Significant events after the balance sheet date

Relations with Roma Capitale: public lighting service

On 15 March 2011 ACEA and Roma Capitale agreed an adjustment to the Public Lighting Service Contract.

The key points of the renegotiations were the extension of the contract to 2027, making it consistent with the concession arrangement, and the review of quality and quantity parameters.

New regulations for excavation works

The regulations on excavation works set out new techniques in order to carry out road works. The operators of technology networks (first of all, Acea Distribuzione) must adopt these regulations, following damages to the road surface for cable laying.

The regulation sets out the reconstruction of the whole road surface in case the road width is lower than, or equal to, ten metres. In case of roads wider than ten metres, the regulation sets out the reconstruction of half carriageway. In both cases, the reconstruction refers to a surface layer of ten cm. According to the pre-existing regulation, which envisaged a reconstruction of a two-metre wide section, the work is therefore very expensive.

Application of the regulations increased the costs incurred for investments in the LV and MV networks carried out in 2010; there were similar effects on the repair of faults.

In 2011 Roma Capitale also updated the COSAP (occupation of public space) tariffs by 35%, effective retroactively from 1 January 2010. This provision involves, if applied systematically, a 1.5 million euro increase in fees.

Decreto Rinnovabili (Renewable Energy Decree)

On 3 March 2010, the Government definitively approved the layout of the legislative decree in implementation of directive 2009/28/EC of the European Parliament and European Council regarding the promotion of the use of energy from renewable sources; this decree was signed by the Head of State on 7 March 2011, but has still not been published in the Official Journal.

As far as it is known at present, said legislative decree is destined to radically reform the current system by providing, however, for plants such as those of the company, set to start operations before 31 December 2012, for the maintenance of the incentive mechanisms in force with some corrective changes.

These corrective changes consist mainly of:

  • the linear reduction in the compulsory share, pursuant to art. 11, paragraph 1, of Legislative Decree no. 79 of 16 March 1999, starting with the value assumed for 2012, until cancellation envisaged in 2015;
  • the predetermination of the price of withdrawal of Green Certificates, by GSE, equal to 78% of that provided under art. 2, paragraph 148 of Law no. 244 of 24 December 2007;
  • the stabilisation of multiplication factors for renewable sources, pursuant to art. 2, paragraph 147 of Law no. 244 of 24 December 2007 and art. 1, paragraph 382-quater of Law no. 296 of 27 December 2006, at the values established by the aforementioned regulations.

Under the implementing ministerial decrees, which should be adopted within 6 months, from the date of entry into force of the Legislative Decree under discussion, provision should be made for regulating the methods with which the right to use green certificates for the post-2015 years also for plants not powered by renewable sources should be regulated, will be changed to the right to access, for the residual period of the right to green certificates, a diversified incentive per class of power and renewable source, so as to guarantee the profitability of the investments made.

In addition, the aforementioned decree seems to overcome the prohibition of a combination of the Tremonti ter law and energy incentives. In fact, on the basis of current information, art. 26, paragraph 3 of the aforementioned Legislative Decree envisages, as regards the combination of incentives that the “first period of paragraph 152 of article 2 of Law no. 244 of 24 December 2007 does not apply in the event of use of the detaxation of company income from investments in machinery and equipment and access to revolving funds and guarantee funds”.

It is clear that, with the entry into force of said interpretative provisions, the legal framework will be clarified from the viewpoint of combining the concessions pursuant to the so-called “Tremonti Ter” law and incentives provided under Law 244/2007 (green certificates, all-inclusive tariff and, as regards the interpretation of GSE, CIP 6/92).

As regards the new structure, it should be noted that the Legislative Decree currently being published also generally provides, pursuant to art. 26, paragraph 2, lett. D), for plants set to become operational after 31 December 2012, for the possibility of combining the incentives set out therein, with the "use of the detaxation of company income from investments in machinery and equipment”.

SAO

The first meeting of the V.I.A. (Environmental Impact Assessment) Conference was held in Perugia on 16 January 2011 at the registered office of the Umbria Region. The company is preparing responses to the requests for integration and clarification from the entities that participated in this conference.

The Sopraintendenza per i Beni Architettonici e Paesaggistici dell’Umbria (Umbria Superintendency for Environmental and Architectural Assets) communicated the launch of proceedings, pursuant to art. 7 of Law 241/1990 and articles 13 and 14 of Legislative Decree 42/2004, for the declaration of a cultural interest in the areas which house both the landfill currently being developed and the forecast expansion.

If these proceedings result in limitations for company operations, all the necessary protective measures will be implemented.