partners and neighbouring
operators, we have accelerated
our pursuit of this objective.
Intensive preparations are under
way on hydrogen and CO
2
pipeline and terminalling projects
across Belgium’s wide range of
industrial clusters.
Fluxys Hydrogen & CO
2
network
8
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Looking to the future
Why is a multi-molecule system
important?
Pascal De Buck The robustness of a market stands
or falls with its diversification. We can see that in the
current geopolitical context, as we did during the
pandemic. Our strength today lies in the fact that
our infrastructure opens up a wide range of natural
gas resources. That is something we will maintain
into the future. We will do this by using hydrogen
infrastructure that gives consumers access to all
the options available: production locally, from our
neighbouring countries, or from overseas imports.
The same applies to the CO
2
infrastructure: we are
focusing on various strategies that industry needs,
with transmission for reuse and various export
possibilities.
Daniël Termont Optimal diversification also means
looking ahead by adopting a future-oriented
and integrated approach to the energy system.
Electricity from renewable sources, carbon-neutral
molecules such as hydrogen, and carbon capture
and CO
2
reuse or export must dovetail seamlessly
together. If we make our gas and electricity systems
Together with industry and our
partners, we have put our foot on
the accelerator. We are all set to
develop the hydrogen and CO
2
infrastructure for the Belgian and
North-West European economy.
Pascal De Buck
Managing Director and CEO
Desteldonk-Opwijk
pipeline: natural gas
today, and ready for
hydrogen
Given the new supply situation in
Europe, speed and adaptability
are the watchwords for new
infrastructure as well. We
prepared thoroughly for the first
phase in the construction of the
Zeebrugge-Opwijk pipeline,
comprising the section between
Desteldonk and Opwijk. This
will boost our capacity to
carry natural gas inland
from Zeebrugge. At the
same time, the pipeline
is an initial step towards
speeding up the energy
transition as it will be
immediately available
for hydrogen transport as soon
as the market is ready. We will
commission the Desteldonk-
Opwijk section in late 2023.
Connect & move
Taking part in sporting activities
with colleagues at lunchtime or
after work is not only a pleasant
thing to do – it also fosters team
spirit and boosts motivation levels.
That is why we set up Connect &
Move, encouraging colleagues
to exercise together, put together
teams and throw themselves into
sporting events. As a result, 120
colleagues went for it at 16 events
across Belgium! !
9
#
OneteamOnetarget
holders in an ESG approach. That is the perspective
we are starting out from.
This is the last annual report which you,
as Chairman of the Board of Directors, will
present to the Annual General Meeting.
Looking back, how do you view your time
as Chairman?
Daniël Termont I have had the privilege of chairing
our Board meetings for the last 14 years. It has been
an honour to take part in developing and implement-
ing our strategy throughout that period. I have seen
Fluxys Belgium develop into the core of our parent
group Fluxys, which, through its expansion, has given
additional impetus to Fluxys Belgium's business. This
is the kind of development we can rightly be proud
of. Although I am stepping down as chairman, I will
remain a member of our governing bodies for a while.
With my experience I hope to be able to continue
contributing to the exciting period in which our com-
pany fi nds itself. I would like to extend my heartfelt
thanks to all those with whom I have worked over
the past years, especially CEOs Walter Peeraer and
Pascal De Buck for their pleasant and fruitful colla-
boration. And I would like to take this opportunity to
wish my successor every success.
In the years ahead, we plan to
further develop our process of
value creation by involving our
stakeholders in an ESG approach.
That is the perspective we are
starting out from.
Daniël Termont
Chairman of the Board of Directors
How will you change
the world?
Keeping up the good work and
tapping into our innovative side
to help build a climate-neutral
society. That is the message of our
multimedia campaign in which we
enthusiastically pursued our search
for talent. The results of this speak
for themselves, with no fewer than
81 new colleagues joining our team.
Settling in quickly makes all the
diﬀ erence. That’s why we provide
a warm welcome as part of an
innovative induction programme.
Cooperation Belgium-
Germany stepped up
further
At the Belgian-German energy
summit in Zeebrugge in early 2023,
the two countries agreed to further
increase energy cooperation.
Key element in that cooperation
is to ensure a pipeline corridor
to facilitate hydrogen transport
between Belgium and Germany.
Progress towards
achieving our own
climate neutrality
Our commitment: to be a
climate-neutral company by
2035. The fi rst milestone is
to halve our greenhouse-gas
emissions by 2025, compared
with 2017. In 2022, we reached
that milestone for methane
emissions in our transmission
and storage businesses. In our
LNG business, three additional
open-rack vaporisers currently
under construction will reduce the
Zeebrugge terminal’s emissions.
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
#
OneTeamOneTarget
11
Our profi le:
a purpose-driven company
#
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a purpose-driven company
Everyone and everything needs energy to grow and fl ourish. People
can rely on us to make that energy fl ow. Day and night, we’re there to
ensure security of energy supply. And in the meantime, we’re getting
our infrastructure ready for the years to come. Today, we transport
natural gas, tomorrow we’ll also be transporting hydrogen and CO
2
.
That’s how we keep people, society and the planet moving.
12
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
We are committed to continuing to build a greener
energy future for the generations to come. People,
industry and societies all need energy to thrive and pro-
gress. Fluxys Belgium accommodates this need: we put
energy in motion through our infrastructure. We move
natural gas while paving the way for the transmission
of hydrogen, biomethane or any other carbon-neutral
energy carrier as well as CO
2
, supporting carbon cap-
ture, reuse and storage.
Shaping together a bright energy future
The energy ecosystem is complex and the demand
for energy as a driver of human progress combined
with a global need to make energy more sustainable
is a challenge that requires everyone to get involved.
Redesigning the energy system will not be easy,
yet it can be done if we work together. Together refers
to all our stakeholders: our employees, shareholders,
industrial partners, customers, the general public and
all actors in the energy system. At Fluxys, we truly
believe that cooperation is the key to our success.
together
Bright: With optimism we dare to say that our infrastructure,
with its capacity for CO2 and for green gases such as hydrogen
and biomethane, will play a substantial role in the transition
to a carbon-neutral energy future for everyone.
bright
The word future encapsulates a responsibility. With our
unique assets as an infrastructure company, we owe it
to ourselves to contribute to a greener energy future for
the generations to come.
future
Our purpose and strategy
the essential
infrastructure partner
for speeding up the
energy transition
connect
create low-carbon energy
value chains through partnerships
expand
develop, scale-up and
operate multi-molecule
infrastructure
secure
contribute to a
sustainable and secure
energy supply
green
transition
30 X 30 X 30
13
#
OneteamOnetarget
Our strategy
by 2030, we aim to oﬀ er our
customers transport capacity for
30 TWh of hydrogen and
30 million tonnes of CO
2
per year
our ambition
14
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Value creation:
a continuous process
Our purpose Shaping together a bright energy future
reflects our ambition to be an all-encompassing value
creator. What this means in practice is becoming clearer
year by year. Whereas in previous years Fluxys Belgium
created value based on the 3Ps, People, Planet and
Prosperity, since 2022 it has resolutely adopted an
Environment Social Governance approach.
Moreover, Fluxys Belgium’s value creation as an essen-
tial infrastructure company in the energy transition was
the subject of even greater focus in 2022.
Thus, the strategic ambition to speed up the energy
transition was anchored more firmly in the business
model. During a transitional phase, our multi-faceted
ambition is to support society with its energy needs,
develop a multi-molecule infrastructure with cross-bor-
der connections, and explore new green energy chains.
Value creation is embedded
in our purpose, and ESG
is the new lens we are using
to make the process behind
that tangible.
To meet this ambition, Fluxys Belgium deploys a wide
range of resources to create value that goes beyond
the financial.
The company is taking additional steps based on this
integrated, purpose-driven vision of being the essential
infrastructure company. For example, a Transformation
and Sustainability Director was appointed in 2022 to
support the ESG process, among other things. Moreo-
ver, this integrated annual report represents the start
of a transition to ESG reporting.
secure
expand
connect
€ 105.5 m
investments
in infrastructure
909
employees
153 women
756 men
On average
5.64 days
of training per
full-time equivalent
Research
in the field
of accelerating the
energy transition
0
complaints
about fraud
or reports of
unethical
conduct
Ethical
business
conduct
0
interruptions
or reductions
in capacity
Security
of supply
81
new
employees
58
employees
taking on a new role
within the company
Valuing
talent
10
proposals
for open-access
hydrogen and CO₂
infrastructure
in Belgium's
industrial clusters
4
market
consultations
completed in
the first phase
Decarbonisation
solutions
for the economy
€ 480 m
contribution
to prosperity
Prosperity
Greenhouse
gas intensity –
LNG-terminalling
+56%
Reducing
our own
climate impact
Greenhouse
gas intensity –
transmission
and storage
-48%
15
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Together with our stakeholders,
we are taking the opportunity to look holistically
at our value creation. That is the perspective we
are starting out from.
16
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Our context
17
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Market dynamics
In 2022, the European natural gas market was hit by the
effects of the gradual reduction in pipeline supplies of
Russian gas. During the year, a new balance emerged
between supply and demand: on the one hand, lique-
fied natural gas (LNG) imports increased considerably;
on the other hand, demand fell significantly, mainly due
to a substantial rise in prices.
The Belgian network is a major crossroads for the Euro-
pean gas market. The decline of Russian pipeline gas
mainly affected Germany, leading to the need for new
transit configurations. As a result, we have seen in the
Belgian network very substantial flows from the west,
including imports from Norway, France and the UK, for
transit to Germany and the Netherlands.
Climate and Energy Transition
policy
In 2022, in response to the natural gas supply issues,
Europe took measures to boost short-term security of
supply, for example by requiring that a given level of
gas was in storage before the winter, and also to speed
up the energy transition. Various legislative initiatives
arising from the European Green Deal have now been
approved, but the hydrogen and decarbonised gas
market package has not yet been finalised.
This package is expected to propose a European legal
and regulatory framework for carbon-neutral molecules,
such as hydrogen, biomethane and synthetic methane,
alongside renewable electricity, in the energy system
of tomorrow. Carbon capture, reuse or storage is also
set to be recognised as one of the many solutions that
can be brought together to achieve the objective of
climate neutrality.
A number of European countries, including Belgium,
France, Germany and the Netherlands, have adopt-
ed ambitious hydrogen strategies or updated such a
strategy, sometimes incorporating specific targets for
the production of green hydrogen and/or developing
support mechanisms to encourage this production. In
early 2023, Belgium’s federal government proposed a
regulatory framework for hydrogen which is under dis-
cussion in the Federal Parliament (see the “Legal and
regulatory framework” section, page 38).
Innovation
To shape the energy transition, innovative technologies
will have to be deployed on a large scale as quickly as
possible, in a number of areas spanning both the pro-
duction of renewable and low-carbon energy sources
and the methods of transport and storage.
For example, the industry is fully committed to the
expansion and development of innovative hydro-
gen-production technologies. This hydrogen can then
be used directly or serve as a basic component for
other by-products such as synthetic methane and syn-
thetic methanol. These synthetic energy carriers can
also be produced using CO
2
captured from industry,
introducing innovative and circular production pro-
cesses with a carbon-neutral or even carbon-negative
footprint.
Molecules for a carbon-neutral future will need to be
transported and stored. Fluxys Belgium is therefore
doing everything it can to make this possible, drawing
on a plan for the reuse of existing infrastructure and
for new infrastructure as tools of the energy transition.
18
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
We will transport natural gas
for as long as necessary.
We provide open-access
infrastructure connected to
as many sources as possible
to support security of supply.
In this way we help society
make the transition to
carbon-neutral energy and
raw materials. We are already
able to transport large
volumes of carbon-neutral
biomethane.
Transmission
Storage
Terminalling
Natural gas & bio-
methane services
Our services for speeding up
the energy transition
The connection to various
sources and neighbouring
markets, the flexibility of
the service offering and
the availability of the sales
team all make the difference
in these turbulent times
and this difficult market
situation.
We get low-carbon hydrogen
to customers in the form of
energy and raw material.
We provide open-access
infrastructure connected to
as many sources as possible
to support security of supply.
In this way we help
decarbonise industry, power
generation and the transport
sector.
Transmission
Terminalling
Hydrogen
services
With low-carbon hydrogen
we can get our company’s
emissions to net zero.
We transport CO
2
to sites where
it can be reused or exported to
permanent storage.
We provide open-access infra-
structure that offers as many
takeaway options as possible.
In this way we help decarbonise
industry that engages in carbon
capture.
CO
2
services
We’re pleased to be
working with Fluxys on
CO
2
transmission. It means
we can now speed up
deployment of our carbon
capture technology and
move towards net-zero
emissions.
Transmission
Terminalling
For commercial reasons, the customers quoted here preferred to remain anonymous.
Our ambition: By 2030,
offer the capacity to transport
30 TWh of hydrogen and
30 million tonnes of CO
2
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Our infrastructure today
The Fluxys Belgium network is excellently connected to all natural gas sources
available to the European market. The gas enters via pipelines or by ship
(in liquid form, LNG) and flows via our network to consumers in Belgium and to all
neighbouring countries. In the service of a carbon-neutral economy, we want to
develop our grid into a hydrogen and CO
2
hub in the same way.
20
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profi le
How we are developing
our infrastructure into
the multi-molecule hub
First transmission infrastructure in 2026
We develop local hydrogen and CO
2
networks in line with the needs
of companies in the industrial clusters
We plan connections between the networks in the industrial clusters
and with neighbouring countries to turn the hydrogen and CO
2
infrastructure into cross-border backbones
We develop terminals for hydrogen import and CO
2
export
In this way we are making sure that we are all set to develop
the necessary hydrogen and CO
2
infrastructure for the Belgian
and North-West European economy.
