This Overview is drafted on the grounds of the analysis of the Italian Regulatory Authority for Energy, Networks and Environment (ARERA) Annual Report for 2016. The ARERA Annual Report for 2017, which provides relevant information concerning the energy market, has not yet been published. As reported by the Authority, the forthcoming Annual Report is expected for June 2018. For this reason, the present work will not deal with operations (e.g., mergers and acquisitions) that took place in the market in the past year.

In 2016, Italy's gross domestic product increased by about 0.9 per cent (in 2015 it had grown by 0.8 per cent), and the demand for electricity and gas followed the same trend.

With regards to the electricity market, we have witnessed a decrease in both demand (by almost 2.1 with respect to the demand registered in 2015) and net imports (50.8TWh in 2015 and 43.2TWh in 2016). On the contrary, there was an increase in exports (by almost 37 per cent).

With reference to the analysis of individual sources, in 2016 there was a sharp decline (i.e., 10 per cent) in the use of coal, owing to the obligation to close coal-fired power stations.

In relation to renewable energy sources the Energy Services Manager (GSE) received €15.9 billion for the incentivisation of green energy. Furthermore, Italy reached the target set by the European Union on the percentage of final electricity consumption generated from renewable sources (17.1 per cent), surpassing this goal in 2015 (17.5 per cent) and again in 2016 (17.6 per cent).

The number of sellers in the end-user market has been expanding since 2008. As in the previous years, in 2016, the safeguarded service declined in terms of both the power supply and the number of customers served, to the advantage of the free market. The switching activity was also lively.

The gross domestic consumption of natural gas rose by around 5 per cent, as well as the net imports, with respect to the same consumption that was registered in 2015.

The drop in the use of coal led to a 5 per cent increase in the profitability of natural gas during 2016.

However, the downward trend of the production of natural gas still continued. Therefore, since the increase in imports was higher than the consumption, the level of dependence on imports from abroad grew.

Differing from the previous years, in 2016 the number of companies that operated in the wholesale market did not grow despite the fact that the gas volume sold by them in said market increased.

In the markets managed by the Energy Market Manager (GME), we have observed transactions of the amount of around 47.5 TWh, in line with transactions that were executed in 2015.

As well as sales (whose growth increased in comparison with 2015), the number of active vendors on the final market of the industry recorded a significant rise.

Looking exclusively at the sales on the free market, the sectoral volumes showed a marked rise in domestic electricity consumption. On the other hand, as well as in 2015, very marked losses in terms of both customers and volumes were recorded on the safeguarded market.


i The regulators

The energy market is regulated by the entities given below.

Ministry of Economic Development

Organised in four different departments, the Ministry of Economic Development (MISE) is responsible for all the authorisation procedures of state competence and for the enforcement of all statutes and regulations concerning the energy sector. Within the Energy Department of the above-mentioned Ministry, a very important role in the energy sector is performed by the Commission on Hydrocarbon and Mineral Resources, which carries out an advisory function for all activities connected with the research, production and exploitation of hydrocarbons.

Regulatory Authority for Energy, Networks and Environment

The Italian Authority for Energy, Gas and Water (AEEGSI), introduced by Law No. 481 of 14 November 1995, was transformed into the ARERA by Law No. 205 of 27 December 2017, which has also given the Authority regulatory tasks in the waste sector.

Aside from its main regulatory functions of protecting the interests of consumers, promoting completion and ensuring efficient and profitable services (it defines the tariff-system for the use of infrastructure, ensures free access to the gas and electricity grid and promotes investments through incentives), the ARERA also plays a supervisory role (it is granted the power to impose administrative sanctions in cases of non-compliance with its provisions, aimed at ensuring the transparency of service conditions and promoting the rational use of energy).

To fulfil these activities, the ARERA is supported by the Antitrust Authority to ensure the implementation of the rules on free competition in the energy market.2

Furthermore, the ARERA plays an advisory role to the parliament and may issue proposals and reports (see the report published annually about the state and the activity of the energy supply sector).3

Compensation Fund for Energy and Environmental Services

The Compensation Fund for Energy and Environmental Services is an economic public body established through Article 1, Paragraph 670, Law No. 208/2015. It collects certain tariff components payed by the industry operators, which are then stored in management accounts in favour of the businesses.4

Energy Services Manager

The GSE is a public limited company, established by Legislative Decree No. 79 of 16 March 1999, with the function of promoting renewable energy sources in Italy, mainly through the distribution of economic incentives and information campaigns aimed at spreading the culture of environmental protection in the energy field.5

Energy Market Manager

The company GME, wholly owned by the GSE, was established by Legislative Decree No. 79 of 16 March 1999. It is responsible for organising and managing the electricity, natural gas and environment markets, respecting neutrality, transparency, objectivity and competition criteria.6

ii Regulated activities

With regards to the electricity market, its deregulation arose after the approval of Legislative Decree No. 79 of 16 March 1999, which established that the production, importation, exportation, purchase and sale of electricity are completely free.

