Energy saving

In 2012, there was a significant boost in the definition of regulations regarding the Italian energy efficiency sector. We are referring to the much anticipated Ministry of Economic Development decree for the extension of the white certificates system, referred to in the consulting documents on the SEN (National Energy Strategy); the introduction of the “Thermal account” with the decree of 28 December 2012, which defines the new incentive system for the production of thermal energy from renewable sources and small-scale energy efficiency improvements; and the new European directive on energy efficiency.

In terms of the National Energy Strategy proposed by the government and currently in the consultation phase, energy efficiency is the top priority of the new PEN. In particular, savings of 20 Mtep for primary energy and 15 Mtep for final energy is planned by 2020. This result is expected to be achieved by applying incentives as reported in the table, which shows the large contribution linked to white certificates (one-third of the 15 Mtep of savings planned by 2020).

With this year, the first application cycle of this incentive system comes to an end, with Acea Distribuzione as one of the few companies subject to obligations which was compliant for the entire period subject to the decree, also generating a surplus of bonds sold with bilateral agreements to other companies (figure 1 and table 2). 

Fig. 1 – Performance of Type I and II EEBs (Energy Efficiency Bonds), resulting from the initiatives reported

 

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Table 2 – Performance of Type III EEBs (Energy Efficiency Bonds), resulting from the initiatives reported

Year 2008 2009 2010 2011 2012 TOT
Type III EEBs (1) 9,293 5,695 5,695 5,117 2,674 28,474
(1) 2008 FIGURES ARE CUMULATED WITH PREVIOUS YEARS’ BONDS
 

The company is currently preparing the new energy efficiency strategy, also in light of the new regulation, in order to replicate this positive performance in the coming years.

The cited insufficiency of EEBs on the market is also confirmed by the market performance during the year. In fact, the exchange price of EEBs on the platform managed by the GME (Electricity Market Operator) greatly exceeded the tariff reimbursement set forth.

 

Fig. 3a – Average price trend of EEBs - Type I

Fig. 3a – Average price trend of EEBs - Type I

Total Type I bonds exchanged on the market 3,755,013
Weighted average price, with exchanges 90.76
     

Fig. 3b – Average price trend of EEBs - Type II

Fig. 3b – Average price trend of EEBs - Type II

Total Type II bonds exchanged on the market 2,062,326
Weighted average price, with exchanges 94.96
   

Fig. 3c – Average price trend of EEBs - Type III

Fig. 3c – Average price trend of EEBs - Type III

Total Type III bonds exchanged on the market 904,500
Weighted average price, with exchanges 98.81

Table 4 shows both the annual trend of exchanges in the stock market, which demonstrates the continuing increase in the exchange of bonds, and the increasing trend in the average EEB price, correlated with scarce availability on the market (the average price has been higher than the tariff reimbursement set by AEEG for the last two years).

Tab. 4 - EEBs exchanged on the GME market

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