LNG regasification
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Key performance indicators |
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Financial |
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First half |
Change |
% change |
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2014 |
(€ million) |
2014 |
2015 |
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28 |
Total revenue (*) (**) |
14 |
13 |
(1) |
(7.1) |
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25 |
- of which regulated |
13 |
12 |
(1) |
(7.7) |
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23 |
Operating costs (*) (**) |
10 |
8 |
(2) |
(20.0) |
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1 |
3 |
2 |
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7 |
Technical investments |
2 |
1 |
(1) |
(50.0) |
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0.01 |
Volumes of LNG regasified (billions of cubic metres) |
0.002 |
0.020 |
0.018 |
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1 |
Tanker loads (number) |
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77 |
Employees in service at period end (number) |
80 |
75 |
(5) |
(6.3) |
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Results
Total revenue for the first half of 2015 was €13 million, down by €1 million compared with the first half of 2014. Net of components offset in costs11, total revenue stood at €12 million, up by €1 million compared with the same period of the previous year.
Regulated revenue in the first half of 2015 (€12 million) includes €11 million in fees for the regasification service (+€1 million; 10.0%) and €1 million in fees charged back to users relating to the natural gas transportation service provided by Snam Rete Gas S.p.A. (-€2 million; 66.7%). Regulated revenue, net of components that are offset in costs, amounted to €11 million, up by €1 million, or 10.0%, compared with the first half of 2014.
EBIT for the period was €3 million, an increase of €2 million compared with the first half of 2014. This rise was due mainly to higher revenue (+€1 million).
Operating review
Volumes of LNG regasified
In the first half of 2015, the LNG terminal at Panigaglia (SP) regasified 0.020 billion cubic metres of natural gas, an increase of 0.018 billion cubic metres compared with the first half of 2014 (0.002 billion cubic metres). The LNG regasification activities were carried out in the context of the completion of the peak shaving service, which was concluded on 31 March 2015.
As a result of the increased attractiveness of natural gas prices in Japan and lower gas consumption in Europe due to the ongoing economic crisis, there were no tanker loads, as in the corresponding period of 2014.
Provision of an additional modulation (peak shaving) service12
The peak shaving service launched in December 2014 pursuant to Resolution 466/2014/R/gas of the Authority concluded on 31 March 2015, with no emergency having been declared by the Ministry of Economic Development.
11 The components of revenue that are offset in costs relate mainly to the chargeback of the natural gas transportation service provided by Snam Rete Gas S.p.A.
12 By means of Resolution 466/2014/R/gas – “Provisions for the management of the peak shaving service in the winter period of the 2014 - 2015 thermal year”, published on 25 September 2014, which transposed 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 for the winter period of the 2014-2015 thermal year by regasification companies and the Balancing Supervisor, also governing the procedures for amending the regasification codes and the procedures for estimating the costs to be incurred for performing the service.