Other commitments and risks

The other unevaluated commitments and risks are:

Commitments arising from the contract for the acquisition of Italgas and Stogit from eni

The price determined for the acquisition of Italgas and Stogit is subject to adjustment mechanisms based on commitments made when the transaction was completed, which were also intended to apply after the date of execution.

Acquisition of Italgas

As at 31 December 2014, the remaining commitments from the aforementioned agreements concerned adjusting the Italgas purchase price to take into account part of the costs/benefits arising from the sale of property owned by Italgas that is no longer part of its operations.

Acquisition of Stogit

The Stogit acquisition price may be adjusted to take into account the different amount that might be recognised by the Authority for the tariff period 1 January 2015 – 31 December 2018 relating to the volumes of natural gas owned by Stogit on the share transfer date and which are part of RAB assets.

The agreement also provides for hedging mechanisms to ensure that eni continues to assume the risks and/or benefits from any sale of natural gas that is no longer required for the functioning of the storage system; any sale of storage capacity that may become freely available on a negotiable rather than regulated basis; or the transfer of concessions held by Stogit at the time of the share transfer that may become dedicated mainly to storage activities which are no longer regulated.

LNG – Peak shaving service commitments

With a decree of 13 September 2013, the Ministry of Economic Development modified the emergency plan for the natural gas system, introducing, as an additional emergency measure, the use of liquefied gas storage under a “peak shaving” system, which can be activated by using regasification terminals. In October 2014, GNL Italia subscribed to the initiative, publishing on its website a public procedure pursuant to the Ministerial Decree of 18 October 2013, which defined the criteria and procedures for offering the peak shaving service. In connection with this, in December 2014 GNL Italia received a methane tanker equivalent to around 1.5 million GJ and stored, at the tanks at its Panigaglia terminal, a portion of this quantity belonging to Gaz de France, the company that was awarded the tender. The LNG that will be stored for the entire winter of 2014/2015 will be regasified in full or in part in case of emergency, or returned to the supplier in April 2015 if there is no gas emergency.