GasTerra to be fully phased out by 31 December 2024

PRESS RELEASE

Groningen - September 24, 2020

Last October, gas trading company GasTerra announced that it would be winding down in due course. The company has now set up a redundancy programme for its employees and a phasing-out plan for the organisation. The date set for the end of the phasing-out process is 31 December 2024.

The phasing-out plan lays down how GasTerra’s business activities will be discontinued. The company accepts that there will still be a number of current long-term obligations remaining on the final date. GasTerra's shareholders will consult with the company's Board to decide in good time which party will, in such cases, carry out the tasks arising from these obligations.

For the moment everything is still much the same as before, except that GasTerra will not enter into any more new gas sales contracts for gas deliveries after 31 December 2023, unless this becomes necessary to balance the remaining portfolio (the whole of the purchasing and selling obligations).

Pursuant to the Dutch Gas Act, GasTerra is obliged to buy natural gas produced from the small Dutch fields under reasonable conditions and at market rates if a producer so wishes. Following on from last year's decision to discontinue GasTerra’s activities in the near future, the Minister for Economic Affairs and Climate Policy has announced that he wants to dispense with this legal requirement as soon as possible.

Since it was established in 2005, GasTerra has paid particular attention to projects that accelerate the transition towards a more sustainable energy supply. The company has also, since its early days, actively sponsored social, cultural and sports institutions and activities, particularly in and around Groningen. The company will consider whether there is still, at this stage of its existence, scope for fresh agreements with new or existing parties; this will be done year by year and case by case.

For GasTerra CEO Annie Krist, the announcement of the final date marks the end of an era; “31 December 2024 will see the end of a company that has been a flourishing element of a public-private cooperation for decades. I believe that the reason GasTerra is being phased out is undoubtedly due to the decision to halt gas production from the Groningen field. Our company is now faced with the task of bringing the phasing-out process to a successful conclusion, in the interests of our employees, our customers and other stakeholders. Until that time we hope to continue playing our part in ensuring that the gas market functions effectively.”

For more information and further details, please visit the page 'Frequently Asked Questions' at www. gasterra.com. In addition, if you require a more detailed explanation, please contact GasTerra's spokesperson, Anton Buijs: T. +31 (0)6 53 38 99 43; E. anton.buijs@gasterra.nl.