21 Other current liabilities

Other current liabilities of €218 million (€211 million at 31 December 2011) comprise:

Prepaid income from regulated activities of €160 million relates to: (i) the transportation business segment (€113 million) and concerns the short-term portion of revenues invoiced in excess of the restriction established by the Electricity and Gas Authority, and penalties charged to users who exceeded the committed capacity; this amount is to be returned through tariff adjustments pursuant to Resolution 166/05; and (ii) the natural gas storage business segment (€47 million) and concerns payments for balancing and stock replenishment, which are to be returned to service users based on the provisions of Resolution 50/06 of the Electricity and Gas Authority.

Liabilities represented by the fair value of derivatives were reduced to zero following the early extinguishment of 12 IRS contracts with eni. The extinguishment serves to implement the contractual provisions set out in the event that eni loses control over Snam for the early termination of the financial agreements in place between Snam and its subsidiaries and eni²⁴.

Other liabilities (€58 million) refer to the current portion (€54 million) of the quantities of fuel gas allocated by users in 2011 pursuant to Resolution ARG/gas 184/09 in excess of the quantities actually used during that year; these will be subject to equalisation in the next financial year by reducing quantities allocated by users.