17. Trade payables and other payables

Trade payables and other payables, which amount to €1,746 million (€1,769 million at 31 December 2014) comprise the following:

Trade payables of €694 million (€816 million at 31 December 2014) relate mainly to the natural gas transportation (€476 million, including €414 million relating to gas balancing activities), distribution (€115 million), storage (€52 million) and regasification (€2 million) business segments.

Payables for investment activities (€468 million, including €4 million expiring after the period; €440 million at 31 December 2014) refer mainly to the natural gas transportation (€247 million), distribution (€109 million) and storage (€80 million) business segments.

Other payables of €584 million (€513 million at 31 December 2014) break down as follows:

Payables to the CSEA (€418 million) concern accessory tariff components that mainly relate to: (i) the transportation segment, pursuant to the following resolutions: ARG/gas 87/11 (payment to cover costs arising from the application of the revenue guarantee factor for the storage service and the charges borne by the GSE: €152 million); ARG/gas 177/10 (measures and interventions for energy saving and development of renewable energy sources in the natural gas sector: €84 million); ARG/gas 92/08 (payment to cover costs arising from the application of the revenue guarantee factor for the LNG regasification service: €38 million); 277/07 (interruptibility fee: €30 million); ARG/gas 155/11, as amended (recovery of charges related to outstanding receivables from the balancing of the gas system: €24 million); ARG/com 93/10 (discounts for disadvantaged gas customers: €15 million); 363/2012/R/gas (recovery of charges applied for the default service on the transportation network: €10 million); (ii) the distribution segment (energy saving, quality of gas services, equalisation imbalances, disadvantaged customers, interruption for non-payment), mainly pursuant to Resolution ARG/gas 159/08 (€57 million).

Payables to the government (€42 million) primarily involve payables to municipalities for concession fees for the distribution business.

Note 33 “Related-party transactions” contains information about payables due to related parties.

The book value of trade payables and other payables, considering the limited time interval between the occurrence of the payable and its maturity, is an approximation of the fair value. The market value of trade and other payables is provided in Note 24 – “Guarantees, commitments and risks – Other information on financial instruments”.