PRESS RELEASE BY MBD...

UK GAS SUPPLY & DISTRIBUTION MARKET RESEARCH REPORT

RELEASED: FEBRUARY 2008

After researching the UK gas supply & distribution market development and taking into account various other factors the following conclusions can be drawn from MBD's report:

MARKET REVIEW 20002/03-2006/07:

In 2007/08, allowed revenue by GDNs will total £2327.7 million. In the following five years, average annual allowed revenue is projected to be £2470.4 million. This is equivalent to an average annual increase of 2%. The highest average increase is projected to be demonstrated by the London GDN. The allowed rise in revenue is expected to reflect additional investment, increases in costs, business rates, pensions and costs relating to the small amounts of gas lost as it is transported through the networks.

Total capital expenditure by the eight GDNs is anticipated to fluctuate somewhat between 2007/08 and 2012/13 although an overall trend for growth is anticipated. Indeed, despite declines of 9% and 3% projected in 2010/11 and 2012/13 respectively, total capital expenditure is forecast to increase by a cumulative 19% to £1008.3 million in 2012/13 (at 2005/06 prices).

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