Page 559 - ePaper
P. 559
Included in
Implementing national Total Investment in
Sector Sub-sector Project name Description Status investment 2015 – 2017 Barriers/solutions
agency investment plan cost (€/bn) (€/bn)
(yes/no)
Investment programme
2015-2033 with multiple
E.1. Natural schemes, with planning Barriers: Regulatory uncertainties on standard costs (benchmarking) and
E. Resources and resources: CAP Settore Idrico Investments in water and wastewater schemes in line termination value, affecting the economic and financial plan of the
Environment efficient use and Milano CAP Holding with EU environmental directives No and permitting at 1.100 0.210 operator.Potential solutions: Operation of EUR 70 million already
different stages, and
secure availability financed by EIB / Cassa Depositi e Prestiti.
with annual capex
occuring every year
Investment programme
2015-2023 with multiple
E.1. Natural Barriers: Regulatory uncertainties on standard costs (benchmarking) and
E. Resources and resources: SMAT Settore Idrico SMAT S.p.A. Investments in water and wastewater schemes in line No schemes, with planning 0.560 0.250 termination value, affecting the economic and financial plan of the
and permitting at
Environment efficient use and Torino with EU environmental directives different stages, and operator.Potential solutions: Operation of EUR 100 million to be financed
secure availability by EIB / CDP (signature expected by end 2014).
with annual capex
occuring every year
Barriers: Project financing with end of the concession in 2021 does not
allow long-term financing beyond 2021. Regulatory uncertainty on the
Investment programme level and payment mechanism of the Termination Value (TV) due at the
2015-2021 with multiple
E.1. Natural schemes, with planning end of the concession. Potential solutions: (i) Establish and certify the
E. Resources and resources: Publiacqua Settore Publiacqua S.p.A. Investments in water and wastewater schemes in line No and permitting at 0.460 0.210 current level (in EUR) of the Regulated Asset Base (RAB) and the level of
Environment efficient use and Idrico Firenze with EU environmental directives the Termination Value for each remaining concession year; (ii) Establish
secure availability different stages, and the principle that the concessionaire maintains the right to provide the
with annual capex
occuring every year service until the full receipt of the TV in cash; (iii) Ensure grandfathering in
case of changes to the future regulatory framework; or (iv) Obtain
"corporate guarantee" from private partner ACEA S.p.A. for TV.
Investment programme Barriers: Project financing being structured with relatively small operator,
2015-2026 with multiple with high unit costs due to low population density and wide area.
E.1. Natural
E. Resources and resources: Acquedotto del Fiora Acquedotto del Fiora Investments in water and wastewater schemes in line No schemes, with planning 0.290 0.110 Regulatory uncertainty linked to the future definition of standard and
environmental costs and of the TV.Potential solutions: (i) Define standard
and permitting at
Environment efficient use and S.p.A. with EU environmental directives
secure availability different stages, and costs and environmental costs foreseen by AEEGSI; (ii) ensure
with annual capex grandfathering of the economic plan of the concessionaire in case of
occuring every year unexpected future changes to standard and environmental costs
Barriers: Relatively small operator. Regulatory uncertainty linked to the
future definition by the AEEGSI of standard and environmental costs and
related to the Termination Value.Potential solutions: (i) Establish and
Investment programme certify the current level (in EUR) of the Regulated Asset Base (RAB) and
2015-2032 with multiple
E.1. Natural schemes, with planning the level of the TV for each remaining concession year; (ii) Establish the
E. Resources and resources: CIIP Settore Idrico Investments in water and wastewater schemes in line principle that the concessionaire maintains the right to provide the
Environment efficient use and Ascoli CIIP S.p.A. with EU environmental directives No and permitting at 0.220 0.050 service until the full receipt of the TV in cash; (iii) Ensure grandfathering of
different stages, and
secure availability the concession and economic and financial plan in case of changes to the
with annual capex future regulatory framework; (iv) Define standard and environmental
occuring every year
costs; (v) ensure grandfathering of the economic plan of the
concessionaire in case of unexpected future changes to the standard and
environmental costs.
