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

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Half-yearly financial report at June 30, 2013Changes in legislationNetworks sectorRecent changes in legislation in the distribution sectorNatural gas distributionAllocation and performance of the distribution serviceAs a result of Law no. 99/2009, the “Development Law”, the Ministry for EconomicDevelopment completed the reform of the means of allocating the natural gas distributionservice by establishing 177 “Minimum Territorial Ambits” (the Ministerial Decree of January19, 2011 and the Ministerial Decree of October 18, 2011), for which tenders will be called for theallocation of the service, and a regulation on the basis of which tenders will be called andawarded.Default serviceThe Council of State’s ruling is still pending in the appeal against Resolution ARG/gas no. 99/11,with which the AEEG introduced the “default service”. However, by way of Resolution no.241/2013/R/gas, the Authority has revised the regulations and amended the responsibilities ofthose performing the service. On the basis of this new structure, services for a timely cut-offat the delivery point and the proper allocation of the withdrawals have been put under theresponsibility of the distribution company, while services connected with the economicsettlement for the lots of gas have been put under the responsibility of a sales operator.181As the result of the problems arising on the preparation of the first balancing sessions for thedistribution default service, the Authority ordered that new balancing sessions should be heldto adjust the figures already published, and that the payments for differences should besuspended.Distribution and metering tariffs – III regulatory period (2009-2013)Due to the judicial proceedings which have involved Resolution ARG/gas no. 159/08, andconsidering the present delicate phase, in which the sector is undergoing a reorganization, byway of Resolution no. 436/2012/R/gas the Authority extended the validity of the current tariffregulation until the end of 2013, in order to leave time for suitable consultation for the IVregulatory period. A number of operators have challenged this provision regarding the meansby which certain parameters that are important for the calculation of the remuneration ratefor employed capital are updated.
Half-yearly financial report at June 30, 2013Changes in legislationThe tariff system currently in force provides for a reference tariff calculated in order toensure the following: the remuneration of net invested capital (WACC set at 7.7% fordistribution activities and 8% for measurement activities), in turn calculated on the basis ofrevalued historic cost and, only in part, on a parametric basis; the coverage of depreciation,calculated on the basis of useful lives valid for regulatory purposes; and the coverage ofoperating costs, calculated on a parametric basis and updated through a price-cap methodusing an X-factor depending on the size of the company (2.4% for the distribution service and2.8% for measuring and sales services with respect to large-scale operators).The mandatory and reference tariffs for the distribution and metering of natural gas valid for2013 were approved by the Authority by way of Resolution no. 553/2012/R/gas.Regulation providing incentives for the safety of the serviceBy way of Resolution no. 229/2013/R/gas the Authority gave an award to A2A Reti Gas S.p.A. forthe safety recoveries obtained in 2011 and the company received a total of 363,444.53 euro.182Electricity distributionDistribution and metering service tariff frameworkBy way of Resolution ARG/elt no. 199/11, the Electricity and Gas Authority adopted theConsolidated Text of provisions to regulate the transmission and distribution of electricity(TIT) and the Consolidated Text of provisions regulating the supply of the Electricity MeteringService (TIME) for the fourth regulatory period (2012-2015).In relation solely to the tariff adjustment for metering services, variations with respect to theprevious regulatory period were included in the return on invested capital (set at 7.6% perannum), in the value of the X-factor (set at 7.1% per annum) and also in revenue equalizationfor low voltage metering services. With reference to the distribution service, many of thetariff regulation schemes already in force during the previous regulatory period weremaintained, in particular:– the adoption of tariff decoupling, which requires a mandatory tariff to be applied to endusers and a reference tariff for the definition of revenue restrictions, specific by operatorcalculated on the basis of the number of users (PoD);– the application of the profit-sharing method for the definition of initial operating costlevels to be recognized in the tariff;– the updating of the tariff quota covering operating costs through the price-cap method,setting the annual objective for increased productivity (X-factor) at 2.8% for distributionactivities;
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Half-yearly financial Report at June 30, 2013 - A2A

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