Technical investments

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Technical investments

Fourth regulatory period

 

Financial year 2015

Financial year 2016

Financial year 2017

Type of investment

Higher compensation
in fourth regulatory period (%) (*)

€/million

€/million

€/million

(*)

Compared with the base WACC of 6.3% for 2015 and 5.4% for 2016 and 2017, in addition to 1% to offset the regulatory lag for 2015 and 2016.

New import and/or export capacity

2.0%

249

226

276

New National Network transportation capacity

1.0%

 

1

10

New Regional Network transportation capacity

1.0%

79

118

97

Replacement and other

 

365

431

534

 

 

693

776

917

Technical investments in 2017 amounted to Euro 917 million, an increase of Euro 141 million, or 18.2%, compared with 2016 (Euro 776 million).

Investments were classified in accordance with Resolution 514/2013/R/gas of the Electricity, Gas and Water Authority, which identified various categories of projects with different rates of return.

The main investments for the development of new transportation capacity on the National Network to bolster import and export capacity, for which a higher return of 2.0% (Euro 276 million) is projected, concern the following:

  • as part of the initiative to support the market in the north-west of the country, and to make it possible to reverse the physical transportation flows at the interconnection points with northern Europe in the Pianura Padana area (Euro 249 million):(i) the continuation of activities related to the supply of turbochargers relating to the new plants at Sergnano and Minerbio; (ii) the continuation of the construction of the Cervignano-Mortara pipeline.
  • as part of the projects to upgrade the transportation network from the entry points in southern Italy (Euro 20 million):(i) completion of the main construction works on the Biccari-Campochiaro pipeline; and (ii) continuation of construction works on the Massafra-Biccari pipeline connection points.

The main development investments have an envisaged greater return of 1.0% (Euro 107 million) relate to a number of works to upgrade the network and to connect to new regional and national redelivery points, including:(i) the continuation of the construction of pipelines and connections connected to the methanisation initiative of the Calabria Region (Euro 40 million) including the bypass for Montebello J. and the delivery of materials for the Sant’ Andrea Apostolo dello Jonio-Caulonia methane pipeline; (ii) the continuation of the complementary construction works related to the upgrading of the Gavi-Pietralavezzara methane pipeline in Piedmont-Liguria (Euro 10 million); (iii) the start of the delivery of materials related to the Italgas Storage s.r.l. connection in Cornegliano Laudense (Euro 10 million); (iv) the continuation of construction works related to the upgrading of Varese bypass (Euro 7 million); (v) the continuation of the complementary construction works of the Lainate – Olgiate Olona methane pipeline relating to the upgrading of the Lombardy network (Euro 4 million).

Investments with basic remuneration18 (Euro 534 million), concerning:(i) works aimed at maintaining the safety and quality levels of the plants (Euro 432 million) including the continuation of construction works for the rebuilding of the Pontremoli – Cortemaggiore methane pipeline (Euro 29 million); (ii) projects relating to the development of new information systems, as well as the implementation of the existing ones (Euro 42 million); (iii) upgrading projects for the redelivery plants (Euro 34 million); (iv) reclamation works for third parties (Euro 10 million); and (v) the purchase of assets instrumental to operating activities (Euro 16 million).

Investment proportions by type of return (%)

Progress of work to obtain permits

To develop new settlements, in addition to the technical-economic feasibility criteria, Snam adopts procedures that respond to stringent environmental and safety compatibility assessments.

Environmental impact assessments cover all phases of the life cycle of the work, location, design, construction,

operation and disposal. These assessments are carried out as part of the Environmental Impact Assessment (EIA) procedures, at the end of which the administrations in charge, both at central and local level, issue the authorisations required by current legislation.

