Snam.it

Operating review

INVESTMENTS

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(€ million)

2010

2011 (*)

2012

Change

% change

(*)

Some projects previously included in categories of investments with a 2% incentive were classified as investments with 3% incentive. The corresponding amounts for 2011 were reclassified accordingly.

Development

671

601

426

(175)

(29.1)

Investments with 3% incentive

456

495

340 

(155)

(31.3)

Investments with 2% incentive

215

106

86 

(20)

(18.9)

 

 

 

 

 

 

Maintenance and other

231

291

274

(17)

(5.8)

Investments with 1% incentive

92

108

 131

23

21.3

Investments with no incentive

139

183

 143

(40)

(21.9)

 

902

892

700

(192)

(21.5)

Investments in 2012 amounted to €700 million, a decrease of €192 million, or 21.5%, compared with 2011 (€892 million).

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 incentive levels.

A total of 80% of investments are expected to benefit from incentive-based returns. The breakdown of investments by category for 2011 and 2012 will be submitted to the Authority when it approves the tariff proposals for 2013 and 2014. The breakdown for 2014 may differ from that in the current regulatory period, which ends on 31 December 2013.

The main investments with a 3% incentive (€340 million) were:

  • upgrade of transportation infrastructure in Valle Padana (€183 million);
  • upgrade of import infrastructure in Sicily and Calabria (€48 million);
  • new transportation infrastructure on the Adriatic coast (€27 million);
  • connection of the Offshore LNG Toscana (OLT) regasification terminal at Livorno (€26 million);
  • completion of construction work on the Palaia-Collesalvetti gas pipeline in Tuscany (€16 million).

The main investments with a 2% incentive (€86 million) were:

  • natural gas projects in Calabria (€15 million);
  • completion of construction works on the methane pipeline connecting the Edison Gas storage plant in Collalto, Veneto (€7 million).

The main investments with a 1% incentive (€131 million) involved projects aimed at maintaining adequate safety and quality levels at the plants.

Investments with no incentives (€143 million) included projects to replace assets and plants, as well as projects relating to the implementation of new IT systems, the development of existing assets and the purchase of other key operating assets.

SHARE OF INVESTMENTS BY INCENTIVE

(% of total investments)
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Snam’s presence in Italy

Infrastructure as
at 31 December 2012

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