Tariff regulations

Resolution 438/2013/R/gas – “Regulation criteria for liquefied natural gas regasification tariffs for the 2014-2017 period”

With this resolution, published on 9 October 2013, the Authority defined the criteria for regasification service tariffs applicable in the fourth regulatory period (1 January 2014 – 31 December 2017). For the purposes of determining the relevant revenues, the mechanisms already in force for the third period were essentially confirmed. The return rate of net capital invested (WACC) was set at 7.3% in real terms, before tax, for investments made up to 31 December 2013, and at 8.3% in real terms, before tax, for investments made after that date, in order to mitigate the impact of the “regulatory lag” in the recognition of new investments made in year n, which are incorporated into the tariff for year n+2. A revision of the WACC was also introduced halfway through the regulatory period via an update solely of the return on risk-free assets.

With regard to the tariff structure, 100% of the total revenue is allocated to the capacity component (90% to capacity and 10% to commodity in the third regulatory period). The tariffs are updated using the “price cap” method, applied exclusively to the component relating to operating costs. The revenue component relating to the return and amortisation and depreciation is updated on the basis of an annual recalculation of net invested capital (RAB) and additional revenue from the higher rate of return for investments realised in prior regulatory periods.

New investments made from the 2014 financial year onwards aimed at expanding the regasification capacity of existing terminals by more than 30% or building new terminals will earn a rate that is two percentage points higher than the basic WACC, for a period of 16 years.

The guarantee factor for covering revenue is set at 64% of total revenue.

Resolution 604/2013/R/gas – “Tariff provisions for the regasification service for 2014, for the companies GNL Italia S.p.A., Olt Offshore LNG Toscana S.p.A. and Terminale GNL Adriatico S.r.l.”

With this resolution, published on 20 December 2013, the Authority approved tariffs for the regasification service provided by GNL Italia for 2014.

The tariffs were set on the basis of the base revenue of €27.6 million. Effective revenue must take account of capacity actually allocated. The net capital invested as at 31 December 2012 (RAB) was equal to around €0.1 billion.

Resolution 335/2014/R/gas – “Tariff provisions for the regasification service for 2015, for the companies GNL Italia S.p.A., Olt Offshore LNG Toscana S.p.A. and Terminale GNL Adriatico S.r.l.”

With this resolution, published on 11 July 2014, the Authority approved tariffs for the regasification service provided by GNL Italia for 2015.

The tariffs were set on the basis of base revenue of €28.1 million. Effective revenue must take account of capacity actually allocated. The net capital invested as at 31 December 2013 (RAB) was around €0.1 billion.

Resolution 466/2014/R/gas – “Provisions for the management of the peak shaving service in the winter period of the 2014-2015 thermal year”

With this resolution, published on 25 September 2014, which transposes the provisions introduced by the Decrees of the Ministry of Economic Development of 18 October 2013 and 27 December 2013, the Authority defined the procedures for the management of the peak shaving service in the event that it is implemented during the winter period of the 2014-2015 thermal year by regasification companies and the Balancing Supervisor, the procedures for amending the regasification codes and the procedures for estimating the costs to be incurred for performing the service.