1. www.galwaygroup.com
Introduction to Galway Group Power Offering
2016

2. Commercial Strategy
FinancialTechnical
Galway Group Perspective
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Our Experience
Galway expertise is based on over four decades of industry
experience in support of global Fortune 500 companies, small
and medium-sized enterprises and governments.
Our Offices
With offices in Houston, Singapore and London, Galway
supports a growing base of international clients in North
America, Latin America, Asia, the Middle East and Africa.
Our Clients Include
 Utility companies and power generators
 Upstream oil and gas companies
 Governments and NOCs
 Trading companies
 LNG terminal development companies
Galway Group
Energy advisory firm that offers commercial advisory, transactional, analytical and project structuring support to the
energy industry.
Galway
Group
Singapore
London
Houston

3. Galway’s Suite of Advisory Offering
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Galway’s Integrated Offerings Across the Energy Value Chain
Business Strategy Upstream LNG/Natural Gas Fuel Procurement Power
Prepare a business strategy
for our client through an
interactive work shop
approach, based on the
following inputs:
• Corporate Strategy
• Commercial Strategy
• Competitor Analysis
• Client constraints and
preferences for entry
strategy
• Market fundamentals
• Opportunity screening
countries/plays
• Shortlist of potential
countries/plays
• Economic valuation
• Risk assessment
• Reservoir productivity
modelling
• Project financing
• LNG value chain project
implementation
• Project due diligence
• Market study
• Transportation
• Project financing
• Contractual support
(PSC/GSA/JOA/TSA)
• Integrated fuel/[power
station project
implementation
• Inter fuel economics,
fuel switching
• Contractual support
(FPA, PPA)
• Market study
• Power station/asset
valuation
• Dispatch modelling
• Portfolio/Asset
optimisation
• Clean Energy
• Market, regulatory risk
assessment
• Project due diligence
• Project financing
• Tariff benchmarking
Consider Galway as Your Shadow Team in Implementing Power Strategy

4. Commercial Strategy
FinancialTechnical
Galway’s Power Advisory Services
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Market Study
Price and dispatch forecasting
Contract negotiation, support
Fuel procurement
Fuel substitution
Bid documents
Strategy formulation
Opportunity definition
Market study
Market entry
Portfolio, asset optimisation
Concept framing
Opportunity evaluation
Asset valuation
Due diligence
Dispatch modelling
Financial modelling
Project implementation
Integrated G&P projects

5. Galway Group Power Experts
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Graham has worked 25 years in the global energy sector, he joined Galway Group in October 2015. Prior to joining Galway Group Graham worked for 15
years at Wood Mackenzie, he moved to Singapore in 2007 to lead the Wood Mackenzie’s Asia gas and power research team. For his first ten years in
industry Graham worked in the competitive UK power market for a regional utility (Seeboard); and the international business development team of a major
power generating company (National Power).
Graham Tyler
Irfan Choudhry
Irfan has over 16 years of energy sector experience, he has led several consulting assignments which focused on power market analysis, power modelling and
impact of carbon related issues on power markets. Prior to joining Galway, he spent 7 years with Wood Mackenzie as part of the gas and power consulting
practice. Before Wood Mackenzie, Irfan spent 9 years in the financial sector with a focus on the energy companies. This included working with CRISIL where
he was responsible for performing credit ratings analysis for portfolio of India’s leading companies in the power sector and providing advice in the areas of
power sector regulation, utility financial turnaround and policy initiatives for market competition. He has also worked with PFC where he was responsible for
financial & technical appraisal of private sector power projects.
Kurt brings to Galway 30 years of global energy sector experience. Prior to joining Galway Kurt worked in Chevron, in Houston and London, and for 6 years as
GM of Chevron Tokyo. His energy career started in Chicago with NGPL managing marketing & business development teams that developed power, sold gas
transportation & storage services and pipeline and Natural Gas Vehicle opportunities. Later, he moved to Manila to lead gas pipeline & power development
activities throughout SE Asia, South Asia and the Middle East. In 2003, he joined El Paso Global Power’s Asian power plant portfolio where he manged
implementation of Project Metrics Program with a focus on monitoring and managing the operational & financial performance on each of El Paso’s 17 Asian
power projects.
Kurt Lindahl
Martin Paliga
Lennart Nil Luten
Lennart brings to Galway 7 years of diverse Gas & Power experience gained through roles in notably RWE and Vopak LNG, respectively in North-West
Europe and South-East Asia. He has worked on the appraisal, development, financing and risk and valuation assessment of multiple large power projects.
Skills include economic valuation and business case management, term sheet and contract drafting, commercial deal structuring, and market and
regulatory analysis.
Martin has over 30 years of experience in the energy business, of which more than thirteen is power-focused. Martin worked with UK’s National Power plc
for 8 years handling various roles - Project manager for the development of new power station projects and cogeneration facilities, responsibilities included
the development of PPAs and commercial/economic analysis; Fuel supply officer responsible for the procurement of coal for UK power stations and the
assessment of gas, oil and coal supplies to international developments; Power station developer responsible for securing planning, construction and
operational permits for new power station developments.