For more details about our approach to transporting molecules
for a carbon-neutral future, see page 64
Hydrogen and CO
2
networks in Belgium
Zeebrugge as a multi-molecule hub
• Importing hydrogen or derivatives and
sending these products into the hydrogen
network for transmission within Belgium
and to neighbouring countries
• Receiving CO
2
from the CO
2
network
with two export options:
– liquefaction, intermediate storage
and loading onto ships to be taken to
permanent offshore storage sites;
– transshipment to an offshore pipeline
for transmission to permanent
offshore storage sites.
• Status: preliminary studies
Ghent Carbon Hub
• Multimodal terminal for receiving,
liquefying and temporarily storing CO
2
and loading it onto ships to be taken
to permanent oﬀ shore storage sites
• Status: feasibility study
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Hydrogen pipeline
CO
2
pipeline
H
2
/NH
3
+ CO
2
-terminal
CO
2
terminal
Interconnection hub
Hydrogen shipping
CO
2
shipping
Intermodal
Antwerp@C CO
2
Export Hub
• Terminal for receiving, liquefying
and temporarily storing CO
2
and
loading it onto ships to be taken to
permanent oﬀ shore storage sites
• Status: engineering & design
Import terminal for green liquid
ammonia in Antwerp
• Multimodal terminal for import and
transshipment of green liquid ammonia
and its conversion into green hydrogen for
transmission in the hydrogen network
• Status: feasibility study
22
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Our structure
and governance
We are a Fluxys group company
23
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Fluxys Belgium is a public limited company and is part of
the Fluxys group. Fluxys Belgium’s capital is held by the
following entities:
• Fluxys, a public limited liability company
under Belgian law, holds a capital interest of
90%. This stake is divided between class B
shares (83.29%) and class D shares (6.71%).
• The public holds 10% of the shares
in Fluxys Belgium (class D).
• The Belgian State holds one share
(the “golden share”).
The total number of shares is 70,263,501. All shares are
entitled to dividends.
The shares are issued in the following classes: B, D and
the “golden share”.
• Class B shares are and will remain registered shares.
• Class D shares are registered or dematerialised
at the discretion of the shareholder who
will bear any conversion charges.
• Class B shares are automatically converted into class
D shares when they are transferred to a third party.
• 16.71% of the shares are listed on Euronext,
6.71% of them are held by Fluxys and the
remaining 10% are held by the public.
• The golden share held by the Belgian State gives
the federal government special rights should Fluxys
Belgium consider selling strategic infrastructure
whose sale would, in the competent minister’s
opinion, compromise the country’s energy interests.
The Belgian State is represented by the federal
Minister of Energy. For more details about the
rights attached to the Belgian State’s “golden
share”, please refer to the Corporate Governance
Declaration, “Voting rights and special powers”.
On 21 February 2023, CDPQ relinquished its entire stake
in the parent company Fluxys, meaning that its share-
holder structure at the time of writing is as follows:
• Publigas manages the interests of
Belgian municipalities in Fluxys.
• Energy Infrastructure Partners (EIP) is a
Switzerland-based asset manager focusing
on long-term investments in high-quality
large-scale renewable energy projects and
in system-critical energy infrastructure.
• AG Insurance is a Belgian insurance company that
is part of the international insurance group Ageas.
• Ethias is a Belgian insurance group whose
main shareholders are the Belgian Federal
State, the Walloon Region, the Flemish Region
and the cooperative society EthiasCo.
• The Federal Holding and Investment Company
is a federal Belgian holding company set up
to manage, on behalf of the Belgian State,
shareholdings in public and private companies
of strategic economic importance to Belgium.
• Since 2012, Fluxys group employees and
management have had multiple opportunities
to become Fluxys shareholders.
Aandeelhouderschap op 29 maart 2023
Our shareholders
15,24% 77,41% 3,44% 1,98% 1,32% 0,61%
Energy
Infrastructure
Partners Publigas
Federal
Holding and
Investment
Company
AG
Insurance Ethias
Personnel and
management
Fluxys
90,00%
Listed shares
(Euronext)
Fluxys
Belgium
Golden share
Belgian State
10,00%
24
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
99,99% 50%100%
Fluxys LNG BalansysFlux Re
Our subsidiaries
Fluxys LNG (consolidated subsidiary – Fluxys Belgium
holds a 99.99% stake and Flux Re a 0.01% stake). Fluxys
LNG is the owner and operator of the Zeebrugge LNG
terminal and sells terminalling capacity and associated
services.
Flux Re (consolidated subsidiary – wholly owned by
Fluxys Belgium). Flux Re is a reinsurance company
under Luxembourg law.
Balansys (stake consolidated using the equity method
– Fluxys Belgium holds a 50% stake). As part of the
2015 integration of the Belgian and Luxembourg gas
market, Fluxys Belgium and Creos Luxembourg (the
Luxembourg transmission system operator) set up the
company Balansys, a joint venture in which Fluxys Bel-
gium and Creos Luxembourg each have a 50% stake.
Balansys has been the operator responsible for balanc-
ing activities for the integrated Belgian-Luxembourg
gas market since 2020.
Fluxys
Belgium
Our governance
Commitment to sustainability
Integral part of the business strategy. Fluxys Belgium’s
commitment to sustainability is an integral part of its
business strategy. The company’s purpose and busi-
ness strategy guide the way in which we create sus-
tainable value for society, within the ESG framework.
The Board of Directors, as the company’s most senior
management body, is responsible for the strategy and
its review.
Fleshed out in corporate objectives. Fluxys Belgium
fleshes out its strategy and commitment to sustainabil-
ity through corporate objectives in the ESG domains,
which are translated every year into personal objec-
tives in the performance management cycle.
The performance-related remuneration of the Manag-
ing Director and CEO and of the Management Team BE
is based on the extent to which these objectives are
achieved. This is evaluated by the Board of Directors
based on advice from the Appointment and Remuner-
ation Committee. The achievement of objectives also
determines the performance-related remuneration paid
to Fluxys Belgium employees. Collective bargaining
agreement CAO/CCT 90, which applies to employees,
also includes incentives aimed at reducing Fluxys Bel-
gium’s greenhouse gas emissions, for instance.
Governance structure
A number of advisory bodies have been established
within the Board of Directors to assist the Board in its
tasks: the Audit and Risk Committee, the Corporate
Governance Committee, and the Appointment and
Remuneration Committee.
The Board of Directors has delegated the daily man-
agement of Fluxys Belgium and has granted special
powers to one of its members, who is named the Man-
aging Director and is also the company’s Chief Execu-
tive Officer (CEO). The Managing Director is authorised
to entrust certain aspects of the daily management or
their specific powers to a Management Team BE.
More information about corporate governance
at Fluxys Belgium can be found in the Corporate
Governance Declaration (see page. 131).
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From left to right:
Jan Van de Vyver, Christian Leclercq, Peter Verhaeghe, Damien Adriaens, Leen
Vanhamme, Nicolas Daubies, Pascal De Buck, Erik Vennekens, Rafaël Van Elst, Anne
Vander Schueren, Arno Büx, Raphaël De Winter
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Our Board of Directors as at 29 March 2023
Board of Directors
• Daniël Termont, Chairman of the Board of Directors
• Claude Grégoire, Vice-Chairman
of the Board of Directors
• Pascal De Buck, Managing Director and CEO
• Abdellah Achaoui
• Sabine Colson*, Chairman of the
Corporate Governance Committee
• Laurent Coppens
• Valentine Delwart*
• Leen Dierick
• Cécile Flandre*
• Sandra Gobert*
• Andries Gryffroy
• Gianni Infanti
• Ludo Kelchtermans, Chairman of the
Audit and Risk Committee
• Roberte Kesteman*
• Anne Leclercq*
• Josly Piette
• Koen Van den Heuvel, Chairman of the
Appointment and Remuneration Committee
• Wim Vermeir
• Geert Versnick
• Sandra Wauters*
• Tom Vanden Borre, federal government
representative acting in an advisory capacity
• Maxime Saliez, federal government
representative acting in an advisory capacity
Nicolas Daubies, Dpt. Director Group General
Counsel & Company Secretary, acts as secretary to
the Board of Directors.
* Independent director within the meaning of the Gas Act and as per the Belgian Code on Corporate Governance.
Audit and Risk Committee
• Ludo Kelchtermans, Chairman
• Sabine Colson
• Laurent Coppens
• Cécile Flandre
• Anne Leclercq
• Wim Vermeir
• Sandra Wauters
• Pascal De Buck, Managing Director and
CEO, invited in an advisory capacity
Nicolas Daubies, Dpt. Director Group General
Counsel & Company Secretary, acts as secretary to
the Audit and Risk Committee.
Corporate Governance Committee
• Sabine Colson, Chairman
• Laurent Coppens
• Valentine Delwart
• Sandra Gobert
• Roberte Kesteman
• Anne Leclercq
• Josly Piette
• Pascal De Buck, Managing Director and
CEO, invited in an advisory capacity
Nicolas Daubies, Dpt. Director Group General Counsel
& Company Secretary, acts as secretary to the Corpo-
rate Governance Committee.
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Appointment and Remuneration
Committee
• Koen Van den Heuvel, Chairman
• Valentine Delwart
• Cécile Flandre
• Sandra Gobert
• Gianni Infanti
• Roberte Kesteman
• Geert Versnick
• Pascal De Buck, Managing Director and
CEO, invited in an advisory capacity
Anne Vander Schueren, HR Director, acts as
secretary to the Appointment and Remuneration
Committee.
Managing Director and CEO
and Management Team BE
Managing Director and CEO
• Pascal De Buck
Management Team BE
• Arno Büx, member of the Management
Team BE and Chief Commercial Officer
• Christian Leclercq, member of the Management
Team BE and Chief Financial Officer
• Peter Verhaeghe, member of the Management
Team BE and Chief Technical Officer
Nicolas Daubies, Dpt. Director Group General Counsel
& Company Secretary, acts as secretary to the Manage-
ment Team BE.
The Management Team BE is assisted by an
Executive Committee composed as follows:
• Damien Adriaens, Dpt. Director
Commercial Regulated
• Nicolas Daubies, Dpt. Director Group
General Counsel § Company Secretary
• Raphaël De Winter, Director Fluxys nextgrid
• Jan Van de Vyver, Dpt. Director Installations § Grid
• Rafaël Van Elst, Director Construction,
Engineering & Gas Flow
• Anne Vander Schueren, Director Human Resources
• Leen Vanhamme, Director
Transformation & Sustainability
• Erik Vennekens, Director Digital
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Our reporting
29
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1. The Global Reporting Initiative (GRI) provides a generally accepted system for sustainability reporting. This includes principles and
indicators that organisations can use to uniformly and transparently report on their economic, environmental and social performance.
In line with GRI standards
The reporting in this sustainability report integrates
non-financial information in line with Global Reporting
Initiative (GRI) Standards – Core
1
and thus provides an
explanation of the topics that are material to Fluxys
Belgium's activities, taking into account the context and
value chain within which the company operates and the
interests of the company's stakeholders.
Our stakeholders
The guiding principle in mapping our stakeholders
is the extent to which there is a mutual interaction
between Fluxys Belgium’s activities and those of poten-
tial in-scope stakeholders.
Given Fluxys Belgium’s role in the energy transition,
non-governmental organisations were included as
stakeholders in the most recent stakeholder analysis
(in 2020). Some stakeholders have also seen their role
change. For example, a number of stakeholders with
whom Fluxys Belgium has had long-standing commer-
cial relations in the context of the supply of natural gas
are now partners in projects to transport carbon-neutral
energy carriers and CO
2
in Belgium.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Stakeholder Interaction Expectations
Employees
• Constant provision of information
via the intranet and a wide
range of training courses and
opportunities for development
• Continuous contact through
daily management
• Regular consultation within
platforms such as the works council
or Committee for Prevention
and Protection at Work
• (In)formal chats about
psychosocial risks
• Good employer
• Safe, healthy working environment
• Fluxys Belgium's active role
in the energy transition
Local residents
• Owners and operators of land
on which, or near to which, our
facilities are located or will be built
• Agricultural, forestry and
hunting organisations
• Permit authorities, local authorities
and emergency services of the
towns, cities and municipalities
where our infrastructure is located
or where we carry out work
• Contact in connection with
daily operations and the
construction of infrastructure
• Information campaigns
• Awareness-raising campaigns
• Drills with emergency services
• Information
• Safety
• Limitation of disruption
Shareholders
• Regular consultation in the company's
various bodies with shareholders'
representatives on matters including
strategy, financial performance, risk
management, and the safety and
reliability of natural gas transmission
• Fluxys Belgium plays an active,
positive role in the energy transition
thanks to its sound financial situation
and reliable infrastructure
Customers
• The users of the transmission system,
the Loenhout storage facility and
the Zeebrugge LNG terminal: gas
producers, wholesalers, traders and
suppliers who buy capacity in the
company's infrastructure to get their
gas to its intended destination
• Distribution system operators
connected to Fluxys Belgium's
network to supply gas to
homes and SMEs
• Consumers directly connected to
the transmission system, such as
industrial companies and natural-
gas-fired power plants; they mostly
do not purchase capacity from Fluxys
Belgium but there is an operational
link due to their physical connection
to the transmission system
• Permanent contact through
our commercial team
• Annual events enabling to
address towards each customer
group the topics that regularly
come up in day-to-day contact
with the commercial team
• When changing existing services,
developing new services, proposing
new tariffs or suggesting amendments
to contractual documents, Fluxys
Belgium conducts a market
consultation in accordance with
the regulatory framework
• Optimum availability of
infrastructure capacity
• Competitive tariffs
• Innovative services
• Customers, who take account
of total emissions generated by
their supply chain, have high
expectations with regard to their
suppliers' climate impact
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Stakeholder Interaction Expectations
Suppliers
• Regular contact with the
business units and the central
procurement office with regard
to the execution of contracts
• A number of suppliers are initially in
close contact with Fluxys Belgium
with regard to the qualification
procedure to be completed by
suppliers in order to be able to
supply products and services
• Some suppliers receive a
questionnaire about their
environmental, health
and safety practices
• In terms of sustainability, the suppliers'
objectives and the approach adopted
by Fluxys must align with each other
Authorities and regulators
• The Belgian and European
authorities and energy regulators
• Financial regulators such as
the Financial Services and
Markets Authority (FSMA)
• Consultation and information
exchange with Belgium's federal
energy regulator, the Federal
Public Service (FPS) Economy,
regional authorities and the
European energy regulator
• Periodic regulated information
for the FSMA via publications,
reports and notifications
• Effectively functioning energy market
• Safe and reliable transmission
infrastructure
• Initiatives regarding the
energy transition
Financial institutions
• Periodic regulated information via
publications, reports and notifications
• Transparent information about
Fluxys Belgium's financial situation
and sustainability policy
Non-governmental organisations
• Non-governmental organisations
active specifically in the fields
of the energy transition, climate
change and environmental issues
such as biodiversity and water
and waste management
• Consultation and exchange of views • Transparent information and
clear commitments
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Materiality analysis
Consultation
In 2020, Fluxys Belgium consulted its stakeholders to
gather their views on the significance of Fluxys Belgium’s
role and impact in the 17 relevant sustainability areas.
