Annual Report 2011 - Snam

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46Snam Annual Report 2011 / Natural gas storageThis adjustment is consistent with the remuneration paid for tariff purposes by the Electricity and GasAuthority, which, through Resolution ARG/gas 119/10, provided for a specific portion of revenue to bededicated to the payment of storage site restoration costs, taking into account the maximum durationof the concession (40 years from the date the concession was granted, including the two possibleextensions), so as to enable full recovery of costs.Operating reviewInvestments(€ million) 2009 2010 2011 Change Change %Development of new fields (4% incentive over 16 years) 221 144 193 49 34.0Upgrading of capacity (4% incentive over eight years) 36 74 65 (9) (12.2)Maintenance and other 25 34 38 4 11.8282 252 296 44 17.5Investments in 2011 amounted to €296 million, an increase of €44 million, or 17.5%, compared with2010.Investments were classified in accordance with Resolution ARG/gas 119/10 of the Electricity and GasAuthority, which identified various categories of projects with different incentive levels.A total of 87% of these investments are expected to benefit from incentive-based return. The breakdownof investments in 2011 by category will be submitted to the Authority when the respective tariffs areapproved for 2013.Investments with a 4% incentive over 16 years (€193 million) relate to development activities inprogress in the Fiume Treste storage fields, as well as at the Bordolano storage field to develop thecushion gas injection programme 9 .Investments with a 4% incentive over eight years (€65 million) refer to ongoing activities related toprojects to increase pressure, mainly at the Minerbio, Sabbioncello and Settala storage fields.Maintenance and other investments (€38 million) mainly refer to works for maintaining suitable safetyand quality levels for plants and projects relating to the implementation of new information systems andadjustments to existing ones.Natural gas moved through the storage systemThe volumes of gas moved in the Storage System in 2011 stood at 15.31 billion cubic metres, a slightreduction (-0.28 billion cubic metres; -1.8%) compared with the volumes moved in 2010 (15.59 billioncubic metres). The reduction is mainly due to lower injections of gas for the replenishment of stocks(-0.22 billion cubic metres; -2.75%).The available storage capacity at 31 December 2011 was around 15 billion cubic metres, an increase of5.6% compared with 2010. The increase is associated with the expansion and development investmentsrealised in the Fiume Treste, Minerbio and Settala concessions.9 Cushion gas is the minimum quantity of gas present in or injected into reservoirs during storage, which enables the extractionof the remaining volumes of gas without affecting, over time, the mineral characteristics of the reservoirs themselves.Snam Annual Report 2011
Snam Annual Report 2011 / Natural gas storage47SHARE OF INVESTMENTS BY INCENTIVE (% of total investments)9%14%13%Maintenance and other13%78%29%22%Increasing capacityDevelopment of new fields65%57%2009 2010 2011NATURAL GAS MOVED THROUGH THE STORAGE SYSTEM (billions of m 3 )16.5215.5915.312009201020118.717.597.537.818.007.78Extraction Injection TotalDecree extending the Fiume Treste storage concessionIn accordance with the Ministerial Decree of 6 June 2011 issued by the Directorate General for Energyand Mineral Resources, the Ministry of Economic Development granted the first ten-year extension ofthe natural gas storage concession at Fiume Treste.The application for extension was submitted by Stogit on 18 September 2009 to the Ministry ofEconomic Development which, in acknowledgement of the correct fulfilment of all obligations derivingfrom the concession, allowed the first ten-year extension envisaged by regulations, and extension willrun from 21 June 2012.Snam Annual Report 2011
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216Independent auditors’ reportSn
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