Operating review

Technical investments in 2014 amounted to €700 million, an increase of €28 million, or 4.2%, compared with 2013 (€672 million).

Investments were classified in accordance with Resolution 514/2013/R/gas of the Electricity, Gas and Water Authority, which identified various categories of projects with different rates of return²².

The breakdown of investments by category for 2013 was defined by the Authority when it approved the tariff proposals for 2015, and the breakdown for 2014 will be submitted to the Authority when it approves the tariff proposals for 2016.

The main development investments subject to a greater return of 2.0% (€303 million) concern:

• as part of the initiative to support the market in the north-west of the country, and to make it possible to reverse the physical transportation flows at the interconnection points with northern Europe (€211 million): (i) the continuation of the construction works for the Zimella-Cervignano pipeline; (ii) the delivery of materials and the construction of the Mortara regulating facilities for the Cervignano-Mortara pipeline; (iii) the delivery of materials and the start of construction works for upgrading the Poggio Renatico power station; (iv) the continuation of the works relating to construction of the Poggio Renatico-Cremona pipeline; (v) the delivery of materials and the start of construction works on the new hubs at Minerbio and Sergnano; (vi) the delivery of materials for the Minerbio-Poggio Renatico pipeline; and (vii) the continuation of planning for the new Sergnano and Minerbio power stations.
• as part of the projects to upgrade the transportation network from the entry points in southern Italy (€85 million): (i) the delivery of materials and the continuation of renovation work at the Enna power station in Sicily; (ii) the delivery of materials and construction works relating to the Biccari-Campochiaro pipeline, in the Campania, Puglia and Molise regions; and (iii) the delivery of materials for connection points for the Massafra-Biccari pipeline, in the Puglia and Basilicata regions.

The main development investments with a greater return of 1.0% (€67 million) relate to a number of works to upgrade the network and to connect to new regional and national redelivery points, including:

• construction works on pipelines and associated connections, as part of the natural gas conversion project in Calabria (€11 million);
• the delivery of materials and the start of construction works on the Gavi-Pietralavezzara pipeline (€11 million) in Piedmont.

Investments with a basic rate of return (€330 million) concern works aimed at maintaining security and quality levels at plants (€227 million), projects relating to the development of new information systems and the implementation of existing ones (€45 million), the acquisition of other key operating assets, including real estate investments (€28 million), and compensation for third parties (€26 million).

INVESTMENT PROPORTIONS BY TYPE OF RETURN (%)

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