The company’s Management Team was also consulted.
The materiality matrix shows the consolidated result of
both consultations.
Materiality matrix
Planet Prosperity People
Importance for Fluxys
Operational
reliability
Safety of
employees
Financial
resilience
Climate
change
Transporting the molecules
for a carbon-neutral future
Building
and operating
a safe
infrastructure
Digitalisation
Customer
care
Health and
well-being of
employees
Data security
& privacy
Social
dialogue
Diversity
and inclusion
Human rights
Natural capital
management
Good
neighbourly
relations
Ethics and
integrity
Importance for stakeholders
2 3 4
2
3
4
Human Capital
Management
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Transition to ESG framework
The material domains that emerged from the stake-
holder consultation in 2020 were brought together in
a Planet/Prosperity/People framework. In 2022, Fluxys
Belgium decided to switch to an Environmental/Social/
Governance approach. Therefore, in this report, the
materiality domains are presented from that perspective.
Performance in terms
of financial resilience
and digitalisation
page 44.
ESG performance
Environment
page 62.
Social
page 94.
Governance
page 124.
• Financial resilience
• Go Digital
• Climate change –
Transporting molecules for
a carbon-neutral future
• Climate change –
Systematically reducing
our own climate impact
• Climate change
– Management of
natural capital
• Climate change – EU
taxonomy for sustainable
economic activities
• Safe and reliable
infrastructure
• Good neighbourly relations
• Management of
human capital
• Employee safety, health
and well-being
• Social dialogue
• Diversity and inclusion
• Customer care
• Human rights
• Ethics and integrity – efforts
to combat corruption
• Data protection and privacy
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Our risk management
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Fluxys Belgium’s Enterprise Risk Management (ERM)
system identifies the risks that could have a short-,
medium- and long-term impact on the company, people
and the environment.
The risk management system is based on ISO 31000.
Risk management is integrated into the company’s
strategy, business decisions and activities. The risk
management system looks at the impact that risks
can have from various angles: we not only assess the
impact of risks on Fluxys’ value creation, operational
performance and reputation – we also consider the
impact on people and the environment. Risk assess-
ments are done in the short, medium and long term,
which also makes it possible to carefully manage the
risks associated with climate change. The risks and
associated measures are explained in this integrated
annual report for each domain in the materiality analysis
(see the “Our reporting” section, page 28)
Enterprise Risk Management
Risk Management organises the risk management sys-
tem and reports annually to the Audit and Risk Commit-
tee. All our departments identify, analyse and evaluate
their risks and report on how risks are managed. They
work with management to map out the main risks, the
controls and the mitigating measures. The Audit and
Risk Committee examines the risk management system
and all the main risks, controls and mitigating measures
each year.
Actors in the process
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Fluxys Belgium assesses the likelihood of the main risks
connected to its activities and estimates the potential
financial impact thereof. Depending on the possibilities
and the market conditions, the group mainly covers
these risks via the insurance market. In some cases,
risks are partially reinsured by Flux Re, a wholly-owned
subsidiary of Fluxys Belgium, or are partially self-re-
tained, for example by applying appropriate deducti-
bles. Flux Re reinsures general and environmental lia-
bility, property risks, material damage risks and financial
risks (not life or health risks).
The fact that Flux Re is fully consolidated in the group’s
accounts means that the cost of damages covered
by the group’s reinsurance policy are booked to the
consolidated result. Flux Re also reinsures certain risks
facing other companies in the Fluxys group. Where
appropriate, compensation paid in the event of dam-
ages involving these parties will impact the Fluxys Bel-
gium group’s IFRS consolidated result.
Insurance
The comprehensive cover is in line with European best
practices in the field and includes the different areas in
which risks may materialise:
• protection of facilities against various types of
material damage; in specific cases, facilities
also have additional cover for loss of earnings
as a result of unavailability due to damage;
• protection against third-party liability by
means of comprehensive, multi-level cover;
• staff programme: mandatory insurance
cover (occupational accidents) and
staff healthcare programme;
• protection of the vehicle fleet by
means of appropriate insurance.
First line Second line Third line
• The first line of defence: the
departments themselves,
• which are responsible for their
risks and ensure effective
controls and measures.
• The second line of defence:
the Risk and Compliance
teams as well as, in certain
cases, the Finance, Health,
Safety and Environment, and
ICT Security departments.
• They guide those in the first line
in risk management, compliance
with regulations, guidelines and
internal rules, budget monitoring
and the security of staff, facilities,
ICT systems and information.
• The independent third line of
defence: Internal Audit, which
is responsible for monitoring
business processes.
• Internal Audit performs risk-based
audits to monitor the effectiveness
and efficiency of the internal
control system and processes.
The department also performs
compliance audits to ensure
that guidelines and processes
are consistently applied.
The three lines of defence model is the internal control model used to manage our risks and carry out controls.
Internal control process
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Since the outbreak of war in Ukraine, various sanctions
have been taken against Russia and Belarus, as well
as Russian and Belarusian companies. In this context,
Fluxys Belgium Group is not active on the Russian
market nor does it have any investments in Russian
companies. Fluxys Belgium group sees no evidence
of impairment.
In its activities, Fluxys Belgium group does business
with Russian companies in accordance with European
and national gas regulations and we operate in full
compliance with the sanctions regime.
Fluxys LNG is the company with the largest exposure to
Russian gas flows through long-term contracts. To date,
however, there have been no changes to regular flows
or payments. The possible termination of long-term
contracts could lead to a temporary reduction in the
company’s economic contribution to the Fluxys Belgium
Consequences of the war in Ukraine
group. However, the regulatory framework is such that
it allows authorised revenue to be maintained and the
cancellation of long-term contracts would also free up
capacity in a market with high demand.
Based on the current situation and given the regulat-
ed nature of its activities, the Fluxys Belgium group’s
net result is generally very little affected by volume
decreases. Depending on the evolution of the war and
on the duration and extent of the sanctions, the Fluxys
Belgium group could temporarily face adverse effects
on cash income if customers were to default on pay-
ment for booked capacity.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Legal and regulatory
framework
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Europe
Since 3 March 2011, the European natural gas market
has been regulated by the EU’s third energy package:
• Directive 2009/73/EC of the European
Parliament and of the Council of 13 July 2009
concerning common rules for the internal
market in natural gas and repealing Directive
2003/55/EC (the Third Gas Directive);
• Regulation (EC) No 715/2009 of the European
Parliament and of the Council of 13 July 2009
on conditions for access to the natural gas
transmission networks and repealing Regulation
(EC) No 1775/2005 (the Second Gas Regulation);
• Regulation (EC) No 713/2009 of the European
Parliament and of the Council of 13 July 2009
establishing an Agency for the Cooperation of
Energy Regulators (the ACER Regulation).
In late 2021, the European Commission published its
Proposal for a Directive of the European Parliament and
of the Council on common rules for the internal markets
in natural and renewable gases and in hydrogen, as
well as its Proposal for a Regulation of the European
Parliament and of the Council on the internal markets
for renewable and natural gases and for hydrogen.
These legislative texts are expected to be finalised and
adopted by the end of 2023. It is anticipated that they
will introduce a regulated framework for the European
markets in renewable gas and hydrogen, along the lines
of the existing framework for natural gas.
Belgium
Within the current legal and regulatory framework,
a regulated system is applied to transmission (both
domestic and border-to-border), natural gas storage
and LNG terminalling. As required by EU legislation,
the Belgian market is supervised and overseen by inde-
pendent regulators. The supervisory authority for the
regulated activities of the Fluxys Belgium group is the
federal regulator, the Commission for Electricity and
Gas Regulation (CREG).
A bill concerning the transmission of hydrogen by pipe-
line was introduced in the Federal Parliament by the
Belgian government in January 2023.
This legislation is expected to lay down the framework
for:
• granting hydrogen transmission licences;
• the appointment and certification of a
hydrogen transmission system operator;
• the unbundling of hydrogen transmission
from production or supply of hydrogen,
natural gas, biogas, biomethane, other forms
of synthetic methane or electricity;
• existing hydrogen networks.
It is anticipated that this legislation will determine the
tasks of the hydrogen transmission system operator,
including:
• compiling a network development plan;
• providing non-discriminatory regulated access:
• communicating transparent and objective
information to market players;
• confidentially handling commercially
sensitive information of users of the
hydrogen transmission system;
• compiling quality standards for
the transported hydrogen.
This legislation is expected to lay down the missions
and powers of the regulator (CREG).
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
Legislation
The Belgian Gas Act forms the general basis of the reg-
ulatory framework and incorporates the main principles
that apply to the activities of Fluxys Belgium and Fluxys
LNG as operators of the transmission system, natural
gas storage facilities and LNG terminalling facilities.
The third package of legislative measures, in particular
the Directive of the European Parliament and of the
Council of 13 July 2009 concerning common rules for
the internal market in natural gas, was transposed into
Belgian legislation (Act of 8 January 2012 amending the
Gas Act adopted as of 21 January 2012):
• The legislation provides for a procedure for
certifying operators of transmission systems,
natural gas storage facilities and LNG terminalling
facilities. The aim of this certification is to verify
compliance with the requirements that operators
be unbundled from energy suppliers or
producers (ownership unbundling).
On 27 September 2012, CREG certified Fluxys
Belgium as a transmission system operator that
works entirely separately from natural gas suppliers
and producers. In early 2023, CREG confirmed
that Energy Infrastructure Partners becoming a
shareholder in the parent company Fluxys did
not give rise to a recertification procedure.
• In addition to the certification procedure, the
procedure for appointing operators of the
transmission system, natural gas storage facilities
and LNG terminalling facilities by Ministerial
Decree remains unchanged. As a result, on
23 February 2010 Fluxys Belgium was appointed
operator of the natural gas transmission system
and of the natural gas storage facility, and
Fluxys LNG was appointed operator of the LNG
facility, each for a renewable 20-year term.
• CREG is also responsible for developing the
methodology for transmission, storage and LNG
terminalling tariffs after having undertaken a
public consultation on the subject. Operators’
tariff proposals must be approved by CREG.
New EU regulations adopted in
2022 against the backdrop of
the European energy crisis that
hit in the course of the year
Against the backdrop of the gas market in 2022, a num-
ber of legislative texts were adopted at European Union
level to ensure security of supply for the EU and its
Member States:
• Regulation (EU) 2022/1032 of the European
Parliament and of the Council of 29 June 2022
amending Regulations (EU) 2017/1938 and
(EC) No 715/2009 with regard to gas storage;
in this connection, it is worth pointing that
in late 2022, Fluxys Belgium was certified
as a storage facility operator in accordance
with Article 2 of that Regulation;
• Council Regulation (EU) 2022/2576 of
19 December 2022 enhancing solidarity through
better coordination of gas purchases, reliable price
benchmarks and exchanges of gas across borders;
• Council Regulation (EU) 2022/2578 of
22 December 2022 establishing a market correction
mechanism to protect Union citizens and the
economy against excessively high prices.
One of the aims of these various EU regulations is to
optimise the use of natural gas infrastructure with a
view to contributing to the security of the natural gas
supply. The Fluxys Belgium group supports this objec-
tive and has made the appropriate adjustments to the
regulated contracts in order to transpose the various
measures provided for by these regulations.
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Setting tariffs
General remarks
The decisions laying down the tariff methodology for
the period 2020-2023 for the natural gas transmission
network, the natural gas storage facility and the LNG
facility were adopted by CREG on 28 June 2018. This
methodology includes the rules which network opera-
tors must comply with when preparing, calculating and
submitting tariffs and which the regulator itself will use
for processing these tariff proposals.
The 2020-2023 tariff proposal for transmission servic-
es, submitted by Fluxys Belgium on 21 December 2018
and based on that methodology and the network code
for tariffs (TAR-NC)
2
, was reviewed, and the reviewed
version was finally approved by CREG on 7 May 2019.
The approved tariffs are valid for a period of four years,
subject to a revision due to the regulatory assets and
liabilities not developing in the way forecast in the tariff
proposal. In this connection, tariffs were reduced by
10% as from 1 July 2022.
The 2020-2023 tariff proposal for storage was
approved by CREG on 20 December 2019. An amend-
ed tariff proposal providing for a tariff reduction was
approved on 1 July 2021.
The latest updated tariff proposal for terminalling servic-
es was approved by CREG on 2 December 2021. This
tariff proposal resulted in the introduction of a regulated
tariff for the new BioLNG liquefaction services, and
the confirmation of the tariff for the virtual liquefaction
service, renamed the backhaul liquefaction service.
The decisions laying down the tariff methodology for
the period 2024-2027 for the natural gas transmission
system, the natural gas storage facility and the LNG
facility were adopted by CREG on 30 June 2022.
