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The Networks Sector includes the activities regulated by a sector Authority, namely the management of electricity and gas networks and of the integrated water cycle. The activities include:

  • Electricity Networks: the transmission and distribution of electricity.

  • Gas Networks: the transport and distribution of natural gas.

  • Integrated water cycle: water captation, aqueduct management, water distribution, sewer management and water purification.

  • Other services: activities relating to public illumination, traffic regulation systems and the management of votive lights in cemeteries as well as systems design services.

2011 Results

The reduction of the margin of the Networks business totalled 39 million euros compared to the previous year. The gross operating margin of the electricity distribution in Italy showed a decrease of 17 million euros due to the record in 2010 of adjustments relative to the “company specific equalization”. The reduction in the margin of the electricity distribution in Montenegro (-16 million euros) can instead be attributed to the reduction of the distribution tariffs decided by the local regulatory Authority in April 2011. The margin of the gas distribution decreased by 3 million euros due to the existence of “non-recurring” revenue in 2010, only partially offset by the increased margins earned in 2011 by the application of the graduality mechanism for revenues envisaged by the tariff provisions.

The investments during the period amounted to 119 million euros and concerned:

  • in the electricity distribution (Italy), development and maintenance works on the plants, related mainly to connecting new users, maintenance on secondary cabins, expansion and refurbishment of the medium and low voltage network, as well as maintenance and upgrading of primary plants (49 million euros);

  • in the gas distribution, development and maintenance works on the plants, related to connecting new users, replacing medium and low pressure pipes and gas meters (48 million euro);

  • in the integrated water cycle, works on the water transport and distribution network, as well as on the sewage networks (15 million euros);

  • EPCG, in the electricity distribution (7 million euros).

(million euros) 2011 2010
Revenues 684 705
EBITDA 259 298
    * Electricity Distribution (Italy) 136 153
    * Electricity Distribution (EPCG) 6 22
    * Gas Distribution 104 107
    * Water 7 10
    * Other activities 6 6
Depreciation, Amortization and Writedowns -113 -129
EBIT 146 169
CAPEX 119 134
    - Italy 112 123
    - EPCG (Montenegro) 7 11
Tangible assets 1,456 1,481
Intangible assets 1,364 1,357
 - of which EPCG total assets 434 509
Electricity distributed - Italy (GWh)  11,489 11,375
Electricity distributed - Montenegro (GWh)  2,564 2,516
Gas distributed (Mcm)  2,011 2,255
Water distributed (Mcm)  69 69