INVESTMENTS
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|
(€ million) |
2009 |
2010 |
2011 |
Change |
Change % |
|
Development of new fields |
221 |
144 |
193 |
49 |
34.0 |
|
Upgrading of capacity |
36 |
74 |
65 |
(9) |
(12.2) |
|
Maintenance and other |
25 |
34 |
38 |
4 |
11.8 |
|
|
282 |
252 |
296 |
44 |
17.5 |
Investments in 2011 amounted to €296 million, an increase of €44 million, or 17.5%, compared with 2010.
Investments were classified in accordance with Resolution ARG/gas 119/10 of the Electricity and Gas Authority, which identified various categories of projects with different incentive levels.
A total of 87% of these investments are expected to benefit from incentive-based return. The breakdown of investments in 2011 by category will be submitted to the Authority when the respective tariffs are approved for 2013.
Investments with a 4% incentive over 16 years (€193 million) relate to development activities in progress in the Fiume Treste storage fields, as well as at the Bordolano storage field to develop the cushion gas injection programme9.
Investments with a 4% incentive over eight years (€65 million) refer to ongoing activities related to projects to increase pressure, mainly at the Minerbio, Sabbioncello and Settala storage fields.
Maintenance and other investments (€38 million) mainly refer to works for maintaining suitable safety and quality levels for plants and projects relating to the implementation of new information systems and adjustments to existing ones.
SHARE OF INVESTMENTS BY INCENTIVE
(% of total investments)
9 Cushion gas is the minimum quantity of gas present in or injected into reservoirs during storage, which enables the extraction of the remaining volumes of gas without affecting, over time, the mineral characteristics of the reservoirs themselves.