Fluxys Belgium held a consultation on the tariff propos-
al for transmission services for 2024-2027, running from
6 October to 6 December 2022. The tariff proposal for
these services was submitted to CREG in late Decem-
ber 2022.
2. On 16 March 2017, a network code for tariffs (TAR-NC) was adopted by European Commission Regulation (EU) No 2017/460.
This aims to achieve a harmonised transmission tariff methodology for gas transmission in Europe and lays down a range of
requirements regarding publication of data and consultation on tariffs.
Principles
The tariffs must cover the estimated authorised costs
necessary to be able to efficiently provide the regulat-
ed services. The basis for this calculation is account-
ing according to the Belgian accounting rules (Belgian
GAAP). The estimated authorised costs include the
operating costs, financial expenditure and regulated
return.
Operating costs. Operating costs are divided into:
• manageable costs, for which efficiency gains or
losses are distributed proportionately between
Fluxys Belgium (rise or fall in authorised profits) and
regulatory assets or liabilities (increase or decrease
in future tariffs), based on a decreasing scale;
• non-manageable costs, for which deviations
from the estimated value are fully allocated
to the regulatory assets or liabilities.
This encourages Fluxys Belgium to perform its activities
in the most efficient way possible. Every saving vis-à-vis
the estimated and authorised budget for manageable
costs has a positive impact on pre-tax gross profits. On
the other hand, exceeding budgets negatively affects
the profit for the period.
The following are considered non-manageable costs:
depreciation, costs relating to other regulated activities,
subsidies, taxes, duties and expenses relating to the
purchase of commodity products for the operation of
the network.
Personnel expenses, business expenses and miscella-
neous goods and services are considered to be man-
ageable costs.
Financial expenditure. Financial expenditure relates to
net financial costs, i.e. after deduction of financial reve-
nue. Therefore, all actual and reasonable encountered
financial costs relating to debt financing for regulated
activities are included in the tariffs.
Regulated return. The regulated return is the return on
equity invested as authorised by the regulatory provi-
sions governing the return on capital investment. This
is calculated using a remuneration rate applied to the
average annual value of the regulated assets (average
Regulatory Asset Base, or RAB). This RAB, based on the
calculations under Belgian accounting standards, varies
from year to year, taking into account new investments,
decommissioning, authorised depreciation and chang-
es in operating capital.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our profile
This remuneration rate for the period 2020-2023 is
made up of two components determined by the equity/
RAB ratio (= factor S).
1. For the part of the equity up to and including 40%
of the RAB, the following applies: average RAB in
year n x S
3
x [(OLO n)+(ß x risk premium)] x (1+α)
The remuneration rate (in %) as established by
CREG for year n is equal to the sum of the risk-free
interest rate (based on 10-year Belgian linear bonds
(OLO)) and a premium for the risk of the shares
market, weighted with the applicable beta factor.
The reference financial ratio of 40% is applied to
the average value of the Regulatory Asset Base
(RAB) to calculate the reference equity.
The parameters for the tariff period
2020-2023 are as follows:
– OLO n = for year n, the risk-free interest
rate of 2.4%, based on 10-year OLO;
– ß (system operator risk vis-à-vis global
market risk) = 0.65 for transmission;
0.78 for storage and terminalling;
– risk premium = 3.5%;
– α (illiquidity premium) = 20% for
transmission, storage and terminalling.
2. For the part of the equity that exceeds 40%,
the following applies: average RAB in year n x
(S - 40%) x (OLO n + 70 basis points).
CREG encourages a ratio between equity and
regulated asset base that is as close as possible
to 40%. As a result, the part of the reference
equity that exceeds 40% of the regulated asset
base is remunerated at a lower rate: the risk-free
interest rate, set at 2.4%, for the regulatory period
2020-2023, based on 10-year Belgian linear
bonds (OLO) and a premium of 70 basis points.
The methodology also provides for a specific level
of authorised margin for new facilities or extensions
to facilities to promote security of supply, or for new
facilities or extensions to storage or LNG facilities.
The remuneration of the LNG facilities combines a
RAB x WACC formula for the initial and replacement
investments of the terminal with an IRR (Internal Rate
of Return) formula for extension investments under-
taken since 2004. CREG establishes a maximum IRR
per investment, which Fluxys LNG may not exceed to
ensure the attractiveness and competitiveness of the
LNG terminal.
The principles of the IRR model for the extension invest-
ments by Fluxys LNG were approved by CREG and
confirmed in its subsequent decisions.
Finally, in addition to the incentive relating to controlling
manageable costs, incentives for the tariff period 2020-
2023 may be granted to the system operator to encour-
age it to:
• support market integration and security of supply;
• enhance its performance;
• carry out vital research and development activities;
• play an active role in the energy transition;
• boost the quality of its services and
stimulate additional sales of capacity.
3. Capped at 40%.
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Annual settlement
Every year, a settlement is made which compares the
estimated amounts with the actual ones. These differ-
ences, excluding incentives in favour of or against the
margin, are recognised as a regulatory asset or liability
in the year in which they occur. This settlement applies
to the various aspects of the tariff calculation, namely:
• the estimated sales volumes used
to determine the unit tariff;
• operating costs;
• financial expenditure;
• the regulated return.
This results in a regulatory liability (if for example the
actual volumes exceed the estimates or if the oper-
ating costs, financial expenditure or regulated return
are lower than expected) or a regulatory asset (in the
opposite case).
This regulatory liability or asset is taken into account in
accordance with the tariff methodology to set the tariffs
for the next regulatory periods.
When devising the 2020-2023 tariff proposal, the nat-
ural gas transmission system operator identified the
expected development in the adjustment account for
the relevant regulatory period. This includes an expect-
ed decrease in the adjustment account of up to €100
million by the end of 2023.
If the actual development varies considerably from what
was expected, whether positively or negatively, this
deviation will result in an automatic correction of the
tariffs for the gas transmission network.
A specific regulatory liability for auction premiums has
been created. This regulatory liability is allocated in
accordance with the Network Code.
Code of conduct
The code of conduct determines the terms and condi-
tions of access to the natural gas infrastructure. These
terms and conditions constitute a set of operational
and commercial rules that form the framework within
which Fluxys Belgium and Fluxys LNG enter into con-
tracts with users of the transmission, storage and LNG
infrastructure.
An initial code of conduct was established by the Royal
Decree of 4 April 2003. From 2006 onwards, several
market consultations on the evolution of this code were
organised by CREG. The Royal Decree of 23 December
2010 on a code of conduct, which came into effect on
15 January 2011, was replaced by the code of conduct
adopted by CREG in 2022.
Specifically, following a public consultation, CREG
adopted, by decision of 31 August 2022, a new natural
gas code of conduct which came into force in 2022.
That code of conduct states that operators (for trans-
mission, storage and LNG terminalling) must draw up
a range of documents which are subject to CREG’s
approval: the access code, the services programme,
the standard agreements and the connection agree-
ments. When drawing up these documents, the net-
work users concerned are consulted to ensure that
the services offered are aligned as closely as possible
with market needs. Only after this consultation can the
documents be submitted to CREG for approval.
Compliance officer
A compliance officer was appointed at Fluxys Belgium
and Fluxys LNG in the framework of the commitments
regarding non-discriminatory access to the network.
A compliance programme was drawn up with the spe-
cific details of the rules of conduct that members of
staff must comply with regarding non-discrimination,
transparency and handling of confidential information.
Fluxys Belgium’s Board of Directors and management
approved the compliance programme.
Every year, a report on compliance with the programme
is drawn up for both Fluxys Belgium and Fluxys LNG,
and the results are published on the website: https://
www.fluxys.com/en/company/fluxys-belgium/investors.
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
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Our performance
in terms of fi nancial resilience
and digitalisation
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and digitalisation
We move quickly, even when the market is weathering a storm.
Ready for our clients, ready to bring energy wherever it's needed.
With our digital transformation boosting our agility to deliver on
the green transition, today and tomorrow. That’s how we work,
day after day, on future-proof value.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
Our performance in terms
of financial resilience
and digitalisation
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* Subject to the decision of the Annual General Meeting convened to decide on the appropriation of the profit for the year.
Our focus in 2022
Offering our customers as much capacity as
possible in the interests of security of supply
Controlling our operating costs and efficiency
efforts to achieve regulatory targets for optimal fair
shareholder compensation
Driven digitalisation to increase the agility of
our organisation, strengthen the foundations in
our energy transition acceleration path, improve
services for our customers and develop new
opportunities
€
480.3
million
Prosperity contribution
(2021: €438.9 million)
€1.40
Proposed gross dividend per share*
(2021: €1.38)
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
Financial resilience
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Policy
Within the limits of the regulatory framework applicable
to our activities, we respond to the expectations and
needs of our customers in the best possible way to
maximise revenues from the sale of our services. Max-
imising sales of capacity also means supporting the
competitiveness of our tariffs, which we also underpin
by keeping operating costs under control and retain-
Risks and measures
Risk Measures
The risk that market events or developments will
impact Fluxys Belgium's revenues and/or assets
• Market monitoring by continuously
adapting existing services and/or
developing new services needed by
the market at competitive prices
• Financial monitoring of counterparties
by monitoring claims and analysing their
credit, liquidity, solvency and reputation
• Warranties from suppliers and customers
ing a healthy financial structure. Our financing policy
enables us to finance investments on attractive terms.
Our activities contribute hugely to the prosperity of
society, the economy, our employees and our share-
holders. Our activities also substantially help the ener-
gy transition forward. This is how we future-proof our
contribution to prosperity.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
As much capacity as possible to maximise security of supply
Throughout 2022, our sales team left no stone unturned
to offer customers as much capacity as possible in the
interests of security of supply. After all, the geopolit-
ical situation in Ukraine has profoundly changed the
dynamics of gas markets and the direction of flows
in Europe. Previously, supplies largely came from the
east. To ensure security of supply, additional flows from
the west are now needed to compensate for the lost
volumes from the east.
Transmission: unprecedented volumes
to the Netherlands and Germany
Together with the neighbouring transmission system
operators, we found ways to maximise the capacity
that was physically available for cross-border flows.
Moreover, together with our customers we looked at
how they could make optimal use of their package of
services. The result was that they could carry unprece-
dented large volumes of natural gas to the Netherlands
and Germany. Flows to Germany soared to 256 TWh
(from 20 TWh in 2021) and those to the Netherlands
increased to 145 TWh (from 68 TWh in 2021).
Additional unloading slots
at the Zeebrugge LNG terminal
Together with the long-term customers at the Zeebrug-
ge LNG terminal, we examined how the schedule for
their shipping traffic could be adjusted so that more
ships could dock there – and this worked, as this meant
that the terminal managed to support security of supply.
Storage facility filled to maximum level
Thanks to the special flexibility offered by the new stor-
age services, customers booked maximum capacity
at the Loenhout storage facility for winter 2022-2023.
They have also already booked 60% of the capacity for
the subsequent years.
With its storage facilities filled to the maximum level,
Belgium easily exceeded the requirements set by the
European Union in 2022 for security of supply for win-
ter 2022-2023, namely that storage facilities should
be filled to at least 80% of full capacity by 1 November.
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Tariff reduction
In line with the tariff methodology, Fluxys Belgium, in
consultation with the market and the federal energy
regulator CREG, reduced tariffs for transmission services
by 10% from 1 July 2022 onwards. The tariff reduction
had no impact on Fluxys Belgium’s results.
The reduction corresponds to a total of €45 million
being returned over the course of 2022 and 2023.
This is in line with Fluxys Belgium and CREG’s desire
to support consumers against the backdrop of high
natural gas prices.
Financial monitoring and guarantees
Fluxys Belgium systematically assesses its main coun-
terparties' financial capacity and, in accordance with the
regulatory framework, closely monitors its receivables.
Our policy regarding counterparty risks requires our
major customers and suppliers to undergo a financial
analysis (liquidity, solvency, profitability, reputation and
risks) in advance and subsequently on a regular basis.
Fluxys Belgium uses internal and external information
sources to this end, such as official analyses performed
by specialist rating agencies. These rating agencies
assess entities on the basis of risk and award them a
credit rating. Various internal assessments are carried
out and are covered by a full cross-cutting review by
Sales, Finance and Legal.
Fluxys Belgium also asks most of its customers and
certain categories of suppliers to provide a financial
guarantee, thereby reducing the group's exposure to
credit risk both in terms of default and concentration
of customers. The potential negative impact of parties
that remain in default is handled in accordance with the
regulatory framework.
Fluxys Belgium's cash surpluses are deposited with
parent company Fluxys within the framework of cash
pooling agreements. Fluxys invests these surpluses in
various ways, namely:
• in prominent financial institutions;
• in the form of financial instruments issued
by companies with a high credit rating;
• in financial instruments issued by companies
in which a creditworthy authority is the
majority shareholder or which are underwritten
by a creditworthy EU Member State;
• in loans to Fluxys subsidiaries at market
conditions. By monitoring its subsidiaries,
Fluxys reduces and manages counterparty
risks for these subsidiaries as well.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
Income statement (in thousands of €) 31.12.2022 31.12.2021
Operating revenue 912.559 573.191
EBITDA* 323.167 318.905
EBIT* 147.305 137.821
Net profit 83.728 75.521
Balance sheet (in thousands of €) 31.12.2022 31.12.2021
Investments in property, plant and equipment for the period 105.525 50.647
Total property, plant and equipment 1.855.375 1.902.037
Equity 643.617 639.674
Net financial debt* 493.800 846.046
Total consolidated balance sheet 3.406.570 2.634.514
Financial situation: consolidated key financial data
Increase in consolidated turnover
and net profit
Fluxys Belgium’s infrastructure was used particularly
intensively throughout the year by our customers to
support security of supply in Germany and the Nether-
lands. The extra revenues from that additional capac-
ity that was sold do not benefit the company’s share-
holders. As stipulated by regulatory provisions, these
extra revenues are deposited in the buffer account
provided for this purpose (the ’adjustment account’).