6. Galway Group Representative Clients
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Apex●CAES

7. CASE STUDIES
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8. 8
Galway Recent Power Project Experience
Example A: Integrated LNG Terminal and Greenfield Power Projects
Performed due diligence on integrated floating LNG import terminal and a CCGT power plant in Chile.
This included the evaluation of the power market condition, technical assessment of the floating LNG
terminal component of the project, the LNG supply acquisition strategy and viability of the project.
Client Confidential
- German Multinational Conglomerate
Advised privately held power project developer on the development of a floating LNG terminal and
supply acquisition, to provide natural gas for a greenfield 1200 MW CCGT power plant based in Chile.
Chile Client Confidential
- Chilean Private Power Developer

9. Client: Confidential – A German multinational conglomerate
Location: Chile
Project Description: Performed due diligence on integrated floating
LNG import terminal and a CCGT power plant in Chile. The study
included:
 Evaluation of power market condition
• Assessed competitiveness of a CCGT fuelled with imported LNG in a
hydro dominated power market, the potential impact on LNG
requirement profile and impact on LNG contracting requirements
 Evaluated the viability of the power project
• Assessed Chile’s openness and/or experience with IPP project
developers
• Overview of other successfully developed IPP projects
• High level assessment of interconnectivity of the proposed power plant
to the transmission grid
• Overview of potential issues that might be encountered with project
financing, permitting, and PPA’s
 Technical assessment of the floating LNG terminal component of
the project
• High level assessment of the suitability of the proposed site for either
FSRU or land based terminal
• Overview of using an FSRU versus land based terminal for the proposed
location
 Advised on LNG supply acquisition strategy
Example A: Integrated LNG Terminal and Greenfield Power
Projects
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Case Study

10. 10
Galway Recent Power Project Experience
Example B: Fuel Switch to Gas/LNG in Power Plants
Caribbean
Hawaii
South East Asia
US Virgin Islands Water and Power Authority (WAPA)
Performed a techno-commercial feasibility study for WAPA (US Virgin Islands government agency) to convert two of its power
plants on the islands of St. Thomas and St. Croix to run on natural gas. The services included a technical evaluation of small-
scale infrastructure options, LNG supply availability and pricing, and feasibility of using Compressed Natural Gas (CNG).
Client Confidential
- International Oil & Gas Terminal Company
Conducted a pre-feasibility study to identify the potential power candidates for fuel oil switch to
gas/LNG in South East Asia, the study included detail analysis of economics of LNG vs Diesel/FO.
Merrill Lynch
Conducted an analysis of power market to identify the opportunities in the Caribbean and Central
American markets to support substituting LNG for fuel oil in power generation. This included technical
and commercial evaluation of LNG import infrastructure options, and pricing assessment based on
alternate competing markets in the Atlantic Basin.
Evaluated the techno-commercial feasibility to supply the Caribbean island with gas via CNG or LNG for fuel oil substitution for
power generation. Also, advised on alternative commercial structures available for the facilities and gas supply.
Government of Curacao
Performed a feasibility study to substitute fuel oil to gas in HECO’s power plants in the various islands of
Hawaii. This included technical evaluation of the LNG import facilities at various locations, identifying
potential supply sources of LNG and likely pricing expectations from such supplies.
Hawaiian Electric Company (HECO)
Fuel Oil
Panama
Client Confidential
- A Thermal Power Generation
Company
The client intended to convert an existing
power plant to burn propane as its primary
fuel instead of diesel. To accomplish this,
Galway supported the project as a commercial
advisor by assisting and supporting the client
and its legal advisors in the review and
negotiations of the contract(s) to develop and
operate the propane import and storage
terminal and secure a supply of propane.
Evaluated the techno-commercial feasibility of importing LNG to substitute existing fuel oil fired and greenfield power projects
in the country .
Mauritius Central Energy Board
Mauritius

