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Energy

The Energy Sector includes the following activities:

  • Electricity generation: power plant management through a generation pool of hydroelectric and thermoelectric plants;

  • Energy management: the purchase and sale of electricity and gaseous and non-gaseous fuels on national and international wholesale markets; it also handles the procurement of fuel needed to cover the requirements of the thermoelectric plants and customers; planning, programming and dispatching for the electricity generation plants; 

  • Sale of electricity and gas: marketing of electricity and gas to the eligible customer market. It also includes the sale of electricity to customers eligible for “higher protection”.

2011 Results

The Energy business showed a reduction in the margin of 105 million euros compared to the previous year. Net of the effects that can be attributed to the full consolidation of the associated company EPCG (-48 million euros), the reduction in the margin amounted to 57 million euros.

The electricity sector in Italy recorded a reduction of 69 million euros compared to the previous year. The downturn can essentially be attributed to lower margins in the sales of electricity as well as the lower contribution of the surpluses of environmental certificates.

In the gas sector, the purchasing strategy, aimed at seizing the opportunities arising from a market context characterized by an oversupply of gas on the wholesale market, more than offset the unfavourable effects of the energy scenario on dynamics relative to the indexing formulas of purchase and sale contracts, as well as the drop in the volumes sold, also due to particularly mild seasonal temperatures. The Sector result was up by 12 million euros compared to that of the previous year.

The investments during the period amounted to 32 million euro and concerned the thermoelectric generation for 14.3 million euros, the hydroelectric generation for 13.9 million euros and EPCG for 4 million euros.

ENERGY - FINANCIAL HIGHLIGHTS  
(million euros)20112010
Revenues 4,905 4,702
EBITDA 336 441
    * Electricity (Italy) 252 321
    * Electricity (EPCG) -10 38
    * Gas 94 82
Depreciation, Amortization and Writedowns -248 -211
EBIT 88 230
CAPEX 32 44
  - Italy 28 31
  - EPCG (Montenegro) 4 13
Tangible assets 2,171 2,290
Intangible assets 57 60
 - of which EPCG total assets 373 417
OPERATING DATA 2011 2010
Thermoelectric production - Italy (GWh) 8,210 9,039
Thermoelectric production - Montenegro (GWh) 1,452 1,272
Hydroelectric production - Italy (GWh) 3,525 3,830
Hydroelectric production - Montenegro (GWh)  1,204 2,749
Electricity sold to wholesale and retail customers (GWh) 23,646 20,177
Electricity sold on the Power Exchange (GWh) 13,203 17,177
Electricity sold on foreign markets (GWh) 11,994 8,932
Electricity sold by EPCG (GWh) 4,720 4,682
Gas sold to wholesale and retail customers (Mcm) 4,005 4,194