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ITEN

Regulation in Snam

Transport and dispatching, storage and regassification activities are regulated, as defined by the Legislative Decree No. 164 of 23 May 2000 (the so-called "Letta Decree"), on the basis on specific measures defined by the Italian Authority (Autorità per l’energia elettrica il gas e il sistema idrico).

The main areas subject to regulations are the definition of allowed revenues and tariffs, the access rules to the infrastructures and the quality levels standards on provided services.

Following the regulatory framework set by Autorità per l'energia elettrica, il gas e il sistema Idrico, Snam prepared for each service provided, the Network, Storage and Regassifction Codes containing the transparent and non-discriminatory rules for the access and the use of the services; those Codes, approved by Autorità per l'energia elettrica, il gas e il sistema Idrico, are published on Snam's web pages.

Regulatory matters therefore play a very significant role in the business of Snam and of its subsidiaries.


TARIFF

Tariff resolutions

&

Resolution 514/2013/R/gas - Criteria for the definition of Transport and dispatching tariff for the period 2014-2017. Resolution 583/2015/R/com - Criteria for WACC calculation and updating for electricity and gas sector

Period

The duration of the regulatory foriod is 4 years for each business

January 2014 - December 2017

rab

The RAB sets the value of the capital invested by a company to provide its service

Re-valued historical cost

WACC real pre-tax

The WACC identifies the allowed return to the invested capital and is calculated according to the Capital Asset Pricing Model (CAPM) methodology

6.3% - years 2014-2015

5.4% - years 2016-2017

+1% for the regulatory time-lag, applied to investments realized after 31/12/2013

INCENTIVES on new investments

The investments are incentivized through a further remuneration that is added to the base return rate (WACC)
Further remuneration on WACC

+1% for 7 years (on regional network capacity development capex)

+1% for 10 years (on national network capacity development capex)

+2% for 10 years (on entry capacity development capex)

EFFICIENZA X-factor

The operating efficiency is set through an annual target of operating cost reduction for the company

2,4% opex

 

CODES

Approval date

&

July 2003

System access

&

Regulated TPA

Main features

&

Entry-Exit Model
Market based balancing regime

QUALITY OF SERVICES

Quality resolution

&

Resolution 602/2013/R7gas

TARIFF

TARIFF RESOLUTIONS

&

Resolution 531/2014/R/gas - Criteria for the definition of storage tariff for the period 2015-2018
Resolution 583/2015/R/com - Criteria for WACC calculation and updating for electricity and gas sector

Period

The duration of the regulatory foriod is 4 years for each business

January 2015 - December 2018

rab

The RAB sets the value of the capital invested by a company to provide its service

Re-valued historical cost

WACC real pre-tax

The WACC identifies the allowed return to the invested capital and is calculated according to the Capital Asset Pricing Model (CAPM) methodology

6% year 2015

6.5% years 2016-2018

 

INCENTIVES on new investments

The investments are incentivized through a further remuneration that is added to the base return rate (WACC)

retention of 20%, for 8 years, of the revenues above the allowed revenues coming from the auctions on new additional capacity

EFFICIENZA X-factor

The operating efficiency is set through an annual target of operating cost reduction for the company

1.4% opex

 

CODES

Approval date

&

October 2006

System access

&

Regulated TPA

Main features

&

Virtual Hub

QUALITY OF SERVICES

Quality RESOLUTION

&

Resolution 596/2014/R/gas

TARIFF

Tariff resolution

&

Resolution 438/2013/R/gas - Criteria for the definition of regassification tariff for the period 2015-2018
Resolution 583/2015/R/com - Criteria for WACC calculation and updating for electricity and gas sector

Period

The duration of the regulatory foriod is 4 years for each business

January 2014 - December 2017

rab

The RAB sets the value of the capital invested by a company to provide its service

Re-valued historical cost

WACC real pre-tax

The WACC identifies the allowed return to the invested capital and is calculated according to the Capital Asset Pricing Model (CAPM) methodology

7.3% years 2014-2015
6.6% years 2016-2017
+1% for the regulatory time-lag, applied to investments realized after 31/12/2013

INCENTIVES on new investments

The investments are incentivized through a further remuneration that is added to the base return rate (WACC)

+2% for 16 years (on new terminals or capacity development >30%)

EFFICIENZA X-factor

The operating efficiency is set through an annual target of operating cost reduction for the company

0.0% opex

 

CODES

 

Approval date

&

May 2007

System access

&

Regulated TPA

Main features

&

Integrated service for regassification and injection into the grid

 
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updated
11 August 2017 - 16:10 CEST