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Capital expenditure

Out of a total of 310 million euro used in 2011 for capital expenditure in the business, 10% was invested in the energy sector, 31% in the heat sector, 38% in the networks sector, 11% in the environment sector and 9% in the corporate and other services sector.

Capex 2009 2010 2011
Energy 67 44 32
Heat and services 74 69  96
142 134  119
Environment 80 58  35
Services 24 24  28
Total 387 329  310


Capital expenditure by sector


Investments in the energy sector amounted to 32 million euro and mostly related to extraordinary maintenance carried out at the Timpagrande and Satriano hydroelectric power stations and at the other plants in Calabri and the Valtellina. Extraordinary maintenance was also carried out at the Gissi, Cassano D’Adda, Monfalcone and Ponti sul Mincio thermoelectric power stations. The EPCG Group mainly made investments during the year at the Perucica and Piva hydroelectric plants and the Pljevlja thermoelectric plant.
In the heat sector, the investments made during 2011, amounting to 96 million euro, mostly regarded the development and extraordinary maintenance of the district heating networks and cogeneration plants in the Milan and Bergamo areas. In particular, the new trigeneration plant was completed in the Varese area. Investments made by the Coriance Group in 2011 related mainly to the construction of the biomass cogeneration power station at Drome.

Investments in the environment sector, amounting to 35 million euro, refer mainly to vehicles and containers for collection, the maintenance and development of waste to energy plants and the maintenance and development of treatment plants and landfills.

Investments totalling 112 million euro in the networks sector regarded the following:

  • as part of electricity distribution, the maintenance and development of plants, and in particular the connection of new users, the maintenance of secondary cabins, the extension and refurbishment of the low and medium voltage network and the maintenance and strengthening of primary plants;

  • in the gas distribution area, work regarding the maintenance and development of plants relating to the connection of new users and the replacement of low and medium pressure piping and gas meters;

  • in the integrated water cycle, work on the water transport and distribution network and on the sewerage networks.

The investments made by the EPCG Group, amounting to 7 million euro, related to the maintenance and development of the distribution network and the replacement of meters.
Investments for the year in the corporate and other services sector totalled 28 million euro and mainly related to work on the information systems and telecommunications networks.