Outlook

The year 2013 will see the Company committed to the implementation of the 2013-2017 Strategic Plan approved by the board of Directors on 6 February 2013.

In line with the strategy adopted in the previous Strategic Plan, the Group completed a company reorganisation process that provides for a company structure with greater focus on non-core activities, as well as on the consolidation of traditional activities.

With reference to traditional activities and in particular the development and renewal of the NTG, there are planned investments in line with the year just concluded; in particular, the Development Plan envisages that the company will continue to develop and construct interconnections with other countries (Montenegro and France), to reduce congestion in the grid (Sorgente-Rizziconi and Dolo-Camin operations) and to continue the development of accumulation systems projects.

In terms of revenues, there is expected to be an increase in the regulated component, due to investments made in 2011 and the impact of the recent revaluation of the Regulatory Asset Base (RAB).

In line with previous years, the Company will pursue the rationalisation of processes and efficiency of operating expenses, while at the same time ensuring maximum quality of the transmission and dispatching service.

With regard to financial management, the issue of bonds in 2012 will guarantee resources available for business activity until 2015.