Implementing national Total Investment in
Sector Sub-sector Project name Description Status investment 2015 – 2017 Barriers/solutions
agency investment plan cost (€/bn) (€/bn)
(yes/no)
Investment programme
2015-2033 with multiple
E.1. Natural schemes, with planning Barriers: Regulatory uncertainties on standard costs (benchmarking) and
E. Resources and resources: CAP Settore Idrico Investments in water and wastewater schemes in line termination value, affecting the economic and financial plan of the
Environment efficient use and Milano CAP Holding with EU environmental directives No and permitting at 1.100 0.210 operator.Potential solutions: Operation of EUR 70 million already
different stages, and
secure availability financed by EIB / Cassa Depositi e Prestiti.
with annual capex
occuring every year
Investment programme
2015-2023 with multiple
E.1. Natural Barriers: Regulatory uncertainties on standard costs (benchmarking) and
E. Resources and resources: SMAT Settore Idrico SMAT S.p.A. Investments in water and wastewater schemes in line No schemes, with planning 0.560 0.250 termination value, affecting the economic and financial plan of the
and permitting at
Environment efficient use and Torino with EU environmental directives different stages, and operator.Potential solutions: Operation of EUR 100 million to be financed
secure availability by EIB / CDP (signature expected by end 2014).
with annual capex
occuring every year
Barriers: Project financing with end of the concession in 2021 does not
allow long-term financing beyond 2021. Regulatory uncertainty on the
Investment programme level and payment mechanism of the Termination Value (TV) due at the
2015-2021 with multiple
E.1. Natural schemes, with planning end of the concession. Potential solutions: (i) Establish and certify the
E. Resources and resources: Publiacqua Settore Publiacqua S.p.A. Investments in water and wastewater schemes in line No and permitting at 0.460 0.210 current level (in EUR) of the Regulated Asset Base (RAB) and the level of
Environment efficient use and Idrico Firenze with EU environmental directives the Termination Value for each remaining concession year; (ii) Establish
secure availability different stages, and the principle that the concessionaire maintains the right to provide the
with annual capex
occuring every year service until the full receipt of the TV in cash; (iii) Ensure grandfathering in
case of changes to the future regulatory framework; or (iv) Obtain
"corporate guarantee" from private partner ACEA S.p.A. for TV.
Investment programme Barriers: Project financing being structured with relatively small operator,
2015-2026 with multiple with high unit costs due to low population density and wide area.
E.1. Natural
E. Resources and resources: Acquedotto del Fiora Acquedotto del Fiora Investments in water and wastewater schemes in line No schemes, with planning 0.290 0.110 Regulatory uncertainty linked to the future definition of standard and
environmental costs and of the TV.Potential solutions: (i) Define standard
and permitting at
Environment efficient use and S.p.A. with EU environmental directives
secure availability different stages, and costs and environmental costs foreseen by AEEGSI; (ii) ensure
with annual capex grandfathering of the economic plan of the concessionaire in case of
occuring every year unexpected future changes to standard and environmental costs
Barriers: Relatively small operator. Regulatory uncertainty linked to the
future definition by the AEEGSI of standard and environmental costs and
related to the Termination Value.Potential solutions: (i) Establish and
Investment programme certify the current level (in EUR) of the Regulated Asset Base (RAB) and
2015-2032 with multiple
E.1. Natural schemes, with planning the level of the TV for each remaining concession year; (ii) Establish the
E. Resources and resources: CIIP Settore Idrico Investments in water and wastewater schemes in line principle that the concessionaire maintains the right to provide the
Environment efficient use and Ascoli CIIP S.p.A. with EU environmental directives No and permitting at 0.220 0.050 service until the full receipt of the TV in cash; (iii) Ensure grandfathering of
different stages, and
secure availability the concession and economic and financial plan in case of changes to the
with annual capex future regulatory framework; (iv) Define standard and environmental
occuring every year
costs; (v) ensure grandfathering of the economic plan of the
concessionaire in case of unexpected future changes to the standard and
environmental costs.
