Publiacqua S.p.A.

The management agreement, which entered into force on 1 January 2002 with a twenty-year duration, was signed on 20 December 2001. In accordance with that agreement, the Management Body took over the exclusive integrated water service of ATO 3, 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 49 municipalities, of which 6 managed via agreements inherited from the previous operator, Fiorentinagas. In return for award of the concession the operator pays a fee to all the municipalities, including accumulated liabilities incurred prior to award of the related contracts.

In June 2006, ACEA - via the vehicle, Acque Blu Fiorentine S.p.A. – completed its acquisition of a stake in the company.

Please note that, on 17 December 2010, the general meeting of the Area Authority approved the 2010-2021 tariff development.


In January, the general management for protection of the area and water resources, concluded the preliminary check on the proper drafting of the ordinary review of the Area Plan of ATO 3 Medio Valdarno, publishing it on Conviri’s website.

Certain provisions were made in the decision; the main ones in terms of the impact on the company’s economic-financial capacity are as follows:

  • amendment to the calculation method for the real average tariff, excluding profit sharing, i.e. the system for distributing operating economies achieved in the three years prior to the review between operator and user,
  • exclusion from the tariff calculation of the component of the return on invested capital relating to fixed assets in progress with subsequent damage on the actual coverage of costs connected with the realisation of the works,
  • modification of the term within which the operator has the right to update actual revenues within a maximum of three years,
  • elimination of the recognition of losses on receivables up to a maximum of 2% per annum which determine a deviation between the forecast and actual collection,
  • elimination of extraordinary contingent assets and liabilities from the cost calculation,
  • modification of the system for the calculation of the compensation due to the operator at the end of the assignment, therefore a matter which does not fall within the scope of the evaluation of the Plan as it involved in the composition of the average tariff, excluding the monetary revaluation of non-amortised capital,
  • exclusion from the tariff calculation of components of amortisation and remuneration of connections carried out in the 2005-2007 period and not covered by grants.

Lastly, it should be noted that said preliminary enquiry concluded with the disapproval of the fees to municipalities which are not linked to the actual coverage of instalments of previous mortgages taken out for water works

The rulings, many of which were subject to Conviri verification in other area plans without similar reprehension, concern issues that are not defined in sector regulations but which form part of the parties’ powers to reach agreements. Against this decree Publiacqua filed a self-protection claim and on 2 April 2012 filed an appeal for cancellation of the report on findings.

By Decree no. 3265/TRI/Di/viri the Ministry reopened the investigation on new elements for assessment submitted by the Tuscany Water Authority by notice no. 1061/2012. In particular, the investigation was reopened on issues concerning assets in progress, impairment of receivables and the recognition of concession fees to the Municipalities. Publiacqua submitted a claim to the Ministry to reopen proceedings on the full series of provisions applied, also in the light of AEEG resolution 585/2012 which appears to recognise the legitimacy of the points challenged by the Ministry.

The Ministry then decided to combine the two proceedings and, acknowledging the provisions of art. 21, paragraph 19 of Legislative Decree 201/2011, to transfer the proceeding for the review of the provisions to AEEG which, by resolution of 15 November 2012, initiated the preliminary enquiry to complete the verification of the Ato 3 Medio Valdarno area plan, for which dedicated supplementary briefs were prepared.

Details on the impacts of AEEG resolution 585/2012 are provided in the section “Service concession arrangements”.