The amounts in the adjustment account are reallocated
under the supervision of the regulator, CREG.
As part of the October budget consultations, the federal
government decided to collect an special solidarity
contribution of €300 million from Fluxys Belgium. This
contribution represents additional support for Belgium’s
population during the energy crisis.
The Fluxys Belgium group generated turnover of €912.6
million in 2022. This represents an increase of €339.4 mil-
lion compared with 2021, when turnover stood at €573.2
million. The increase in regulated revenue is in line with
tariff methodology and mainly stems from accounting
for the special solidarity contribution of €300 million.
Consolidated net profit rose from €75.5 million in 2021
to €83.7 million in 2022, an increase of €8.2 million.
The rise in net profit is in line with the tariff proposal, in
accordance with the tariff methodology for 2020-2023,
and is therefore not due to the increase in sold capacity
or in energy prices.
The 2020-2023 tariff methodology (set by the regulator,
CREG) applies the principle that all reasonable costs
including interest and fair remuneration are covered by
regulated revenues. In addition, there are a number of
incentives aimed at controlling costs and to direct and
monitor some of the company’s performance. By con-
trolling its operating costs and making efficiency efforts,
the Fluxys Belgium group succeeded in achieving the
regulatory targets and incentives.
€105.5 million in investment
In 2022, investments in property, plant and equipment
amounted to €105.5 million as opposed to €50.6 mil-
lion in 2021. Of this amount, €67.7 million was dedicated
to LNG infrastructure projects and €36.8 million to
transmission projects.
Creating greater prosperity
Fluxys Belgium creates prosperity by contributing to
the economic growth of the society and environment
in which it operates. This contribution is measured as
added value that the company generates and distrib-
utes among its stakeholders.
In 2022, the added value generated by continuing
operations amounted to €480,3 million, up €41,4 million
on 2021.
* See glossary on page 54.
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Outlook for 2023
Under the 2020-2023 tariff methodology, the net profit
from Belgian regulated activities is determined based
on various regulatory parameters, including equity
invested, financial structure and incentives. More infor-
mation about the 2020-2023 tariff methodology can be
found in the ‘Legal and regulatory framework’ section
(see page 38).
Based on the information available at the time of this
report, it is extremely difficult to anticipate the econom-
ic impact of the war in Ukraine. In light of the current
understanding of the situation, the essential nature of
the company’s activities and its regulatory framework,
at present we do not anticipate the war and the current
resulting measures and market developments having
any significant negative impact on the consolidated
result of the Fluxys Belgium group in 2023 (see section
‘Our risk management' - ‘Consequences of the war in
Ukraine’, page 37).
Subsidiary activities and statutory profits
Fluxys LNG
Fluxys LNG (a consolidated subsidiary in which Fluxys
Belgium holds a 99.9% stake and Flux Re a 0.01% stake)
is the owner and operator of the Zeebrugge LNG ter-
minal and sells terminalling capacity and associated
services. Fluxys LNG’s equity totalled €141.7 million as
at 31 December 2022, as opposed to €149.5 million
the previous year. Net profit for the 2022 financial year
totalled €32.1 million (€31.1 million in 2021).
Flux Re
FFlux Re (consolidated subsidiary – wholly owned
by Fluxys Belgium) is a reinsurance company under
Luxembourg law and was established in October 2007.
Flux Re's statutory equity, before appropriation, fell from
€12.7 million as at 31 December 2021 to €10.5 million as
at 31 December 2022. Net profit for the 2022 financial
year totalled €2.8 million (€2.3 million in 2021).
Balansys
Balansys (stake consolidated using the equity method
– Fluxys Belgium holds a 50% stake). On 7 May 2015,
as part of the integration of the Belgian and Luxembourg
gas markets, Fluxys Belgium and the Luxembourg trans-
mission system operator Creos Luxembourg set up
the company Balansys, a joint venture in which Fluxys
Belgium and Creos Luxembourg each have a 50%
stake. Balansys is in charge of the commercial balanc-
ing activities of the integrated Belgian-Luxembourg
gas market.
Fluxys Belgium – 2022 results (according to Belgian standards):
proposed allocation of profit
Fluxys Belgium's net profits totalled €84.0 million, com-
pared with €71.7 million in 2021.
At the Annual General Meeting on 9 May 2023, Fluxys
Belgium will propose a gross dividend of €1.40 per share.
Taking into account a profit of €79.3 million carried over
from the previous financial year and a withdrawal of
€28.2 million from the reserves, the Board of Directors
will propose to the Annual General Meeting that the
profits be allocated as follows:
• €98.4 million as a dividend payout;
• €93.1 million as profit to be carried forward.
If that profit allocation proposal is adopted, the total
gross dividend for the 2022 financial year will be €1,40
per share. This amount will be payable from 17 May
2023 onwards.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of financial resilience and digitalisation
Indicators
Welvaartsbijdrage (in miljoen euro) 2022 2021 2020 2019
Added value from continuing operations 480.3 438.9 427.1 423.2
Personnel 132.9 112.5 110.5 107.5
Shareholders (dividend) 97.0 96.3 91.3 88.5
Society (taxes) 37.2 36.9 37.2 48.2
Suppliers 174.7 155.6 149.3 143.4
Financial institutions (interest) 38.5 36.3 38.8 35.5
Financial ratios 2022 2021 2020 2019
Solvency
Ratio of (i) net financial debt and (ii) the sum of equity
and net financial debt
43% 57% 58% 58%
Interest coverage
Ratio of (i) the sum of FFO* and interest expenses and (ii)
interest expenses
21.39 6.75 5.61 6.58
Net financial debt*/extended RAB*
Ratio of (i) net financial debt and (ii) extended RAB
17% 28% 28% 29%
FFO*/net financial debt
Ratio of (i) FFO and (ii) net financial debt
144% 25% 20% 22%
RCF*/net financial debt
Ratio of (i) RCF and (ii) net financial debt
125% 13% 10% 12%
Verklarende woordenlijst
EBIT: Earnings Before Interest and Taxes or operating
profit/loss, plus income from equity affiliates and divi-
dends received from unconsolidated entities. EBIT is
used as a reference to monitor the operational perfor-
mance of the group over time.
EBITDA: Earnings Before Interest, Taxes, Depreciation
and Amortisation or operating profit/loss, before depre-
ciation, amortisation, impairment and provisions, plus
income from equity affiliates and dividends received
from unconsolidated entities. EBITDA is used as a ref-
erence to monitor the operational performance of the
group over time, without taking non-cash costs into
account.
Net financial debt: interest-bearing liabilities (including
lease debts), less regulatory assets, cash linked to early
refinancing transactions and 75% of the balance of
cash, cash equivalents and short- and long-term cash
investments (the remaining 25% is considered a buffer
reserve for operational purposes (working capital) and
is therefore deemed unavailable for investments). This
indicator gives an idea of the amount of interest-bearing
liabilities that would remain if all available cash were
used to repay loans. To show a more faithful picture of
reality, the exceptional solidarity contribution of €300
million has been removed from the cash position when
calculating the net financial debt. This is because that
debt was recorded on 31 December while the payment
was made in January 2023, significantly affecting the
calculation.
Solvency: the ratio between net financial debt and
the sum of equity and net financial debt, indicating the
strength of the Fluxys Belgium group’s financial structure.
Interest coverage: the ratio between FFO before inter-
est expenses and interest expenses, representing the
group's capacity to cover its interest expenses via its
operating activities.
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Net financial debt (in millions of €) 2022 2021 2020 2019
Net financial debt 493.8 846.0 873.1 903.3
Breakdown
Debt capital market 700.0 699.1 692.7 698.2
Bank loans 262.3 286.8 310.6 327.8
Related parties 210.3 233.6 257.0 263.3
75% of cash and other financial assets -678.2 -373.5 -393.1 -386.0
Weighted average maturity as at 31 December 8.1 9.2 10.2 11.3
RAB and WACC 2022 2021 2020 2019
RAB* (in millions of €)
Transmission 2,059.1 2,047.5 2,086.9 2,125.3
Storage 228.0 228.8 235.6 239.7
LNG terminalling 305.7 303.0 302.7 314.4
Other property, plant and equipment excluding RAB
(in millions of €)
417.7 410.4 420.3 413.4
Extended RAB* 3,010.6 2,989.7 3,045.4 3,092.8
WACC* before tax (in %)
Transmission 4.88 4.92 4.88 3.87
Storage 5.06 5.09 5.04 3.57
LNG terminalling 4.83 4.99 5.14 2.85
Net financial debt/Extended RAB: ratio expressing the
share of the extended RAB financed by external debt.
FFO/Net financial debt: ratio used to determine the
group's capacity to pay off its debts based on cash gen-
erated by its operating activities.
RCF/Net financial debt: ratio used to determine the
group's capacity to pay off its debts based on cash
generated by its operating activities after payment of
dividends.
FFO: Funds from Operations or profit/loss from con-
tinuing operations, excluding changes in regulatory
assets and liabilities, before depreciation, amortisation,
impairment and provisions, plus dividends received
from equity affiliates and unconsolidated entities, minus
net financial expenses and tax payables. This indicator
reflects the cash generated by operating activities and
therefore the group's capacity to repay its debts, make
investments and pay dividends to investors.
RCF: Retained Cash Flow or FFO, less dividends paid.
This indicator reflects the cash generated by operating
activities, but after payment of dividends, and thus
reflects the group's net capacity to repay its debts and
to make investments.
RAB: average Regulated Asset Base for the year. The
RAB is a regulatory concept that corresponds to the
basis of regulated assets on which the regulatory return
is allocated, as regulated by CREG.
Other investments in property, plant and equipment
excluding the RAB: the average of the cumulative
investments in the Zeebrugge LNG terminal expansions
and in the non-regulated activities.
Extended RAB: total RAB and other investments in
plant, property and equipment excluding the RAB.
WACC: Weighted Average Cost of Capital, reflecting
the return allowed by the regulation on the RAB.
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Digitalisation
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Policy
Fluxys Belgium is strengthening its position with its
mix of extensive digitalisation and enthusiasm for new
ideas, as part of a cross-cutting approach. With this
approach, we are making our organisation more agile,
consolidating the foundations of our drive to speed up
the energy transition, improving services for our cus-
tomers and developing new opportunities.
Risks and measures
Risk Measures
Inability to maintain optimal customer
service and improve internal operations
due to lack of digital advancement
• Digital transformation programme
• Innovation and strengthening ICT foundations
Digital transformation: acceleration and expansion
We are pursuing our work on rolling out large-scale
digitalisation through the Digital Transformation pro-
gramme, which aims to both accelerate and expand
this process.
Digital Lounge
Is our innovation lab approach to quickly and flexibly
developing digital solutions for our customers, employ-
ees and other stakeholders. We work, as the need
arises, with ad hoc cross-cutting Digital Lounge teams
on devising a learning process. Here, the design and
priorities may change based on what we learn
In 2022, we came up with four digital solutions to
enhance internal processes, the offering for our cus-
tomers and the development of digital talent.
Digital Workplace
is our approach to creating a working environment
that supports digital transformation, hybrid collabora-
tion and connectivity between employees wherever
possible. At the same time, our employees are con-
solidating their digital skills under the guidance of the
Digital Coaches.
The survey we conducted among employees in 2022
revealed an overall feeling of contentment, with 80% of
respondents giving satisfaction scores of 7 or more out
of 10. In 2023, we will be shifting our focus to improving
the digital dexterity of our employees so that they can
make even better use of existing and emerging tech-
nological solutions.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our performance in terms of fi nancial resilience and digitalisation
Innovation and consolidation
of our ICT foundations
The Digital Transformation programme focuses on both
innovation and consolidating the ICT foundations of
Fluxys Belgium.
Cloud:
deploying the Cloud architecture for
business applications. The initial commercial
modules have been developed, and we
are continuing this approach for other
applications where it has added value.
Smart Data Factory:
bringing together, for internal use, data from
various systems along with the associated
visualisation tools to provide a quicker and
clearer insight into all the available data.
Internet of Things (IoT):
using IoT capabilities to optimise the
operational management and maintenance
of the pipeline network.
GSmart:
various new modules for our in-house system
for gas transport, used by various infrastruc-
ture companies.
SAP:
preparing for the migration to a new SAP
environment for all Enterprise Resource
Planning. This will be rolled out in 2023. At
the same time, the tools for our technical staff
in the fi eld will be upgraded.
Digital Twin:
developing a digital twin of our transmission
system which could, for example, simulate
the fl ow of new gases through the network.
Cybersecurity:
see the Extra focus on ICT systems and
cyber security section (page 102).
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Launch of the Emix app
Drawing on the Digital Lounge
approach, we launched the Emix Beta
app in 2022. This is a fully digital
platform where suppliers and buyers
of standard LNG or bio-LNG can fi nd
each other and then get in touch.
In this way they can decide whether
there is enough of a match between
them to make a deal. The result is a
transparent, user-friendly and time-
saving solution for our customers!
