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Operating review

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Technical investments

 

 

 

 

 

 

(€ million)

2011

2012

2013

Change

% Change

Development

601

426

367

(59)

(13.8)

Investments with a greater return of 3%

495

340

277

(63)

(18.5)

Investments with a greater return of 2%

106

86

90

4

4.7

Maintenance and other

291

274

305

31

11.3

Investments with a greater return of 1%

108

131

149

18

13.7

Investments with a basic rate of return

183

143

156

13

9.1

 

892

700

672

(28)

(4.0)

Technical investments in 2013 totalled €672 million, a decrease of €28 million (-4.0%) compared with 2012 (€700 million).

The investments were classified in accordance with Resolution ARG/gas 184/09 of the Electricity and Gas Authority, which identified various categories of projects with different rates of return12.

A total of 76.8% of investments are expected to benefit from a greater return.

The main investments with a greater return of 3% (€277 million) were:

  • upgrading of transportation infrastructure in the Po Valley national network (€137 million);
  • upgrading of infrastructure for importing to Sicily from the south of Italy (€46 million);
  • new transportation infrastructure on the Adriatic coast (€33 million).

The main investments with a greater return of 2% (€90 million) concerned several projects to upgrade the regional and national network, including the construction of methane pipelines in Calabria (€17 million).

The investments with a greater return of 1% (€149 million) involved projects aimed at maintaining adequate safety and quality levels at the facilities, including:

  • installing new turbocompressors at the Messina compression station in Sicily (€23 million);
  • work on avoiding interference with other infrastructures (the Tangenziale Est Esterna di Milano road, the BreBeMi motorway and the Pedemontana motorway) or third-party property (€27 million).

Investments with a basic rate of return (€156 million) include the replacement of assets and plants, the implementation of new IT systems and the development of existing ones, and the acquisition of other core operating assets, including property investment.

INVESTMENT PROPORTIONS BY TYPE OF RETURN (%)

12 Through Resolution 514/2013/R/gas, the Electricity and Gas Authority defined the new criteria for determining transportation tariffs for the fourth regulatory period (2014-2017), the main features of which, particularly with reference to investments, are discussed in the “Regulation” section.

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