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

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Half-yearly financial report at June 30, 2013Risks and uncertaintiesthis to the extent possible. This involves collaborative dialogue with the institutions and withthe bodies which govern and regulate the sector, active participation in trade associations andthe work groups set up at these entities and a detailed review of changes in legislation and theprovisions issued by the sector Authority.It also involves constant dialogue with the business units affected by legislative changes inorder to assess the potential effects in full.The main topics involved in current changes in legislation are as follows:• the rules governing the terms and conditions of large hydroelectric derivationconcessions;• the regulations concerning the granting of concessions for the gas and electricitydistribution service;• the reform of the integrated water service currently in progress;• the regulation of local public services of economic importance;• the evolution of the rules of CIP 6/92 conventions;• forecasts of economic conditions for the supply of gas for the protected service.For the above matters reference should be made to the section on “Changes in legislation” ofthis Report, under the various sectors.221However as far the forecasts of economic conditions for the supply of gas for the protectedservice are concerned, the following information is provided in addition to that contained in thesection mentioned.Following a sequence of various measures taken by the AEEG, by way of Resolution no.124/2013/R/gas the Authority has implemented the first phase of the reform of the means ofdetermining the economic conditions for the supply of gas (for the period from April 1 toSeptember 30, 2013), providing for a revision of the weights of the Ptop (80%) and Pmkt(20%) indices and changes to the QS component covering the storage service costs.By way of Resolution no. 196/2013/gas, the Authority subsequently approved the second partof the reform with a structural revision of the means of updating the component coveringprocurement costs and an adjustment of the retail sales marketing component. This phaseprovides for innovative means of calculating raw materials from October 1, 2013, by taking as areference solely the spot prices of the wholesale market.The dispute over Resolution no. ARG/gas89/10 is still pending; with this resolution the AEEGamended the way in which the price of the supply of gas for the protected service isupdated by applying a reduction coefficient “k” to the indexed component of the energy
Half-yearly financial report at June 30, 2013Risks and uncertaintiesquota (QE) (a variable fee covering procurement costs). In this respect the RegionalAdministrative Court issued a sentence favorable to the petitioners in March, a sentenceagainst which the Authority has filed an appeal with the Council of State.In conclusion, by way of Decree Law no. 69 of June 21, 2013 on “Urgent provisions to boost theeconomy”, the government required a change to be made of the boundary of end customersentitled to the gas protection service, excluding non-domestic customers. With regard to thismatter parliament is currently working on converting the decree into law.Operating risksBusiness interruption risk222All of the Group's sectors of activity involve managing production sites which aretechnologically and operationally complex (electric power stations, waste disposal plants,cogeneration plants, distribution networks, etc.), where a breakdown or accidental damagecould lead to a lack of availability and in turn to financial losses and possibly harm to theGroup's reputation due to the interruption of the services provided.These risks are linked to a variety of factors which, in the case of certain plants, could what ismore be accentuated by changes in the competitive context and in the reference markets. Tothe extent that the risk of unavailability of the plants may be considered an inherent part of thebusiness and a risk that is impossible to eliminate entirely, the Group sets up preventive riskmitigation strategies in all of its sectors to reduce the probability of such risks occurring andaction strategies aimed at limiting any impact.Safeguarding the Group's assets involves adopting and continuously updating procedures forscheduled maintenance, of both an ordinary and preventative nature, aimed at preventingpotential critical situations, identified amongst other things on the basis of specificengineering analyses carried out by dedicated technical staff, all in line with best practice. Italso involves periodically reviewing the plants and networks as well as providing specifictraining courses for technical personnel. In addition, the A2A Group makes widespread use ofinstruments for the control and remote control of technical parameters for the monitoringand timely detection of any anomalies as well as having a back-up of the components neededto guarantee operational continuity, where possible. The integration process between thespecialist engineering teams in the A2A Group and the technicians from Edipower S.p.A. willlead to a strengthening of the skills relating to plant performance analyses.In addition, the progressive adoption is planned at all of the Group’s plants of advancedsoftware and sensors for calculating the actual yield of the plants, aimed at enabling an
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Half-yearly financial Report at June 30, 2013 - A2A

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