11. Example B: Fuel Oil Substitution to Gas/LNG in Power Plants
Client: Confidential – International Oil & Gas Terminal Company
Location: South East Asia
Project Description: Conducted a pre-feasibility to identify the
potential power candidates for fuel oil switch to gas/LNG in South
East Asia. The study included:
 Identification of power plants using diesel or other liquid fuel and
having a potential for conversion to gas/LNG.
 Conducted detailed research, site visits, interviews with
equipment manufacturers (OEMs) and power generators, which
were made to collect specific insights including:
• Dynamics of the local power players using liquid fuels in power plants
• Load profiles of those power plants
• Regulatory framework
 Performed detailed value chain economics of switching from
diesel/fuel oil to gas in power plants including:
• Analysis on the desirability of the end customer to be converted to LNG
with regards to costs incurred by the customer for the conversion facility
or infrastructure within the plant
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Case Study

12. 12
Galway Recent Power Project Experience
Example C: FSRU to Deliver Gas to Existing Power Plants
Caribbean Bahrain
Uruguay
UTE & ANCAP
Assisted Uruguay Government entities in developing and structuring an FSRU to supply gas for power generation. The
services included:
a) transactional advice on supply acquisition strategy, evaluation of issues around integrating FSRU operational capabilities
with fluctuating market demand; b) scenario modelling on demand fluctuations in hydro-dominated power sector on the
supply acquisition strategy and impacts of terminal availability from metocean conditions; c) commercial advisory support
with managing the tendering processes for service providers, and later for LNG supply acquisition; and d) strategic advisory
on the financial structure and risk assessments related to operations and commercial contracts.
PetroSA
Advising South Africa’s national oil company, PetroSA, on the development of FSRU to supply gas to existing power plants,
new greenfield power plants, industrial users, and PetroSA’s GTL refinery. Galway’s involvement has included:
a) techno-commercial advice, b) project and commercial structuring advice, c) strategic partner selection and contracting
advice and support, d) support of gas sales agreement (GSA) negotiations with off-takers, e) LNG procurement advice and SPA
negotiations advice and support, and d) demand aggregator business model development and advice.
South Africa
Nogaholding
Advising nogaholding as the project manager for the development of an FSRU to supply gas for power generation in Bahrain.
Galway’s role includes the management, supervision and coordination of all technical, commercial and financial aspects of the
project.
Puerto Rico Electric Power Authority (PREPA) and Government Development Bank
of Puerto Rico
Provided advisory services on the development of an floating LNG terminal project near PREPA’s Aguirre
power plant and the acquisition of additional LNG supplies for PREPA’s power plants and industrial users
in Puerto Rico. This included a) advice on LNG supply acquisition, b) assistance in the development of an
RFP process to select an FSRU provider and terminal project developer, c) advisory on selection of gas
procurement process, d) preparation of complete RFP package, term sheets, and proposed SPA, e)
assistance to PREPA and GDB in all negotiations activities, f) advisory and support in developing a
financing plan.

13. Example C: FSRU to Deliver Gas to Existing Power Plants
Client: Puerto Rico Electric Power Authority (PREPA) and Government
Development Bank of Puerto Rico
PREPA is the government-owned electric power utility in Puerto Rico.
The Government Development Bank of Puerto Rico is a government
agency tasked with overseeing and arranging financings for the other
government agencies.
Location: Puerto Rico
Project Description: Galway has been providing advisory services on
the development of a floating LNG terminal project near PREPA’s
Aguirre power plant on the southern coast of Puerto Rico, and the
acquisition of additional LNG supplies for PREPA’s power plants and
industrial users in Puerto Rico. Galway’s services include:
 Advisory to GDB on LNG supply acquisition
 Assistance in the development of an RFP process to select an FSRU
provider and terminal project developer
 Advisory on selection of gas procurement process
 Preparation of complete RFP package, term sheets, and proposed
SPA
 Assistance to PREPA and GDB in all negotiations activities
 Advisory and support in developing a financing plan
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Case Study

14. 14
Galway Recent Power Project Experience
Example D: Contractual Support Projects
Cutuco LNG Terminal
SCB International
Provided an evaluation and analysis of various LNG SPA proposals for LNG supply into Chile for power
generation.
Edelnor S.A.
Advised and supported Cutuco on LNG supply acquisition for a greenfield power plant. This included
advising on supply sources and likely pricing, contacted suppliers, prepared term sheets and instituted
preliminary discussions with potential suppliers.Italy
Chile
Assessed LNG price and LNG sourcing for a gas-to-power project in San Marino, Italy. Galway
determined the feasibility of importing LNG into the region from commercial and economic
perspectives.
El Salvador
Abu Dhabi Water and Electricity Company (ADWEC)
Galway has been advising ADWEC on the development of the LNG regasification facility and
procurement strategy. This included: defining potential Scenarios for the LNG import terminal,
identifying a reasonable rate of return for the Terminal, reviewing of LNG terminal cost estimates,
identifying the reasonable share of terminal costs to be paid by ADWEC, developing an appropriate
LNG terminal commercial structure, developing a term sheet relating to terminal usage agreement
(TUA), recommendation of the most appropriate LNG procurement model, developing a term sheet
relating to gas sales agreement (GSA)
Abu Dhabi