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EIA decrees obtained during the year

Name

Length
(km)

Regions affected

Authority

Date of decree

Gas Pipelines

 

 

 

 

Bussero – Osnago enhancement

26.00

Lombardy

Lombardy Region

11/01/2017

TAP interconnection

55.43

Puglia

Ministry of the Environment and Protection of Land and Sea

22/09/2017

Trieste – Grado – Villesse Sealine

46.00

Friuli-Venezia Giulia

MATTM – MiBACT

12/06/2017

Concessions

 

 

 

 

Fiume Treste for overpressure and development of new level F

 

Abruzzo and Molise

MATTM

18/05/2017

--

Abruzzo and Molise

Ministry of the Environment and Protection of Land and Sea

18/05/2017

07/04/2017

Ripalta – for overpressure and treatment plant relocation

--

Lombardy

Ministry of the Environment and Protection of Land and Sea

07/04/2017

Minerbio for overpressure exercise

--

Emilia Romagna

Ministry of the Environment and Protection of Land and Sea

14/03/2017

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Orders received during the year to check EIA requirements

Name

Length
(km)

Regions affected

Authority

Date of order

Gas Pipelines

 

 

 

 

Cortemaggiore – Genoa modification in the Municipality of Rottofreno

5.275

Emilia-Romagna

Region

30/01/2017

Emilia-Romagna

30/01/2017

Campania

Regione Campania

12/07/2017

Modifications “Derivazione per Salerno”

2.08

Campania

Region Campania

12/07/2017

Pietravairano – Pignataro M. connection

25.10

Campania

Region Campania

12/10/2017

Modifications Benevento-Cisterna

3.38

Campania

Region Campania

10/05/2017

Modifications Castrovillari-Melizzano

3.1

Campania

Ministry of the Environment and Protection of Land and Sea

22/06/2017

EDISON Garaguso and Masseria Monaco connection

4.599

Basilicata

Basilicata Region

30/03/2017

Modifications Pisticci – Sant’Eufemia

4.925

Calabria

Calabria Region

19/04/2017

Modification S. Eufemia – Crotone Loc.Calderaio and Loc.Marcellinara

3.4

Calabria

Calabria Region

30/06/2017

Plants

Power

 

 

 

Adjustment of the Istrana compression system

75 MW

Veneto

Province of Treviso

30/06/2017

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EIA applications submitted to Ministry of the Environment and Ministry of Cultural Heritage and Activities

Name

Length
(km)

Regions affected

Submission date

Gas Pipelines

 

 

 

Reconstruction Campodarsego – Castelfranco Veneto

33.459

Veneto

15/12/2017

Reconstruction Pieve di Soligo – S. Polo – Salgareda

33.56

Veneto

15/12/2017

Reconstruction Mestre – Trieste Section Casale sul Sile – Gonars
Declassification Mestre – Trieste

117.486

Veneto – Friuli Venezia Giulia

15/12/2017

Reconstruction Ravenna – Chieti section Recanati – San Benedetto del Tronto

93.61

Marche

30/11/2017

Reconstruction Ravenna – Chieti section San Benedetto del Tronto – Chieti

90.74

Marche – Abruzzo

30/11/2017

Reconstruction Ravenna Mare – Ravenna Terra

33.696

Emilia Romagna

21/12/2017

Reconstruction San Salvo – Biccari

87

Puglia – Molise – Abruzzo

15/12/2017

Reconstruction Gagliano – Termini Imerese

45.99

Sicily

12/12/2017

Methanisation Sardinia – North section and Connected Works

230.98/110.00

Sardinia

26/07/2017

Methanisation Sardinia – South Section and Connected Works

150.57/80.06

Sardinia

21/06/2017

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EIA applications submitted to regions or provinces

Name

Length
(km)

Regions – Provinces concerned

Submission date

Gas Pipelines

 

 

 

Reconstruction Rimini – Sansepolcro

81.92

Emilia-Romagna – Tuscany

04/05/2017

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Applications submitted to regions or provinces to check EIA requirements

Name

Length (km)

Regions – Provinces concerned

Submission date

Gas Pipelines

 

 

 

Modifications Pisticci – Sant’Eufemia

4.925

Calabria

26/01/2017

Modification S. Eufemia – Crotone Loc.Calderaio and Loc.Marcellinara

3.4

Calabria

01/02/2017

Plants

Power

 

 

Adjustment of the Istrana compression system

75 MW

Treviso

01/03/2017

18 For the investments of 2017, the basic rate of return includes the rate of return on net invested capital (real pre-tax WACC) of 5.4%.

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