Half-yearly financial Report at June 30, 2013 - A2A

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Half-yearly financial report at June 30, 2013Changes in legislationRegulation of the electricity sector in MontenegroAt the end of 2011 the Energy Regulatory Agency (RAE), the autonomous and independentbody having the function of regulating the energy sector, approved the method to be used forcalculating electricity transmission and distribution tariffs, together with the means forestablishing energy prices for sales to end customers.The new method introduces regulatory elements into Montenegro law that are similar tothose in force in the principal European countries, such as the establishment of multi-yearregulatory periods, the introduction of capital valuation methods and a remuneration rateand the means of making the sector more efficient through the use of price-caps. The firstregulatory period started on August 1, 2012 and has a three-year term. For the first year theWACC (weighted average cost of capital), equal to 6.8%, will be applied to net invested capital(meaning the value of the assets in use at the end of year t-1, stated less of any contributionsreceived and revalued for inflation). Capital will be updated annually on the basis ofinvestment plans approved by the Agency, while depreciation will be charged over the usefullives included in the documents to be sent to the Agency on making the request for approvalof the tariffs. Operating costs will be calculated by applying a profit-sharing logic, startingfrom the figures sent by the company to the Agency.175Finally, in July 2012 the RAE approved the tariffs, calculated on the basis of the new methoddescribed above, which are valid from August 1, 2012 to July 31, 2013.Recent changes in legislation in the natural gas sectorUpstream gas marketCriteria for the allocation of gas storageIn compliance with article 14 of Decree Law no. 1/12 (the “Liberalizations Decree”) asamended by article 38 of Decree Law no. 83/2012 (the “Growth Decree”), in order to reducenatural gas procurement costs for businesses, the Ministry for Economic Developmentissued the “Regasified LNG Storage Decree”, by which it allocated the capacity of 500million cm becoming available following the recalculation of the volume of strategicstorage, amongst regasification and industrial companies. On the other hand with a seconddecree (the “Modulation Storage Decree”) the ministry established the modulationstorage space capacity to be allocated as a priority to civil customers, of which around onethird will be assigned by auction and the remaining two thirds on the basis of the previouspro-rata means of allocation. The decree also establishes the storage capacity to beallocated to all applicants exclusively by means of an auction.
Half-yearly financial report at June 30, 2013Changes in legislationFollowing the issue of the two ministerial decrees, the Authority then provided details of theallocation procedures under the regulated regime in Resolution no. 75/2013/R/gas, while byway of Resolution no. 92/2013/R/gas it provided details of the criteria to be used for theauction, with procedures simplified due to the imminent start of the injection phase.Gas exchangeThe gas market reorganization process is in progress following the 2011 start of the P-Gasplatform for trading lots of natural gas imported from non-EU countries and the developmentroyalties due to the state, and following the start of the M-Gas spot market in December of thesame year. In accordance with the requirements of article 32 of Legislative Decree no. 93/11, onthe basis of the regulatory changes introduced by the authority by way of Resolution no.525/2012/R/gas, the Energy Market Manager (GME) has set up the discipline for regulating thenatural gas forward market (MT-Gas).176By way of a Ministerial Decree of March 6, the Ministry for Economic Development approvedthe discipline of this market, with a starting date to be established in a later decree on theproposal of the GME “after a suitable testing period”, with a term which will by communicatedto the ministry by the GME.BalancingThe means of regulating the guarantees requested from operators in order for them tooperate in the balancing market is still being finalized.With regard to the events which took place during the start-up phase of the balancing market,by way of Resolution no. 144/2013/R/gas the Authority completed its fact-finding enquiryinitiated in the period December 1, 2011 to October 23, 2012. On the basis of the results of thatenquiry, by way of Resolution no. 145/2013/R/gas the Authority then set up a proceeding aimedat determining the portion of the costs to be recognized to Snam Rete Gas for the uncollectedreceivables relating to the economic items emerging during that observation period.As part of the measures introduced to strengthen the guarantee system, by way of Resolutionno. 143/2013/R/gas the Authority approved certain amendments to the Network Code drawnup by Snam Rete Gas, designed to strengthen the reliability of the monitoring of userexposure.
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Half-yearly financial Report at June 30, 2013 - A2A

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