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
61
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Our
ESG performance
Our
#
OneteamOnetarget
ESG performance
Having a positive impact on the world is what drives us. Care is our
key. Taking care of the climate, with the solutions we provide for
decarbonisation and by making our own carbon footprint progressively
smaller. Serving society by taking care of our essential infrastructure. And
seeing to a good working environment with meaningful work. This is how,
together, we create balance and perspective for tomorrow.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Environment
Climate change
– Transporting
molecules for a
carbon-neutral future
p. 64
Climate change
– Systematically
reducing our own
climate impact
p. 74
Climate change
– Management of
natural capital
p. 82
Climate change
– EU taxonomy for
sustainable economic
development
p. 86
63
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10
Proposals for open-
access hydrogen and CO
2
infrastructure in Belgium's
industrial clusters
4
Market consultations
completed in first phase
regarding the proposals for
open-access hydrogen and
CO
2
infrastructure in Belgium’s
industrial clusters
2
Proposals for cross-border
hydrogen infrastructure
(Belgium-Netherlands
and Belgium-France)
Our focus in 2022
In partnership with industry, preparing the hydrogen
and CO
2
transmission infrastructure to be
a powerful tool for both reducing large-scale
CO
2
emissions and sustainably safeguarding
economic activity and employment
Together with partners, developing terminals for
hydrogen import and CO
2
export
Making investments and developing initiatives
to further reduce methane emissions in
our transmission and storage businesses
Building three additional open-rack vaporisers to
reduce the Zeebrugge LNG terminal's emissions
+56%
Greenhouse gas intensity
LNG terminalling
(compared with 2021)
p. 77
(+60% compared with 2017)
-48%
Greenhouse gas intensity
Transmission and storage
(compared with 2021)
p. 77
(-51% compared with 2017)
64
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Climate change –
Transporting molecules
for a carbon-neutral future
65
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Policy
Our commitment to the climate targets forms an integral
part of our business strategy with a focus on our key
role as an infrastructure company in speeding up the
energy transition. In that connection, this commitment
is also a core pillar of our Health, Safety and Environ-
ment Policy.
Our approach to molecule transmission for a car-
bon-neutral future is fully in line with the European
Commission's decarbonisation package and hydrogen
strategy, the Belgian federal government’s hydrogen
strategy, and the climate approach of Belgium's regions.
Risks and measures
Risk Measures
Drop in demand for natural gas due to the
energy transition: the risk that part of Fluxys
Belgium's infrastructure can no longer be used
Investment programme with projects to
achieve decarbonisation goals while gradually
reconfi guring the existing network as part
of a carbon-neutral energy system
Opportunity Actions
• Developing new activities to speed
up the energy transition
• Combining new infrastructure with, wherever
possible, the reuse of existing natural gas
infrastructure is a cost-effi cient solution to
transport molecules for a carbon-neutral future
• Investment programme with projects to
achieve decarbonisation goals while gradually
reconfi guring the existing network as part
of a carbon-neutral energy system
• Creation of the Fluxys nextgrid business
unit, focusing 100% on infrastructure
and hydrogen and CO
2
services
Given the developments in the legal and regulatory
framework, and in line with industrial demand, we are
thoroughly preparing to convert our network into a
multi-molecule system which we will use to transport
not only natural gas and biomethane but also hydrogen
and other carbon-neutral molecules and CO
2
. This will
enable us to off er industry powerful tools for reducing
large-scale CO
2
emissions and thus sustainably safe-
guarding economic activity and employment.
We will gradually reuse existing infrastructure as much as possible to create hydrogen and CO
2
networks.
This is cheaper than starting from scratch and it also saves time. In a densely populated country like Belgium,
it also means using up a lot less space.
Declarations
of interest
companies
Further
consultations
bilaterally and by group
Unify Supply
& Demand
Info Memo &
Proposal
Binding
Commitment
Info session
01/2021
Request for
information
(RFI)
Collect &
aggregate
Feedback
to Market
We are
here
66
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Complete focus on energy
transition projects
with the Fluxys nextgrid
business unit
In 2022, we established within Fluxys Belgium the Flux-
ys nextgrid business unit to optimally reinforce our
strategy’s central focus on the energy transition. This
business unit will serve as the driving force behind
the energy transition projects in Belgium and projects
directly related to the Belgian energy ecosystem.
First transmission
infrastructure for hydrogen/
CO
2
in 2026
Our approach to providing Belgium with the necessary
hydrogen and CO
2
infrastructure is shaped in cooper-
ation with our customers, the authorities, neighbouring
operators, distribution system operators and other stake-
holders. In line with market needs, we aim to have the
fi rst hydrogen and/or CO
2
pipelines in Belgium ready for
Progress in the preparation of hydrogen and CO
2
networks
use by mid-2026. Every eff ort is being made to make the
necessary investment decisions to achieve this.
We develop the infrastructure in industrial clusters and
establish connections between them and neighbouring
countries. This will allow us to develop the appropriate
backbone infrastructure and lay the foundations for sus-
tainably cementing Belgium’s role as an energy cross-
roads by making the country a hydrogen and CO
2
hub
for the economy both in Belgium and North-West Europe.
10 infrastructure proposals
In 2022, we produced additional, updated practical
proposals for open-access hydrogen and CO
2
transmis-
sion infrastructure for various industrial clusters. We are
focusing on the market with a total of 10 infrastructure
proposals.
4 market consultations completed
in the fi rst phase
Each infrastructure proposal is accompanied by a mar-
ket consultation during which customers can express
their interest. 4 market consultations have been com-
pleted in the fi rst phase: the market consultations for
67
#
OneteamOnetarget
hydrogen infrastructure in Antwerp, Mons and Ghent
respectively, and the market consultation for CO
2
infra-
structure in Antwerp. This means that now feasibility
studies are looking into tariff s for the use of this infra-
structure.
2 cross-border clusters
In this phase, the hydrogen clusters in Ghent and Mons
are both already cross-border clusters.
• In the case of the Ghent cluster, Fluxys Belgium,
the port authority and the Dutch transmission
system operator Gasunie are joining forces
to connect the Dutch and Belgian hydrogen
networks in the cross-border North Sea Port.
• For the Mons cluster, Fluxys Belgium and the French
transmission system operator GRTgaz identifi ed the
wider Mons area, which extends to La Louvière and
Feluy in Belgium together with the Valenciennes
region in France, as a cross-border cluster for
the development of hydrogen infrastructure.
Terminalling projects for
hydrogen and CO
2
Antwerp@C CO
2
Export Hub
Within the Antwerp CO
2
cluster, Fluxys Belgium, togeth-
er with Air Liquide, is developing an open-access ter-
minal for receiving, liquefying and temporarily storing
CO
2
and loading it onto ships to be taken to permanent
off shore storage.
Antwerp@C CO
2
Export Hub is the fi rst phase of Ant-
werp@C, an initiative of Air Liquide, BASF, Borealis,
ExxonMobil, INEOS, TotalEnergies, Fluxys and Port of
Antwerp-Bruges aiming to halve the CO
2
emissions on
the Antwerp port platform by 2030.
In 2022, Fluxys Belgium, Air Liquide and Port of Ant-
werp-Bruges were awarded an EU subsidy of €144.6
million by the Connecting Europe Facility. The funding is
intended for the construction of the common CO
2
trans-
port and export facilities on the Antwerp port platform.
Being awarded this subsidy is a key step towards the
fi nal investment decision, which is expected in 2023.
Import terminal for green ammonia
in Antwerp
In 2022, Fluxys Belgium, Advario Stolthaven Antwerp
and Advario Gas Terminal joined forces to develop an
open-access green ammonia import terminal at Port
of Antwerp-Bruges. Ammonia is an effi cient molecule
for the long-distance transmission of green hydrogen
generated by wind and solar energy
The aim is to make green ammonia available from the
terminal as a carbon-neutral raw material and fuel.
The green ammonia can also be converted into green
hydrogen for transmission in the hydrogen network.
Ghent Carbon hub
Within the Ghent CO
2
cluster, Fluxys Belgium, together
with ArcelorMittal Belgium and the cross-border North
Sea Port, is developing an open-access multimodal
terminal for receiving, liquefying and temporarily storing
CO
2
and loading it onto ships to be taken to permanent
off shore storage.
In 2022, Fluxys Belgium, ArcelorMittal Belgium and
North Sea Port were awarded an EU subsidy of €9.6
million by the Connecting Europe Facility. This funding
is intended for research in connection with the Ghent
Carbon Hub, combined with a CO
2
pipeline between
Ghent and Mons.
Zeebrugge as a multi-molecule hub
Fluxys Belgium is conducting various studies to devel-
op the Zeebrugge LNG terminal into a multi-molecule
hub for LNG, bio-LNG, hydrogen and CO
2
.
• For hydrogen and derivatives, we are researching
the facilities for large-scale imports from countries
with an abundance of wind and solar energy.
From the terminal, hydrogen would then reach the
industrial clusters in Belgium and neighbouring
countries through the hydrogen network.
• For CO
2
we are aiming for large-scale export
facilities. The captured CO
2
from industry in Belgium
and neighbouring countries would fl ow via the CO
2
network to Zeebrugge, with this becoming the
connection to two export options for permanent
off shore storage: ship or an off shore pipeline.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Ensuring availability of enough hydrogen
More green hydrogen from wind
To be viable, the hydrogen economy requires enough
renewable electricity to be generated to produce green
hydrogen. The Esbjerg Declaration at the North Sea
Summit bringing together Belgium, Denmark, Germa-
ny and the Netherlands in May 2022 was vital in this
regard. The four countries are joining forces to quad-
ruple their combined offshore wind capacity to 65 GW
by 2030 and to further increase it to at least 150 GW
by 2050, thereby making the North Sea the largest
sustainable energy plant in Europe.
Quickly achieving large volumes
with blue hydrogen
Belgium and Western Europe still have only limited
potential to quickly scale up the generation of renew-
able electricity as a source of green hydrogen. “Blue
hydrogen” is one alternative. This is low-carbon hydro-
gen produced from natural gas, where the released
CO
2
is captured and reused or stored. Using available
technologies, up to 98% of the released CO
2
can be
captured.
ENGIE and Equinor are developing their H2BE project
in Ghent for the large-scale production of blue hydro-
gen. The project is an important link in getting large
volumes of low-carbon hydrogen to market in Belgium
quickly in a stable way. Fluxys Belgium is working with
ENGIE and Equinor to connect the project to the hydro-
gen and CO
2
networks in the Ghent cluster.
Overseas imports of green hydrogen
Overseas imports of carbon-neutral hydrogen are a
third pillar to ensure the availability of enough green
hydrogen. For this purpose, particularly windy and sun-
ny areas where large quantities of green hydrogen can
be produced from green electricity are being looked
at. Green hydrogen can then be exported by ship to
import terminals in Europe, for example in the form of
green ammonia.
With this in mind, parent company Fluxys is joining forc-
es with DEME, ENGIE, EXMAR, Port of Antwerp-Bruges
and WaterstofNet in the Hydrogen Import Coalition.
The federal government has already signed agree-
ments with Oman and Namibia relating to imports of
green hydrogen. For other import routes, partner coun-
tries are still being identified. Port of Antwerp-Bruges
has signed a similar agreement with Chile, which is a
country with huge solar-energy potential.
P
aris
P
a
l
ermo
Ba
r
ce
l
ona
Almeria
Almeria
Almeria
Bilbao
Bo
r
d
e
a
ux
ux
ux
gh
Stockholm
Riga
Vilnius
Gdansk
Warsaw
Krakow
Bratislava
Budapest
Ljubljana
Vienna
Prague
Leipzig
Berlin
Munich
Frankfurt
Cologne
Rotterdam
London
Paris
Lyon
Milan
Venice
Marseille
Rome
Palermo
Barcelona
Valencia
Göteborg
Copenhagen
Hamburg
Bucharest
Soﬁa
Athens
Hambu
69
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Embedded in Europe’s
hydrogen backbone
Other transmission system operators in neighbouring
countries are also in the process of developing hydro-
gen infrastructure. In light of this, we see Belgium’s
hydrogen infrastructure becoming part of a European
backbone and, from an international perspective, laying
the foundations for consolidating and shoring up our
role as the energy crossroads at the heart of North-
West Europe for many years to come.
To this end, since 2020 we have been working with
other infrastructure companies within the European
Hydrogen Backbone initiative. The initiative has since
grown into a joint approach to developing dedicated
hydrogen infrastructure in 28 European countries. In
2022, the initiative expanded its aims, namely to create
a 53,000-km pipeline network by 2040, a substantial
share of which consists of reused infrastructure that
currently serves to transport natural gas.
European Hydrogen Backbone
initiative 2022, supported by
Guidehouse
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Overview of hydrogen and CO
2
networks in Belgium
First transmission infrastructure in 2026
Approximately 40% of Belgium’s CO
2
emissions are
generated by industrial energy consumption or process
emissions. The development of infrastructure for the
transmission and terminalling of hydrogen and CO
2
is key
for industry to meet the relevant decarbonisation goals.
Belgium: breakdown of CO
2
emissions
(in million tonnes, source: klimaat.be)
Industrie
Transport
Residential heating
Power generation
Other
Process emissions
Energy use
Hydrogen and CO
2
infrastructure: a dual solution
Industrial processes for which hydrogen is
the best solution.
For many companies, hydrogen is the right choice
when weighing up the best balance between security
of supply, climate impact and cost. A range of industrial
processes also requires high temperatures for which
(renewable) electricity is not an option. Connecting
these industries to a hydrogen supply gives them a
chance to switch to the best carbon-neutral alternative.
The same goes for industries that use carbon-intensive
feedstock.
Industrial processes that produce CO
2
.
Carbon capture, use or storage is considered a key
technology for reducing CO
2
emissions and creating
clusters for the circular reuse of CO
2
in the produc-
tion of, for example, carbon-neutral biofuels. This tech-
nology is vital to safeguard sectors that are diffi cult
to decarbonise and involve industrial processes that
produce CO2. The availability of infrastructure for the
transmission of captured CO
2
to destinations for reuse
or storage is a cornerstone of this solution.
Hydrogen pipeline
CO
2
pipeline
H
2
/NH
3
+ CO
2
-terminal
CO
2
terminal
Interconnection hub
Hydrogen shipping
CO
2
shipping
Intermodal
39.1
4.7
8.5
22.1
26.0
16
84
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Zeebrugge multi-molecule hub
• Open-access terminal
• Importing hydrogen or derivatives for transshipment
to the hydrogen network and then transmission
within Belgium and to neighbouring countries
• Receiving captured CO
2
from the CO
2
network with two export options:
– liquefaction, intermediate storage
and loading onto ships to be taken
to permanent off shore storage;
– transshipment to an off shore pipeline for
transmission to permanent off shore storage.
