Separate financial statements

Environmental certificates

  • "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 than 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 period.
  • 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.
    These are measured at purchase price.

ERG S.p.A. - Genova

Paolo Merli

Head of Corporate Finance & Investor Relations

0039 010 2401376

ERG S.p.A. - Genova

Matteo Bagnara

Investor Relations

0039 010 2401423

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