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Investor Presentaiton

eneva Economic and Financial Performance < 127 > SASB IN- EP -420a.1. Sensitivity of the hydrocarbon reserve levels for the forecasting of future price scenarios that take into account a price in the carbon emissions: Reserves will still need to be developed for fulfillment of the gas-based thermal power contracts. The main impact of the scenarios, however, will fall on new projects in "greener" scenarios, oil loses a lot of force and gas could either lose or gain, depending upon the view taken concerning this source in emissions reduction policies. The impact of the division between the P1 and P2 reserves is not addressed in our strategic planning or in the activities that involve these scenarios. Sensitivity of the reserves to prices by type of primary product and price scenario Price/product scenario Current policies Scenario (base) New policies scenario Sustainable development scenario Proven reserves Oil (MMbbls) There is no forecast for oil in the base scenario, this being dependent upon certain M&A operations Acquisition of reserves has become less attractive Acquisition of reserves has become less attractive Gas (MMscf) 62.3 (there is no distance in the long-term model and the Strategic Planning between proven and probable) Relevant growth of reserves in accordance with new regulations in the area of gas and an increase in demand More timid growth of reserves, due to the rise of renewable sources Probable reserves Oil (MMbbls) There is no forecast for oil in the base scenario, this being dependent upon certain M&A operations Acquisition of reserves has become less attractive Acquisition of reserves has become less attractive Gas (MMscf) 62.3 (there is no distance in the long-term model and the Strategic Planning between proven and probable) Relevant growth of reserves in accordance with new regulations in the area of gas and an increase in demand More timid growth of reserves, due to the rise of renewable sources SASB IN- EP-420a.4. Discussion of how the price and demand for hydrocarbons and/ or climate regulation influences the capital expenditure strategy for the exploration, acquisition and development of assets: Our price forecasting is calculated using a long-term model, according to different indexes: JKM (GNL), Henry Hub (Natural Gas), Brent (Oil) and CIF-ARA (Coal). All the forecasts are taken from Bloomberg, an average of analysts, or a future curve. Our demand for these products in a base-scenario considers, above all, the 2030 PDE, as well as other relevant sector studies and the forecast macroeconomic aspects. However, as well as the figures considered in the long-term model, our Strategic Planning takes into account other scenarios for application of the strategy. These scenarios present different types of behavior concerning demand for the products, considering the different market behaviors - with the capital expenditure being directed according to consumer trends. Climate regulation, with initiatives such as taxation on carbon emissions, although not considered in the premises of price and demand used in the base-scenario, is an important driver, that is modulated in the other fiscal years. The price and demand scenarios - be they the base scenario or those used for other fiscal years - are extremely important for our spending strategy. The demand forecast for each product is one of the main drivers for our choice of new projects. As we have a wide range of future projects in which we may have expenses, the demand helps us to decide upon our movements. A rise in the demand for industrial gas could, for example, mean that we prioritize marketing projects. A more restrictive regulation of the climate, could possibly open up more room for renewable projects. Our recent entry into this market, moreover, demonstrates a more incisive positioning in a greener future - be it due to regulations or not. As such, in a scenario that is more focused on sustainable development, we will be more protected and less dependent on assets using gas or coal sources. Furthermore, the projects connected to exploration, acquisition and development activities may also vary depending upon market behavior in terms of price and demand. Thermal projects are very closely linked to energy demands, which, in turn, have a close relationship with macro-economic factors. sustainability report 2021 annexes ==
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