• Status: preliminary studies
O ff s h o r e C O
2
pipeline
(North Sea)
• Open-access pipeline
• Project of parent company Fluxys and Equinor
• c. 1,000-km pipeline for CO
2
exports from
Zeebrugge to permanent storage in the North Sea
• Capacity: 20-40 million tonnes of CO
2
per year
• Status: feasibility study
• Proposed timing: commissioning before 2030
Antwerp@C CO
2
Export Hub
• Open-access terminal
• Fluxys Belgium project with Air Liquide
• Multimodal terminal for receiving, liquefying and
temporarily storing CO
2
and loading it onto ships
to be taken to permanent off shore storage
• Capacity of up to 10 million tonnes of CO
2
per year
• Status: engineering & design
• Proposed timing: commissioning in 2026
Ghent Carbon hub
• Open-access terminal
• Fluxys Belgium project with
ArcelorMittal Belgium and North Sea Port
• Multimodal terminal for receiving, liquefying and
temporarily storing CO
2
and loading it onto ships
to be taken to permanent off shore storage
• Capacity of up to 6 million tonnes of CO
2
per year
• Status: feasibility study
• Proposed timing: commissioning in 2028
Import terminal for green
ammonia in Antwerp
• Open-access terminal
• Fluxys Belgium project with Advario Stolthaven
Antwerp and Advario Gas Terminal
• Import terminal for green ammonia: use
of green ammonia as a carbon-neutral
feedstock and fuel and possibly also
its conversion into green hydrogen for
transmission in the hydrogen network
• Status: feasibility study
• Proposed timing:
commissioning in 2027
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Research into speeding up the energy transition
Together with various partners and academic institu-
tions, Fluxys Belgium conducts research into hydrogen
and CO
2
infrastructure and the practicalities of reusing
our existing infrastructure for hydrogen and CO
2
.
FutureGrid tests hydrogen in real
conditions
Fluxys Belgium is working with its British counterpart
National Gas and with Northern Gas Networks, the
distribution system operator for the North of England,
to develop a hydrogen test facility. Such a facility would
test the transmission of hydrogen in real conditions in
various domains,
Over the past year, a 'mini-network' of natural gas infra-
structure was built that is separate from the existing net-
work. The tests will start in 2023 and are an important
addition to our own research into the reuse of existing
hydrogen infrastructure. Expert group DNV and the
Universities of Durham and Edinburgh are also involved
in the test facility.
HyFit and Hysource
These two university projects study the infl uence of
hydrogen on pipeline steels and welding. The results
of the HyFit laboratory tests have been presented to
the FPS Economy.
PIPELHYNE
This research with GRTgaz, National Gas, Engie and
Transitgas/Swissgas aims to test diff erent types of steel
for their sensitivity to hydrogen.
Underground storage
We are looking into the practicalities of hydrogen stor-
age at our Loenhout underground storage site. Exten-
sive technical preparations have been made for the
injection of hydrogen into the underground storage
facility, and we expect to be able to carry out the fi rst
tests in 2023 after completing the permit procedures.
Hydrogen panels
Researchers from KU Leuven have developed
game-changing hydrogen panels that are a highly effi -
cient means of producing green hydrogen from sunlight
as well as water vapour in the air. Fluxys is supporting
the innovative project with its wide-ranging expertise
in the analysis of molecules.
H2GridLab
H2GridLab is an initiative to establish a participatory
laboratory on the Anderlecht site of distribution system
operator Sibelga to carry out tests, roll out pilot projects
and amass knowledge of green hydrogen and its local
storage, injection into networks and role in the decar-
bonisation of public distribution. H2GridLab has been
supported by Belgium's federal Energy Transition Fund.
Semi-industrial installations such as gas turbines and
fuel cells will be set up and tested in 2023.
Interaction between energy networks
University research is being conducted into the interac-
tions between diff erent energy networks. This research
is developing a simulation model for the Belgian energy
system that integrates electricity, hydrogen, natural gas
and CO
2
.
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Helping to develop
the biomethane market
Getting started
The production of biomethane in Belgium is getting off
the ground and gathering momentum. Six biomethane
units are currently operational: three in Flanders and
three in Wallonia. Construction of an additional unit is
expected in 2023.
Up to now, the biomethane units in Belgium have all
been connected to the distribution systems. Large-
scale facilities can be linked up to Fluxys Belgium's
high-pressure network. In 2022, we signed an agree-
ment to connect the Green Logix Biogas facilities in
Lommel to our network, with this scheduled to happen
in late 2024/early 2025.
Signifi cant potential
Valbiom was commissioned by the Belgian gas fed-
eration gas.be to carry out a study into the potential
contribution of locally produced biogas in Belgium,
concluding that biogas could cover around one fi fth of
household gas consumption by 2030. In addition, biom-
ethane can also be imported from neighbouring coun-
tries in the future, using certifi cates and guarantees of
origin. Cross-border exchanges of biomethane should
be encouraged by developing an international system
of guarantees of origin and sustainability certifi cates.
Supporting the market for
LNG and bio-LNG in heavy
goods transport and shipping
Switching to LNG-powered ships and trucks would help
to quickly cut greenhouse gas emissions and limit air
pollution, which is why Fluxys Belgium is investing in
infrastructure and services to open up LNG for these
segments. The advantage of small-scale LNG infrastruc-
ture and the fl eet of LNG-powered ships and trucks is
that no additional investments are needed to switch to
carbon-neutral bio-LNG as it becomes available.
Four additional truck loading stations
at LNG terminal
At the Zeebrugge LNG terminal, trailers are loaded
with LNG to supply LNG-powered ships and fi lling sta-
tions for trucks running on LNG. In order to be able to
continue meeting increasing demand effi ciently, four
additional truck loading stations are under construction
at the terminal. They will be commissioned in late 2023/
early 2024.
LNG terminal makes bio-LNG available
Since 2020, the Zeebrugge LNG terminal has been
certifi ed as a European approved process plant to make
bio-LNG available as a fuel for transport. Switching
ships and trucks to bio-LNG can help the sector make
the transition to full decarbonisation.
74
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Climate change –
Systematically reducing
our own climate impact
75
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OneteamOnetarget
Policy
Our commitment to systematically reducing our own cli-
mate impact is an integral part of our business strategy.
In that connection, this commitment is also a core pillar
of our Health, Safety and Environment Policy.
In 2018, we launched the Go for Net 0 project with a
view to halving the greenhouse gas emissions of our
own operations by 2025 compared with 2017 levels. In
2021, we reinforced that ambition by setting the goal
of making our own activities carbon-neutral by 2035.
Risks and measures
Risk Measures
• Greenhouse gas emissions from Fluxys
Belgium's activities do not decrease
as set out in the climate targets
• Greenhouse gas emissions may
have a financial impact
• Go for Net 0 project to lower Fluxys Belgium's
greenhouse gas emissions to net zero by
2035, including methane emissions from our
activities and maintenance/repair work
• Building additional open-rack vaporisers to
reduce the Zeebrugge LNG terminal's emissions
Opportunity Actions
Improving the energy efficiency of our activities Efficiently deployed renewable energy
technology improving energy efficiency
and reducing greenhouse gas emissions
76
Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Tackling methane emissions
Total methane losses on the Fluxys Belgium network
account for around 0.02% of the total transported vol-
ume. The Go for Net 0 project sets out four tracks for
tackling the sources of methane emissions.
Cut emissions from equipment
Modify equipment generating emissions or replace it with
equipment controlled by electricity or compressed air.
Reduce fugitive methane emissions
Periodic Leak Detection And Repair (LDAR) campaigns
enable us to detect fugitive emission sources and repair
or optimise them.
Limit emissions during maintenance/
repairs on the network
Natural gas often has to be removed from a pipeline
section during maintenance or repair work. In doing so,
we prevent natural gas from being released into the air
in various ways. An exception to this may be made for
urgent maintenance or repair work.
Other tracks
Various studies are currently exploring other ways to
reduce methane emissions. For example, methane emis-
sions can be recovered by starting and stopping facilities.
Tackling CO
2
emissions
Minimising compression
When balancing the network or controlling gas flows,
Fluxys Belgium endeavours to use its compressor facil-
ities as little as possible.
Regasification using the heat
from seawater
he Zeebrugge LNG terminal has been using an open-
rack vaporiser since 2013. Using the heat from seawater
to regasify LNG will significantly reduce the terminal’s
energy consumption and emissions. Three additional
open-rack vaporisers are being built.
In 2022, we launched a number of studies for additional
measures to further reduce the terminal’s CO
2
emissions:
• Possibilities for constructing extra
open-rack vaporisers
• Deploying technology for carbon capture and using
hydrogen or a mixture of hydrogen and natural
gas as an energy source for the conventional
regasification facilities at the terminal.
Green gas
Fluxys Belgium buys green gas certificates from biom-
ethane producer IOK Beerse to heat its head office and
Anderlecht site. We are looking into expanding the use
of green gas certificates for our activities.
Green electricity
The electricity used by Fluxys Belgium has been entire-
ly renewable since 2021. As a result, we are completely
eliminating the indirect impact of our electrical facilities.
Fluxys Belgium is busy exploring options for gener-
ating green electricity for its own use. This is already
being done with solar panels on some of our industrial
buildings, and the expansion of the solar fleet is under
consideration.
77
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Results
Greenhouse gases:
transmission and storage
In 2022, the greenhouse gas (GHG) intensity of the
transmission and storage businesses was halved com-
pared to the reference year 2017.
• The initiatives and investments for cutting
methane emissions reduced methane emissions
by 23% compared with the previous year. This
means that methane emissions have now
dropped to half of 2017 levels (reference year).
• CO
2
emissions decreased by 14% compared
with the previous year, thereby falling
below 2017 levels (reference year).
Change in greenhouse gas intensity
0,5
0,45
0,4
0,35
0,3
0,25
0,2
0,15
0,1
0,05
0
Kilotonne of CO
2
equivalent per TWh of natural gas transported
2018
2020
2021
2022
2019
Greenhouse gases: LNG terminalling
In 2022, the Zeebrugge LNG terminal regasified almost
three times as much LNG as in 2021 due to the very
high demand to support security of supply on the
North-West European natural gas market. As a result,
considerable use had to be made of emissions-gen-
erating conventional regasification facilities to supple-
ment the open-rack vaporiser.
Due to the high levels of activity, GHG intensity
increased by more than half compared with 2021 and
CO
2
emissions from the facility were more than four
times as high. However, maximising use of the open-
rack vaporiser with seawater in 2022 prevented 72,250
tonnes of CO
2
emissions.
Three additional open-rack vaporisers are being built
at the LNG terminal, with a view to reducing its GHG
intensity. In 2022, various studies were launched into
additional investments in further reducing the GHG
intensity of the facilities (see page 76).
Change in greenhouse gas intensity
2
1,8
1,6
1,4
1,2
1
0,8
0,6
0,4
0,2
0
Kilotonne of CO
2
equivalent per TWh of LNG regasified
2018
2020
2021
2022
2019
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
additional
open-rack vaporisers
with seawater
3
In 2021, we started building three
additional open-rack vaporisers
at the Zeebrugge LNG terminal.
The commissioning of the facilities
from 2024 onwards will mark a
milestone in terms of further reducing
energy consumption and also
emissions at the terminal.
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Energy efficiency
Two key solutions for reducing greenhouse gas emis-
sions (namely minimising the deployment of compres-
sor stations and maximising the use of the open-rack
vaporiser at the LNG terminal) primarily improve energy
efficiency. The less fossil energy we use, the more we
manage to reduce greenhouse gas emissions.
In addition, we take various other measures for our
operations. For example, we conclude operational
agreements with operators in neighbouring countries to
ensure the energy-efficient use of networks. For the best
possible energy efficiency, we also make maximum use
of the operational flexibility in the pipelines and optimise
settings in the pressure-reducing stations.
In recent years, various installations at the LNG terminal
have been renovated and adapted to boost the ener-
gy efficiency of the infrastructure. The construction
of three additional open-rack vaporisers is the latest
example of our efforts to boost energy efficiency.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Indicators
The quality and accuracy of the figures used for
CO
2
-equivalent emissions in this report have been
validated by an external auditor, pursuant to the Inter-
national Standard on Assurance Engagements (ISAE)
3000 (Revised), a model developed for the attesta-
tion of non-financial data. The attested indicators are
marked with a (
) – see page 155 (Independent audi-
tor's review report).
Fluxys Belgium has CO
2
emission rights for each of its
five sites that are subject to the EU Emissions Trading
Directive. Internal audits are organised for these sites
every year and the annual emissions report for each
site undergoes an external audit.
The results in this report include both direct and indirect
emission sources:
• Direct emissions of carbon dioxide (CO
2
)
and methane (CH
4
) from the operation of
gas infrastructure, including employee
use of motorised vehicles.
• The company’s electricity consumption is
a source of indirect emissions. As Fluxys
Belgium has been only buying green
electricity since 2021, this impact is zero.
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Systematically reducing our own climate impact 2022 2021 2020 2019 2018 2017
Greenhouse gas emissions: transmission and storage
Greenhouse gas emissions in kilotonnes
of CO
2
equivalent
127
157 160 195.82 197.06 209.29
Methane (CH
4
)
70
91 103 127 126 142
CO
2
57
65 52.76 64.39 66.3 59.83
Electricity
0
0 4.40 4.44 4.52 7.47
Volume of transported natural gas (TWh)
612.03
391.92 398.52 441.00 456.37 485.70
Greenhouse gas intensity (kilotonnes of CO
2
equivalent/TWh of transported natural gas)
0.21
0.40 0.40 0.44 0.43 0.43
Greenhouse gas emissions: LNG terminalling
Greenhouse gas emissions in kilotonnes
of CO
2
equivalent
225.35
52.52 83.35 42.74 13.86
13.86
Methane (CH4)
0.35
0.07 0.03 0.05 0.02 0.01
CO
2
225
52.45 71.63 107.43 35.07 5.17
Electricity
0
0 11.69 11.74 7.65 8.68
Volume of regasified LNG (TWh)
121.19
44.03 50.87 73.27 26.89 11.95
Greenhouse gas intensity (kilotonnes of CO
2
equivalent/TWh of regasified LNG)
1.86
1.19 1.64 1.63 1.59 1.16
Total greenhouse gas emissions in kilotonnes of
CO
2
equivalent
352.69
209.52 243.35 315.04 239.8 223.15
More information about the methodology for calculating greenhouse gas emissions can be found on page 151.
