Operating review

Technical investments in 2013 totalled €672 million, a decrease of €28 million (-4.0%) compared with 2012 (€700 million).

The 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 rates of return¹².

A total of 76.8% of investments are expected to benefit from a greater return.

The main investments with a greater return of 3% (€277 million) were:

• upgrading of transportation infrastructure in the Po Valley national network (€137 million);
• upgrading of infrastructure for importing to Sicily from the south of Italy (€46 million);
• new transportation infrastructure on the Adriatic coast (€33 million).

The main investments with a greater return of 2% (€90 million) concerned several projects to upgrade the regional and national network, including the construction of methane pipelines in Calabria (€17 million).

The investments with a greater return of 1% (€149 million) involved projects aimed at maintaining adequate safety and quality levels at the facilities, including:

• installing new turbocompressors at the Messina compression station in Sicily (€23 million);
• work on avoiding interference with other infrastructures (the Tangenziale Est Esterna di Milano road, the BreBeMi motorway and the Pedemontana motorway) or third-party property (€27 million).

Investments with a basic rate of return (€156 million) include the replacement of assets and plants, the implementation of new IT systems and the development of existing ones, and the acquisition of other core operating assets, including property investment.

INVESTMENT PROPORTIONS BY TYPE OF RETURN (%)

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