Operating review

Technical investments in 2014 totalled €240 million, a decrease of €11 million (−4.4%) compared with the previous year (€251 million).

Based on the new tariff criteria for the fourth regulatory period (1 January 2015 – 31 December 2018) issued by the Authority with Resolution 531/2014/R/gas, the greater return on investments, equal to 4% for 16 years for investments in the “development of new fields” and 4% for eight years for “capacity upgrading” investments, is recognised exclusively for investments realised by 31 December 2014. As at that date, investments in progress totalled €625 million. For more information on tariff criteria, please see the “Tariff regulations and other provisions” section.

Investments in the development of new fields (€126 million) refer mainly to activities involved in the development of the Bordolano and Fiume Treste fields, particularly the drilling of wells, the purchase of materials and the performance of work on the plants.

Capacity upgrading investments (€79 million) refer to the drilling of wells at the Settala and Fiume Treste storage fields and repowering activities at the Minerbio storage field.

INVESTMENT PROPORTIONS BY TYPE (% OF TOTAL INVESTMENTS)

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