15. Example D: Contractual Support Projects
Client: Abu Dhabi Water and Electricity Company (ADWEC)
ADWEC acts as a guarantor for security of supply of water and
electricity in the emirate of Abu Dhabi. In this context, ADWEC is
seeking to secure additional gas imports through Emirates LNG to fuel
gas-fired power plants in Fujairah, which in turn provide electricity to
Abu Dhabi.
Location: Abu Dhabi
Project Description: Galway has been advising ADWEC on being the
sole offtaker of the development of the LNG regasification facility and
procurement strategy. These were done in two phases:
 Terminal Related Advisory and Term sheet for TUA
• Define potential Scenarios for the LNG Import Terminal considering the
uncertain and seasonal demand for gas from the power sector
• Identify a Reasonable Rate of Return for the Terminal that ADWEC should
pay considering a global benchmarking and bottom-up analaysis
• Review of LNG Terminal Cost Estimates
• Develop a Term sheet relating to Terminal Usage Agreement (TUA)
 LNG Procurement Strategy
• Recommend to ADWEC the most appropriate LNG procurement model
• Recommend an LNG procurement & contracting strategy that is most
appropriate for the likely uncertain gas demand forecasts for the power
sector
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Case Study

16. Galway provided a detailed analysis of potential customers for client’s biomass product in various
region. Carried out a comprehensive economic analysis of the LNG delivery infrastructure to help the
client make a comparison of the delivery costs of re-gasified LNG versus bio-mass pellets to customers.
Analysed and developed a model depicting LNG supply from various global sources, different shipping
options as well as various LNG import infrastructure to arrive at a re-gasification tariff. This was then
used to arrive at a final plant gate gas price and compare it with delivered prices of the bio-fuel pellets.
Also, identified possible fuel switching (coal/liquid fuels to alternative fuel) opportunities.
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Galway Recent Power Project Experience
Example E: Non Gas based Power Projects
Houston
New Zealand
Client Confidential
- North American Bio-mass pellet fuel manufacturer
TUKIA Group
Tukia and its member investors planned to invest in and develop multiple domestic geothermal projects
in New Zealand geothermal. In order to facilitate the development of these projects Galway provided a
detailed economic feasibility analysis and risk analysis associated with financial investments in these
geothermal projects.

17. Example E: Non Gas based Power Projects
Client: Confidential – North American Bio-mass pellet fuel
manufacturer
Location: Houston
Project Description: Client speculated that there are many situations
in which its black pellet (biomass fuel) technology can provide overall
lower burner tip fuel costs than re-gasified LNG. To this end, client
engaged Galway:
 To carry out an economic evaluation of LNG delivery infrastructure
so that client can better understand the competition from LNG
and thereby better define its marketing plan and position its
development strategy vs. LNG.
 Identified and provided a first level validation of potential
customers for clients biomass product in various regions including
Asia, Latin America and the Caribbean.
• Galway listed existing power plants running on fuel oil which cannot
reasonably access LNG or pipeline gas.
• The list was based on 3rd party research and then supplemented by the
insights/experience of staff who have worked in the region.
• Identified projects which are at the concept stage which could potentially
be induced to use Biomass in place of an alternate fuel (i.e. coal or fuel
oil).
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Case Study

18. 18
Galway Recent Power Project Experience
Example F: LNG Procurement for Power
Japan
Galway Provided estimates of full-cycle costs of LNG delivered to Japan from
various LNG export projects in the major existing and prospective supply regions
globally. Provided detailed analysis on availability of global LNG supplies and
project competitiveness. Analysis also included estimated support from potential
NGL sales, where applicable, on effective costs of LNG supply from the projects.
J-Power

19. Example F: LNG Procurement for Power
Client: J-Power
Location: Japan
Project Description:
Study done for J-Power to understand the global LNG supply
competiveness. This included:
 Estimation of full-cycle costs of LNG delivered to Japan from
various LNG export projects in the major existing and prospective
supply regions globally to supply J-Power’s power plants.
 Provided detailed analysis on availability of global LNG supplies
and project competitiveness.
 Analysis also included estimated support from potential NGL sales,
where applicable, on effective costs of LNG supply from the
projects.
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Case Study

20. Head Office: 3009 Post Oak Blvd., Suite 950, Houston, Texas 77056 Phone: +1 713 952 0186 Fax: +1 713 952 9861
Regional Office: 8 Temasek Boulevard #22-04 Suntec Tower 3 Singapore 038988 Phone: +65 6222 7917 Fax: +65 6235 4415
www.galwaygroup.com
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