The transmission and dispatching of electricity, however, continue to be under the monopoly of the state. More specifically, while a single operator (Terna SpA) runs long-distance energy transmission, the distribution of electricity to consumers was deregulated and carried out by several operators. Regardless, the distribution was given under concession to a single operator (a natural monopoly).7

As for the gas market, deregulation was achieved as a result of Legislative Decree No. 164 of 23 May 2000 (Letta Decree), which recognised that no licence is generally required for the production, import and sale of natural gas. Storage, transport and distribution activities are operated under a concession regime.

The development and construction of new facilities (e.g., transmission lines, power plants and gas storage facilities) require prior authorisation under state and regional legislation, in order to ensure compliance with, inter alia, health and safety standards, environmental protection and existing infrastructure.8

iii Ownership and market access restrictions

There are no restrictions on ownership of new and existing assets, service providers or licence holders. The only ones are those – in relation to mergers and acquisitions – that antitrust authorities may impose on operators in order to comply with competition rules.

iv Transfers of control and assignments

By Decree-Law No. 21 of 15 March 2012, Italy issued an innovative framework describing the intervention powers reserved to the state in the case of corporate transactions involving businesses operating in the energy sector.

Specifically, the Decree establishes that any decision, act or measure taken by a company owning one or more national interest energy networks (i.e., any changes in the ownership, control, use or availability of energy assets, the merger or demerger of the company, the transfer abroad of its registered office, the change in the company objects, the dissolution of the company and the transfer of whole or parts of the company) must be notified within 10 days to the Presidency of the Council of Ministers.

Within 15 days of the notification, the government may veto the aforementioned decisions, acts and measures, if they constitute an exceptional threat of serious prejudice to national interests. Once this period has passed, the operation can be carried out.

Finally, in the event of purchases of shares of the aforementioned companies by a non-EU person or body, the condition of reciprocity is to be respected.


i Vertical integration and unbundling

The unbundling obligations on vertically integrated energy operators represent one of the main regulatory instruments adopted by Italy in order to impose impartiality and neutrality in the management and development of the energy infrastructure network, which is a natural monopoly market system (the 'essential facility').

With regard to the electricity transmission grid, Legislative Decree No. 93/2011 has imposed the independence of the transmission system operator in terms of its organisation and decision-making powers from other activities (generation, distribution and sales).9

With reference to the gas transportation pipeline, in 2013, the ownership unbundling model (OU system), managed by the operator Snam SpA, was introduced10 as certified by the ARERA via Resolution No. 515/2013.

The electricity and gas distribution is regulated as a territorial monopoly, meaning that a public tender for the concession of the distribution service to a single operator in each minimum geographical area must be held.

However, in the electricity sector, such tenders shall start no earlier than 2030, because of the legislation aimed at restricting the service to the current operators (Enel Distribuzione and other companies), on the basis of the concessions issued by 31 March 2001 by the MISE, which are valid until 31 December 2030.

In the gas sector, the Letta Decree (Legislative Decree No. 164/2000) gave local authorities the power to award the service through public tenders for a maximum of 12 years after the ending of the transitional period, during which the current concessions shall remain in force.11

By Resolution No. 296/2015/R/com, the ARERA has eventually imposed upon electricity and gas distribution network providers both the functional separation (unbundling) and the separation between brand and communication policy (debranding), as well as the integrated information system for the provision of commercially sensitive information.

ii Transmission/transportation and distribution access

All network operators must ensure that any interested service provider has access to the transmission and distribution networks of gas and electricity. At the same time, the third-party access (TPA) must not affect the continuity and safety of the transmission and distribution service.

With reference to the electricity sector, the ARERA issued the 'integrated text of active connections – technical and economic conditions for the connection to electricity grids with the obligation to connect third parties',12 which is valid for both the transmission and distribution networks.

Moreover, pursuant to the Decree of the President of the Council of Ministers dated 11 May 2004, on 1 November 2005 the Terna Grid Code came into force, with prior approval by both the ARERA and the MISE.13

Furthermore, the ARERA has established an alternative disputes resolution (ADR) procedure by Resolution ARG/elt 123/08, which provides that the ARERA shall decide on disputes over rights of access to the network. This ADR system is currently regulated by Resolution 188/2012/e/com.

With reference to the gas sector, the ARERA has approved the Snam Network Code14 and the Network Type Code15 as a reference model applicable to all operators of distribution networks.

Finally, it is also noteworthy that Law No. 239/2004 has exempted from TPA all private operators that promote investments on the network, in order to enable them to carry out trading activities through the infrastructure use (the 'merchant lines').

The Ministerial Decree dated 21 October 2005 sets forth the competitive criteria for the granting of the exemption, which are evaluated by the MISE. However, the European Commission carries out the final assessment.

iii Rates

In accordance with a pro-competition regulatory strategy, the ARERA predetermines the rates for transmission/transportation and distribution of electricity and gas through a pricing mechanism based on a balance between the several interests at stake (network maintenance, promotion of investments, safety and efficiency of the network, environmental protection and accessible costs for the customers).

