Context Corporate presentation Elia Group | 2015

Context Price spikes of up to 300 €/MWh were observed on the 8th and 9th of November

Increased need for import of the last months Over the past months a high price convergence ratio in the CWE area was observed. This was the result of low import needs of BE and FR, BE was able to import from France (spring) or export to France (summer) The increase in import need for both hubs significantly raises prices (both hubs are competing for cheap energy from NL/DE) Very similar market behavior has been observed end of 2016 / beginning of 2017.

Comparing the FB domains of week 45 for h19 For all the working days of week 45, the FB domain slice BE/FR of hour 19 is shown: Very comparable FB domain and market clearing point for 20171106, 20171108 and 20171109 Although the results are similar, the market clearing prices are vastly different The FB domain for 20171110 was significantly smaller than pervious days, while having a ‘low’ market clearing price

Comparing the import capabilities of BE and BE+FR For 2017 the average weekly technical import during hour 19 is shown: capability of Belgium import from CWE Belgium + France combined import capabilities During the last weeks, Belgium was able to (and did) significantly import from CWE Corporate presentation Elia Group | 2015

Aggregated curves (no block bids) Prices increase between 0 and 500 €/MWh for only 20 Mw supply difference Aggregated curves (no block bids) During the days where the price peaks were observed, the liquidity of the Belgian market was particularly low

Generation forecast Large amount of power plants in (forced) outage Doel 3 (1006 MW) Tihange (960 MW) Zandvliet Power (386 MW) Saint-Ghislain STEG (350 MW) Corporate presentation Elia Group | 2015