Enkon’s 2025 Natural Gas Storage Forum Feb 18, 2025 – Houston

Enkon Energy Advisors is excited to host the inaugural 2025 Natural Gas Storage Forum, a unique and timely event bringing together various stakeholders and gas industry experts to offer their perspectives on natural gas storage trends, market drivers, development challenges, financing & investment opportunities and long-term fundamental outlook.

Executive Forum: A unique platform focused on natural gas storage and natural gas markets
One Day Event (15+ Speakers):

• 5 impactful panel discussions,
• 3 expert presentations
• Keynote Speaker
• Multiple networking opportunities.

Goal of the Forum
After more than a decade of lackluster performance, natural gas storage assets in the U.S. are back in vogue and thriving. Firm Storage Service lease rates for natural gas storage capacity continue to rise driven by increasing gas price volatility, growing operational need for high-cycle service, and scarcity premiums in the market. Super Cycle 2.0 is truly underway for Natural Gas Storage assets!

This resurgence has generated tremendous interest from gas storage customers, project developers, storage operators, lenders and investors. It is opportune to bring together these stakeholders for a day of insightful discussions and networking opportunities.

Why Attend?
Here are some compelling reasons why you should join us.

The unique format of the Enkon Forum is designed to provide attendees with a holistic perspective from all stakeholders on the future evolution of the natural gas storage sector.

Curated & Impactful Expert Panel Discussions: Hear unique perspectives on challenges and opportunities from 5 different stakeholders

• Storage customer panel
• Developer panel
• Operator panel
• Investor panel
• Financing panel

All stakeholders under one roof – you simply cannot get closer to the market.

• Networking: Ample opportunity for impactful networking with highly qualified attendees keen on participating in natural gas storage Super Cyle 2.0
• Expert Presentations: Provide attendees with a compressive understanding on current landscape, development pipeline, gas market dynamics, valuable commercial insights, and long-term investment outlook
• Keynote Address: from thought leader in the natural gas industry

Forum Audience

• Key decision makers & executives from across energy, midstream, and oil & gas companies
• Gas storage customers – Utilities, power generators, LNG exporters, gas pipelines
• Investors, funds, financial institutions and law firms active in midstream space.
• Natural gas marketers, traders and asset management firms
• Industry though leaders

Registration and Networking Breakfast
7:50 AM – 8:00 AM
Welcome Remarks
Speaker: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

8:00 AM – 8:25 AM
Keynote Speaker
Speaker: TBA

8:25 AM – 8:50 AM
Presentation: Natural Gas Storage Outlook and Investment Risk Assessment
After more than a decade of lackluster performance, natural gas storage assets are back in vogue and thriving. The Speaker will discuss key drivers for gas storage, gas market trends, FSS rate projections and investment outlook for gas storage in the U.S.

What are the key drivers that are fueling current resurgence in gas storage?
From a market perspective, which locations/storage types are better situated?
What is the outlook for FSS pricing to 2030 under market uncertainties?
How much highly flexible gas storage capacity is needed by 2030/2035?
What is the overall investment risk and how long will this Supercycle 2.0 last?
Speaker: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

8:50 AM – 9:35 AM
Gas Storage Customer Panel
Besides increase in FSS rates, there has been notable evolution in customer needs, focus and commitment levels. Operational needs (such as Hourly Balancing Service for power plants or No notice injections for LNG) are dominating need for gas storage in Supercycle 2.0. This panel will discuss their respective needs for gas storage service, level of service and asset types that are more aligned with their service needs

What are the key requirements of LNG customers and level of service needed?
What is driving the need? What alternatives are available other than storage?
What are the requirements for power plants and gas pipelines?
Are traders being priced out of the FSS market?
Panelists:

To Be Announced Soon

Moderator: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

9:35 AM – 9:55 AM
Networking Break
9:55 AM – 10:40 AM
Gas Storage Developers Panel
Improvement in FSS rates, gas storage capacity additions continue to rise. While most additions are brownfield projects, there are multiple greenfield projects under development. This panel will address key challenges and opportunities for gas storage development and pathway to commercialization to meet evolving customer needs.