Energy efficiency: transmission and storage
Energy consumed (MWh)** 523,883 337,554 281,109 311,549 329,431 305,121
Diesel and petrol 9,876 8,954 8,921 9,991 11,013 11.386
Electricity* 250,483 24,565 25,968 26,146 26,262 33.086
Natural gas 263,524 304,044 248,149 275,412 292,156 260.649
Volume of transported natural gas (TWh) 612.19 391.92 398.52 441.00 456.37 485.70
Energy intensity (MWh of energy consumed/MWh
of transported natural gas)
0.00086 0.00086 0.00070 0.00071 0.00072 0.00063
Energy efficiency: LNG terminalling
Energy consumed (MWh)** 1,232,773 320,125 426,640 622,491 242,007 85,867
Diesel and petrol 204 348 374 383 398 558
Electricity* 105,750 58,017 69,052 69,040 44,471 38.458
Natural gas 1,126,819 261,760 357,214 553,068 197,138 46.851
Volume of regasified LNG (TWh) 121.19 44.03 50.87 73.27 26.89 11.95
Energy intensity (MWh of energy consumed/MWh
of regasified LNG)
0.01012 0.00727 0.00837 0.00853 0.00896 0.00716
* 2.5 MWh of primary energy is needed for every 1 MWh of electricity. Fluxys only buys green electricity.
** Including buildings and vehicles.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Climate change –
Management of natural
capital
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Policy
Fluxys Belgium’s efforts to manage natural capital
stem from our Health, Safety and Environment policy.
Our environmental management system provides the
framework for management, monitoring and improve-
ment measures.
Risks and measures
Risk Measures
Fluxys Belgium’s activities may damage
ecosystems and biodiversity
Environmental management system with
associated internal and external audits,
environmental impact assessments including
preventive and mitigating measures, a monitoring
approach and complaints management
Environmental management system
Fluxys Belgium’s environmental management system
provides the framework for management, monitoring
and improvement measures for environmental coordi-
nators. The environmental management system also
includes action programmes for reducing greenhouse
gas emissions (see Climate change – Systematically
reducing our own climate impact, page 74).
• Encouraging continuous improvement: Our
environmental coordinators provide advice on
minimising the environmental impact of Fluxys
activities, right from the design phase. Our follow-
up on external environmental complaints also
leads to measures to improve the situation.
• Internal audits: These are conducted
periodically by Internal Audit.
• External audits: The two Seveso facilities (the
Loenhout gas storage facility and the Zeebrugge
LNG terminal) are required by law to undergo
an environmental audit every three years. The
environmental audit is externally validated and
submitted to the competent authorities. The
most recent audit was held in December 2022.
• Monitoring: This covers greenhouse gas and air
emission measurements, noise measurements,
soil investigations, wastewater analyses, etc.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Environmental impact
assessments
Fluxys Belgium’s priority is to minimise the impact on
the environment and local residents, not only during
the design and installation/construction phases, but also
during the operation of its infrastructure.
All permit applications for the construction and opera-
tion of new facilities or for the renewal of the permit for
existing facilities include assessments of their impact on
the environment. These environmental studies gauge a
project’s potential impact in various areas, including air,
water and soil pollution, ambient noise, the production
of waste, spatial integration, mobility, and the impact
on biodiversity. Preventive or mitigating measures are
taken wherever necessary.
In 2022, Fluxys Belgium conducted 32 environmental
studies as part of its permit applications.
Biodiversity
Fluxys Belgium takes great care to ensure the con-
servation of ecosystems in those areas where its
infrastructure is built and/or operated. Environmental
impact assessments gauge our infrastructure’s impact
on ecosystems (see above). When laying new pipelines,
Fluxys Belgium always takes care to ensure that the
works cause as little disruption to the environment as
possible. We also see to it that nature can fully recover
after pipelines have been laid or we invest in measures
to offset the impact on nature, preferably involving local
species.
In late 2022, an outside company conducted a thor-
ough assessment of the biodiversity at and around the
Loenhout gas storage facility’s above-ground installa-
tions. Based on the assessment report, we are devel-
oping initiatives to promote biodiversity in the vicinity
of these installations.
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Reducing noise pollution
Fluxys Belgium uses a range of techniques to limit the
noise generated by its pressure-reducing stations, com-
pressor stations and other facilities.
When building new infrastructure, a lot of attention is
paid to potential noise pollution from the design phase
onward.
Wastewater treatment
All larger stations house a separate drain system and
wastewater treatment plant (or reed bed filtration system).
Handling of complaints
The environmental coordinator received 19 external
environmental complaints in 2022, including a notice
issued by the public authorities. Complainants con-
tacted us to express dissatisfaction about noise, report
that they could smell gas and/or flag up instances of
possible contamination. All the complaints have been
resolved.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Climate change –
EU taxonomy for
sustainable economic
activities
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75% of investment programme focused
on sustainable economic activities
In 2022, Fluxys Belgium approved its indicative invest-
ment programme for the period 2023-2032. The pro-
gramme as a whole encompasses investments totalling
over €2.8 billion. The estimated investments in the
development of the hydrogen and CO
2
infrastructure,
the reduction of our own greenhouse gas emissions
and other investments in sustainable economic activi-
ties amount to around 75% of that total.
Background to the taxonomy of sustainable
economic activities
The European Commission has rolled out a sustaina-
ble finance action plan. This regulation or “taxonomy”
requires listed companies such as Fluxys Belgium to
give a rundown of their environmentally sustainable
activities.
From 2023 onwards, companies must report which part
of their activities meet six environmental objectives laid
down by the Commission, two of which (climate change
mitigation and climate change adaptation) already took
effect in 2021. As the other four objectives (on water
and marine resources, pollution, biodiversity and eco-
systems, and the circular economy) will only come into
force at a later date, they fall outside the scope of the
financial year 2022.
An economic activity that pursues climate change mit-
igation should contribute substantially to the stabilisa-
tion of greenhouse gas emissions by avoiding or reduc-
ing them or by enhancing greenhouse gas removals.
Meanwhile, an economic activity that pursues climate
change adaptation should contribute substantially
to reducing or preventing the adverse impact of the
current or projected future climate, or the risk of this
impact, whether on that activity itself or on people,
nature or assets.
The economic activities must “do no significant harm
(DNSH)” to the objectives for water and marine resourc-
es, pollution, and biodiversity and ecosystems. The
circular economy criteria do not apply to our activities.
Facilitating green gas in the natural
gas network
Hydrogen infrastructure
Other investments
CO
2
-infrastructure
Reducing our own greenhouse
gas emissions
Economic activities that make a substantial contribution
to climate change mitigation
For the financial year 2022, Fluxys Belgium examined
its economic activities and assessed whether they were
eligible for the EU taxonomy and whether they were
sustainable (i.e. aligned), in accordance with Annexes I
and II to the relevant Delegated Regulation.
For 2022, Fluxys Belgium identified the following eco-
nomic activity as an eligible activity: 4.14. Transmission
and distribution networks for renewable and low-car-
bon gases.
The following Fluxys activities fall into this category of
eligible economic activity:
• retrofit of the transmission network that
enables the integration of hydrogen and
other low-carbon gases in the network;
• leak detection and repairs of existing pipelines
and stations to reduce methane emissions;
• research, development and innovation.
Environmentally sustainable taxonomy-aligned activities:
• Technical screening criteria: The economic
activity complies with the technical screening
criteria because within these activities we take
the appropriate actions to transform the existing
network, expand it into a transmission and
distribution network for renewable and low-carbon
gases and perform leak detection. We see the
activities related to greening existing activities as
an essential part of the eligible economic activity.
• Do no significant harm (DNSH): The economic
activity was also assessed to ensure that it does
no significant harm to the following four criteria:
climate change adaptation, sustainable use of water,
pollution prevention, and protection of biodiversity.
The circular economy criteria do not apply to our
activities. In this regard, we relied on the procedures
that already exist within the company today.
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
• Minimum guarantees: With a series of company-
internal control mechanisms, Fluxys Belgium
ensures that appropriate limitations are placed
on risks related to corruption, non-respect for
human rights, unfair competition and tax fraud.
Fluxys Belgium was not found guilty of any
failures pertaining to any of these risks in 2022.
From the above, it can be concluded that the activities
mentioned above can be regarded as environmentally
sustainable.
Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
Turnover
Proportion
of Turnover
Climate
change
mitigation
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion of
Turnover,
year N
Taxonomy-
aligned
proportion
of Turnover,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 0 m€ 0% 0% N/A N/A Y
Y N/A Y Y Y 0% N/A N/A N/A
Turnover of environmentally
sustainable activities (A.1)
0 m€ 0% 0% N/A N/A 0% N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of taxonomy-eligible
but not environmentally sustainable
activities (A.2)
0 m€ 0%
Total (A.1 + A.2) 0 m€ 0%
0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
928 m€ 100%
TOTAL (A+B) 928 m€ 100%
Turnover and expenditure
Turnover
In 2022, no revenue was generated from the sale of
transmission capacity for renewable or low-carbon
molecules.
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Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
Turnover
Proportion
of Turnover
Climate
change
mitigation
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion of
Turnover,
year N
Taxonomy-
aligned
proportion
of Turnover,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 0 m€ 0% 0% N/A N/A Y
Y N/A Y Y Y 0% N/A N/A N/A
Turnover of environmentally
sustainable activities (A.1)
0 m€ 0% 0% N/A N/A 0% N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of taxonomy-eligible
but not environmentally sustainable
activities (A.2)
0 m€ 0%
Total (A.1 + A.2) 0 m€ 0%
0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B)
928 m€ 100%
TOTAL (A+B) 928 m€ 100%
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
CapEx
Proportion
of CapEx
Climate
change
mitigation
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion
of CapEx,
year N
Taxonomy-
aligned
proportion of
CapEx,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 6,9 m€ 5,91% 100% N/A N/A Y
Y N/A Y Y Y 5,91% N/A N/A N/A
CapEx of environmentally sustainable
activities (A.1)
6,9 m€ 5,91% 100% N/A N/A N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CapExof taxonomy-eligible but not
environmentally sustainable activities
(A.2)
0 m€ 0%
Total (A.1 + A.2) 6,9 m€ 5,91%
5,91%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapExof Taxonomy-non-eligible
activities (B)
110 m€ 94,09%
TOTAL (A+B) 116,9m€ 100%
Capital expenditure
Capital expenditure covers investments, mainly in con-
nection with the Go For Net 0 project to reduce our
company’s climate impact.
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Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
CapEx
Proportion
of CapEx
Climate
change
mitigation
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion
of CapEx,
year N
Taxonomy-
aligned
proportion of
CapEx,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 6,9 m€ 5,91% 100% N/A N/A Y
Y N/A Y Y Y 5,91% N/A N/A N/A
CapEx of environmentally sustainable
activities (A.1)
6,9 m€ 5,91% 100% N/A N/A N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CapExof taxonomy-eligible but not
environmentally sustainable activities
(A.2)
0 m€ 0%
Total (A.1 + A.2) 6,9 m€ 5,91%
5,91%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapExof Taxonomy-non-eligible
activities (B)
110 m€ 94,09%
TOTAL (A+B) 116,9m€ 100%
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Fluxys Belgium | Regulated information | Integrated Annual Report 2022 | Our ESG performance
Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
OpEx
Proportion
of OpEx
Climate
change
mitigatio
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion
of OpEx,
year N
Taxonomy-
aligned
proportion
of OpEx,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 7,6 m€ 15,05% 100% N/A N/A
Y
Y N/A Y Y
Y
15,05% N/A N/A N/A
Transmission and distribution
networks for renewable and
low-carbon gases
7,6 m€ 15,05% 100% N/A N/A N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of taxonomy-eligible but not
environmentally sustainable activities
(A.2)
0 m€ 0%
Total (A.1 + A.2) 7,6 m€ 15,05%
15,05%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
42,8 m€ 84,95%
TOTAL (A+B) 50,4 m€ 100%
Operating expenses
• We work with industrial partners, higher education
establishments and public authorities on projects
addressing carbon neutrality and on the Go for Net
0 project to reduce our company's climate impact.
• The operating costs include personnel expenses
relating to maintenance and leak detection and
repair, including pipeline pigging, special helicopter
flights and particular costs of the study phase.
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Substantial contribution
criteria
DNSH criteria (“Does not significant harm”)
Economic Activities Code(s) Absolute
OpEx
Proportion
of OpEx
Climate
change
mitigatio
Climate
change
adaptation
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Circular
economy
Pollution Biodiversity
and
ecosystems
Minimum
safeguards
Taxonomy-
aligned
proportion
of OpEx,
year N
Taxonomy-
aligned
proportion
of OpEx,
year N-1
Category
(enabling
activity or)
Category
(transitional
activity)
m€ % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Transmission and distribution
networks for renewable and
low-carbon gases
4.14 7,6 m€ 15,05% 100% N/A N/A
Y
Y N/A Y Y
Y
15,05% N/A N/A N/A
Transmission and distribution
networks for renewable and
low-carbon gases
7,6 m€ 15,05% 100% N/A N/A N/A N/A N/A
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of taxonomy-eligible but not
environmentally sustainable activities
(A.2)
0 m€ 0%
Total (A.1 + A.2) 7,6 m€ 15,05%
15,05%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible
activities (B)
42,8 m€ 84,95%
TOTAL (A+B) 50,4 m€ 100%