On 28 December 2001, the subsidiary Acque S.p.A. signed the management agreement, which came into force on 1 January 2002, with a twenty-year duration. In accordance with that agreement, the Management Body took over the exclusive integrated water service of ATO 2, comprising all the public water collection, abstraction and distribution services for civil use, sewage systems and the treatment of urban waste water. The Area includes 57 municipalities. In return for award of the concession Acque pays a fee to all the municipalities, including accumulated liabilities incurred prior to award of the related contracts.

Based on the provisions of the concession, on 22 December 2008, the general meeting of the Area Authority approved the tariff review for the years 2005-2007, in which checks were performed on the actual volume of investments carried out, operating costs, revenues generated, the amounts billed and the technical and organisational standards achieved.

Based on the results of these checks, the adjustment was calculated (positive for the operator) for lost revenues for 2005-2007, given more than 0.5% lower than those forecast in the Area Plan.

Penalties were also applied during the review, as provided for in the Agreement, for the failure to achieve certain technical and organisational standards.

During the second tariff review, the new Investment Plan was defined, later described in detail in the new three-year operating plan for 2008-2010 approved by the Authority in March 2009. The investments carried out in the 2008-2010 three-period were slightly above those set out in the 2008-2010 operating plan, but the actual amount of amortisation/depreciation and return on capital was in line with the provisions.

The third tariff review for the 2008-2010 period is expected in 2011.

In October 2006, the Operator signed a contract with a syndicate of banks which provides for a total loan of 255 million euros to cover the financial needs of the investment plan, amounting to roughly 650 million euros. At the end of 2010 the operator has drawn down 162 million euros.