What customer class is driving storage/injection/deliverability needs?
Impact of cost inflation on brownfield/greenfield capacity development?
Changes to contracting/commercial philosophy from Super Cycle 1 to 2?
Access to capital and financeability under Super Cycle 2.0
Panelists:

Dan Craig, Chief Commercial Officer – Black Bayou Energy Hub

Jim Goetz, Chief Executive Officer – Trinity Gas Storage

Scott Smith, President – Spire Midstream

Edmund Knolle, Chief Commercial Officer – Gulf Coast Midstream Partners

Moderator: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

10:40 AM – 11:25 AM
Gas Storage Operator Panel
Patience – is the key word! Operating storage assets have gone through the highs of Super Cycle 1 and rode down the trough that followed. Finally, it is time to make hay and add low-hanging capacity in Super Cycle 2.0. This operator-centric panel will throw light on market developments and tailwinds for their storage business, contracting strategies in light of rising FSS rates and changing customer requirements, opportunities and challenges for commercialization of brownfield opportunities.

Strategies to deploy growing free-cash flows due to resurgence in FSS rates
How significant is the brownfield advantage in light of cost escalation?
Optimal pathway to scale – organic or M&A? Justification for M&A?
Regional differences in gas storage needs?
Panelists:

Dave Marchese, Chief Executive Officer – Caliche Development Partners

Paul Bieniawski , Chief Executive Officer – Enstor

Moderator: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

11:25 AM – 11:45 AM
Presentation: Gas Storage Commercial and M&A Trends in Super Cycle 2.0
There are key commercial factors observed in Super cycle 2.0 that are likely to make it more sustainable with a long runway for investors. The Speaker will discuss key commercial trends and impacts on M&A valuations for gas storage in Super Cycle 2.0

How is Supercycle 2.0 different from Supercycle 1.0? What went wrong?
How have the FSS rates trended? Can market support greenfield economics?
What are key changes in commercial Ts & Cs (Commitment, service level & term)
What are the indications from the current M&A valuations for gas storage?
Amol Wayangankar, Principal Founder – Enkon Energy Advisors

11:45 AM-12:30 PM
Lunch and Networking Break
Lunch Time

12:30 AM – 1:15 AM
Financing Panel (Lender Perspective)
Greenfield gas storage projects and some brownfield projects are expected to require debt financing. Financeability of gas storage projects will depend on how projects plan to mitigate commercial, technical and operational risk factors to meet debt covenants. This panel will delve into their appetite for financing capacity growth in Super Cycle 2.0, key commercial requirements for obtaining debt on favorable terms and overall availability of debt for gas storage asset class.

What are key considerations for lenders to evaluate projects in Super Cycle 2.0?
What are the biggest hurdles for financing gas storage projects today?
Are loan covenants/ security arrangements likely to be more stringent than 1.0?
How deep is the bank market for gas storage and are lenders set up internally to assess underlying market, regulatory and technical risk?
How is Supercycle 2.0 different from Supercycle 1.0? What went wrong?
How have the FSS rates trended? Can market support greenfield economics?
What are key changes in commercial Ts & Cs (Commitment, service level & term)
What are the indications from the current M&A valuations for gas storage?
Panelists:

Hans Beekmans, Co-Head of Energy & Infrastructure NA – Investec

Moderator: Amol Wayangankar, Principal Founder – Enkon Energy Advisors

1:15 AM – 2:00 AM
Investor Panel (Equity Perspective)
The resurgence for gas storage assets is making financial and strategic investors take notice. Recent M&A metrics for gas storage are robust indicating increasing capital inflow in this sector. Investments have also been made in greenfield projects. The significant differences in the commercial trends should make investments in gas storage more attractive for investors. However, investors grapple with one key question – how sustainable is the Super Cycle 2.0 to ensure acceptable returns? This panel will provide equity’ perspective on appetite for greenfield opportunities, M&A activity and challenges for value growth and exit ramps.

How does gas storage fit into respective investment mandates?
What is a winning strategy for an investor in Super Cycle 2.0?
What is the overall investment risk and how long will this Supercycle last?
Panelists:

Pat Eilers, Founder and Managing Partner – Transition Equity Partners

Moderator: Sue Neville, Project Manager – Enkon Energy Advisors

2:00 PM – 2:20 PM
Outsider’s Perspective: Presentation from Texas Brine
Although Texas Brine does not participate directly in the natural gas markets, their prints are on few operating natural gas storage assets. As part of producing brine (their primary business), Texas Brine creates salt caverns during the leaching process that can be used to store hydrocarbons including natural gas. Using caverns that are already created can create significate “speed to market” advantage for gas storage developers/operators. The speaker will discuss how Texas Brine can play a role in Super Cycle 2.0.

To Be Announced Soon

2:20 PM – 2:30 PM
Closing Remarks
2:30 PM-4:00 PM
Extended Networking, Afternoon Refreshments and Adjournment