Consolidated financial statement
- "White certificates" (Energy Efficiency Certificates) are assigned upon achievement of energy savings through the application of efficient technologies and systems. "White certificates" are recorded among marketable financial assets in consideration of the existence of an
active market organised and managed by the Electricity Market Operator (GME).
"White certificates" are accounted for on an accrual basis and recognised among other current assets, in proportion to the savings of TOE (Tonnes of Oil Equivalent) actually recorded during the year.
They are measured at their market value of the last month of the year, unless the market value at the end of the year is significantly lower, relative to the "white certificates" intended for the market.
The value of the "white certificates" intended for withdrawal by the GSE is measured on the basis of the value established in Article 9, paragraph 2 of Italian Ministerial Decree dated 5 September 2011, or at their prevailing price at the time the co-generation unit started operations. For the co-generation units that started operations before the entry into force of the aforementioned Italian Ministerial Decree, the reference price is the prevailing price at the same date of entry into force. The withdrawal price remains constant during the subsidised
- "Green certificates" from renewable sources are recorded on an accrual basis in view of the actual energy output from the same sources.
Said "green certificates" are measured at a price amounting to 78% of the difference between 180 EUR/MWh and the average annual value of the sale price of electricity recorded in the previous year and published by the Italian Authority for Electricity and Gas, no later than the 31st of January of each year.
In this regard, of significance is Italian Legislative Decree of 3 March 2011 implementing Directive 2009/28/EC on the promotion of the use of energy from renewable sources. Said Decree prescribes that for plants already in operation, i.e. for those that started operations by 31 December 2012, the National Grid Operator (GSE) will continue to withdraw the "green certificates" issued for generation from renewable sources until 2015, as operator of last resort, at a price equal to 78% of the difference between 180 EUR/MWh and the average annual value of the sale price of electricity recorded the previous year and announced by the Italian Authority for Electricity and Gas (AEEG), no later than 31 January of each year, in accordance with Article 13, Paragraph 3, of Italian Law Decree 387
dated 29 December 2003.
It should also be recalled that on 10 July 2012 the Italian Inter-ministerial Decree providing incentives for renewable electricity sources other than photovoltaic was published. The incentives provided for plants already existing or completed by the end of the current year (with a transitory period through 30 April 2013, for plants authorised to date), does not have any significant discontinuities (it confirms the calculation formula). Until 2015, the "green certificates" system will remain in force; and it will be converted, for the residual period of entitlement to the incentives, with the release of a premium feed-in tariff paid on monthly basis and calculated according to the same formula. Additionally, the timing for the withdrawal of the "green certificates" by the National Grid Operator (GSE) was defined (in accordance with Article 25, Paragraph 4, of the Italian Legislative Decree published in the Official Gazette no. 71 dated 28 March 2011) for the "green certificates" issued for generation from renewable sources in the years from 2011 to 2015. In particular, the "green certificates" produced in the first half of 2012 were withdrawn in March 2013 and collected in the second quarter of 2013, whereas those produced in the second half of 2012 were withdrawn no later than 30 September 2013 and collected during the fourth quarter of 2013.
- In relation to the obligation to hand over the "green certificates" from non renewable sources to the GSE, said certificates are recognised on an accrual basis. If the quantity of "green certificates" purchased before the end of the year of accrual is lower than the quantity necessary to fulfil legal obligations, the company recognises the expense still to be incurred for the certificates not yet purchased, as an offset to the liability to the GSE. If instead, at the end of the year, the quantity of "green certificates" purchased before the end of the year of accrual exceeds the quantity required to fulfil the legal obligation, the company recognises a prepaid expense equal to the costs to be adjusted, because they will accrue the following year.
They are measured at purchase price.