INVESTMENTS
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|
(€ million) |
2010 |
2011 |
2012 |
Change |
% change |
|
Development of new fields (4% incentive over 16 years) |
144 |
193 |
95 |
(98) |
(50.8) |
|
Upgrading of capacity (4% incentive over eight years) |
74 |
65 |
99 |
34 |
52.3 |
|
Maintenance and other |
34 |
38 |
39 |
1 |
2.6 |
|
|
252 |
296 |
233 |
(63) |
(21.3) |
Investments in 2012 amounted to €233 million, a decrease of €63 million, or 21.3%, compared with 2011.
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 83.26% of these investments are expected to benefit from incentive-based return. The breakdown of investments in 2011 and 2012 by category will be submitted to the Authority when the respective tariff proposals for 2013 and 2014 are approved.
Investments with a 4% incentive over 16 years (€95 million) relate to development activities in progress at the Bordolano and Fiume Treste storage fields, mainly for the injection of cushion gas14, the acquisition of materials and the execution of work on the plants.
Investments with a 4% incentive over eight years (€99 million) refer to ongoing activities related to projects to increase pressure, mainly at the Settala, Sabbioncello and Minerbio storage fields.
Maintenance and other investments (€39 million) mainly refer to works for maintaining suitable safety, quality and efficiency levels for plants and projects relating to the implementation of new information systems and adjustments to existing ones.
14 Cushion gas is the minimum quantity of gas present in or injected into reservoirs during storage needed to enable the extraction of the remaining volumes of gas without affecting, over time, the mineral characteristics of the reservoirs themselves.
