Operating review

During 2016, 0.21 billion cubic metres of LNG were regasified at the Panigaglia (SP) LNG terminal (0.03 billion cubic metres in 2015, all regasified as part of the peak shaving service; +0.18 billion cubic metres), of which 0.043 billion cubic metres within the integrated natural gas regasification and storage service.

In 2016, 5 tanker ships were unloaded, 1 of which as part of the integrated regasification and storage service (1 unloaded in 2015, as part of the peak shaving service).

Provision and development of regasification service (GRI: G4-8)

Organisational changes related to operational activities

At the end of 2016, the number of personnel in service totalled 71, a decrease of 2 compared with 31 December 2015 (73). The decline of 2 resources compared with December 2015 was due to the hiring of 1 person and 2 departures net of transfers among the subsidiaries, which explain the additional reduction of 1 resource.

Accidents (GRI: G4-LA6)

Energy consumption and emissions (GRI: G4-EN3,EN15,EN21)

Regulations concerning the business segment

Relations with the regulatory authority (No.) (GRI: G4-26)

Tariff regulations for 2016

By mean of Resolution 625/2015/R/gas, published on 18 December 2015, the Authority approved tariffs for the LNG regasification service for 2016. The tariffs were set on the basis of the base revenue of €27.1 million. The actual revenue was calculated based on the capacities actually allocated. The net invested capital as at 31 December 2014 (RAB) was around €0.1 billion.

Tariff regulations for 2017

By means of Resolution 392/2016/R/gas, published on 14 July 2016, the Authority approved tariffs for the LNG regasification service for 2017.

The tariffs were set on the basis of the base revenue of €27.9 million. Effective revenue must take account of capacity actually allocated. The net capital invested as at 31 December 2015 (RAB) was around €0.1 billion.

The Authority also recognised the amount of roughly €0.34 million to GNL Italia to cover the increase in the IMU tax rate for the years 2013-2014.

Other provisions

Integrated storage and regasification service

The Ministry of Economic Development Decree of 25 February 2016: “Determination and allocation of modulation storage capacity for the contractual period 2016-2017”, published in Official Gazette No 76 of 1 April 2016, also modified the procedures for access to and delivery of the integrated storage and regasification service, previously introduced pursuant to Article 14 of Decree-Law 1/2012. In particular, this service, for which a storage capacity of 1 billion cubic metres is reserved, requires the regasification companies and the largest storage company to coordinate in order to allow redelivery of the regasified LNG to the user directly to storage, by the end of the month following the unloading of the tanker ships. Based on the provisions of the Decree, access to the service is obtained through a competitive auction whose price has been defined by the Authority on the basis of the criteria set forth in Resolution 77/2016/R/gas, taking account of the value of the product and the trend of the market.

With regard to the contractual period from 1 April 2017 to 31 March 2018, the Ministry of Economic Development established, by the Decree of 7 December 2016 (Official Gazette, General Series, No 295 of 19 December 2016), that a storage space equal to 1.5 billion cubic metres should be set aside for an integrated regasification and storage service, in order to allow industrial companies to procure LNG directly from other countries. The service involves the injection of regasified gas into storage, less consumption and losses, by the end of the month subsequent to when the LNG is unloaded. The decree also establishes that the Authority will define the competitive auction procedure for the allocation of capacities relating to the integrated service, a reserve price that takes into account the product value as well as market developments and the criteria for splitting the proceeds between the regasification companies and Stogit.

Resolution 191/2016/R/gas – “Integration of procedures for the application of the factor for covering revenue for the LNG regasification service, following the introduction of the integrated regasification and storage service”

By means of this resolution, published on 21 April 2016, the Authority introduced an amendment to the methods for applying the factor for covering revenue for the LNG regasification service, in order to incorporate the amendments introduced through Resolution 77/2016/R/gas with respect to the integrated supply of a regasification and storage service pursuant to Article 1 of the Ministry of Economic Development Decree of 25 February 2016 “Determination and allocation of modulation storage capacity for the contractual period 2016-2017”. This amendment also included revenue arising from the provision of the integrated regasification and storage service in the formula of the factor for covering revenue.

Determination 13/2016 of 27 May 2016 – Infrastructure, Unbundling and Certification Department (IUCD) – “Authorisation of the provision of amounts due relating to the factor for covering revenue attributable to the company GNL Italia S.p.A. for the year 2015”

By means of this determination, published on 30 May 2016, the Authority notified Cassa per i Servizi Energetici e Ambientali of its authorisation of the provision of amounts due relating to the factor for covering revenue for the company GNL Italia S.p.A. for the year 2015, as a result of the verification of compliance of calculation methods consistent with the criteria of Resolution 438/2013/R/gas “Regulation of tariffs for the liquefied natural gas regasification service for the regulatory period 2014-2017 (RTGR)”.