With respect to the electricity market, on 23 December 2015 the ARERA adopted the 'Pricing Regulation on transmission, distribution and metering of the electric power, for the period 2016–2023' (Deliberation No. 654/2015/R/eel).

As regards the gas market, through Deliberation No. 575/2017/R/gas on 3 August 2017, the ARERA issued the 'Pricing criteria for the rates of transportation and dispatching of natural gas for the transition period 2018–2019'.

Moreover the ARERA approved the tariff regulation16 for the gas distribution service, whose validity was extended until the end of 2019.17 The distribution and metering tariff is aimed at guaranteeing the coverage of distribution service costs (VRD). In particular, the VRD covers:

    1. the centralised investments in fixed assets;
    2. the amounts invested in each distribution area; and
    3. the operating costs related to distribution.

Furthermore, Law No. 290/2003 introduced a price cap incentive. This mechanism has imposed a profit restriction based on the harmonised rate of growth of consumer prices for a certain number of years. Within the boundaries of this restriction, each operator is free to determine the rate.

iv Security and technology restrictions

Legislative Decree No. 61/2011 sets forth the criteria for the identification of European critical infrastructure. In the energy sector, such infrastructure are then concretely identified by the MISE.

A fundamental element for the security of electrical infrastructure is to ensure the continuity of the service, measured by the 'energy not supplied' indicator.

The regulation of the quality of the natural gas transportation service in terms of security, continuity and commercial quality in the period 2018–2019 is governed by Resolution No. 43/2018/R/gas of 1 February 2018. Furthermore, Part I of the Consolidated Law on 'Regulation of the quality and the tariffs of distribution and gas metering services over the period of 2014–2019'18 regulates certain activities relevant to the safety of the gas distribution service. Such regulation is intended to minimise the risk of explosions and fires caused by the gas distributed, and therefore its ultimate goal is to protect people and property from damages due to accidents caused by gas.

In addition, by Resolution No. 255/2015/R/eel of 29 May 2015, the ARERA has taken the first steps for the regulation of the cyber security of the 'smart grid' (intelligent distribution network). The ARERA is participating in a workgroup organised by the Council of European Energy Regulators, specifically set up in order to better identify the boundaries of this topic and the role played by the regulators. Other institutions are responsible for the cybersecurity of the country. In particular, following the approval of a cyber security national programme by the Committee for the Security of the Italian Republic, in February 2017 the President of the Council of Ministers has granted a Decree containing the strategic measures for cybersecurity and national data protection.

In February 2018, the Italian government published a draft decree with the aim of transposing the European Directive No. 1148/2016 (Network and Information Security – NIS) that is still under approval by the Parliamentary Commission. The main purpose is to adopt a national strategy of cybersecurity managed by the President of the Council of Ministers.


i Development of energy markets

As previously mentioned, the GME manages the Italian energy market (the Italian Power Exchange, or IPEX) on which electricity is sold and bought wholesale.

More specifically, the GME organises and manages:

    1. the Forward Electricity Market;
    2. the Daily Products Market in which continuous negotiations take place;
    3. the Day-Ahead Market, organised in the form of auctions; and
    4. the Intraday Market, with auctions, divided into five sessions.

On behalf of the Italian grid operator (Terna SpA), the GSE also manages both the Ancillary Services Market through which it collects offers and communicates the results, as well as a platform registering the transactions carried out over the counter. On this platform, the parties that have concluded contracts outside the IPEX register their trade obligations and set forth the relevant electricity input and output plans, committing to perform these contracts.19

With the entry into force of Law No. 99 of 23 July 2009 (laying down provisions for the development and internationalisation of companies, as well as relating to energy), the GME was entrusted with the organisation and economic management of the natural gas market on an exclusive basis. The GME gas markets include:

      1. the natural-gas trading platform (P-GAS);
      2. the natural-gas market (MGAS); and
      3. the natural-gas balancing platform (PB-GAS)20.

ii Energy market rules and regulation

The Italian Power Exchange is regulated by the Decree of the Ministry of Economic Development approved on 19 December 2003 (as subsequently amended by several Ministerial Decrees – the last one approved on 21 September 2016 – as well as by the ARERA Opinion No. 8 of 26 May 2009).

The gas markets are regulated by the Decree of the Ministry of Economic Development approved on 6 March 2013 (as subsequently amended by the Ministerial Decrees approved on 13 March 2017 and 18 December 2017).

The electricity markets, M-GAS, P-GAS and PB-GAS each have their own market and technical rules. The market rules include the criteria and procedures for the admission of new participants, the trading and settlement rules, as well as the sanctions and sanctioning procedures in the event of a breach of market rules. The GME is generally responsible for the oversight of market operations, as well as for the enforcement of market rules.21

iii Contracts for sale of energy

Regarding the market at wholesale level, bilateral contracts for the sale of electricity and gas – which must be in compliance with the technical requirements provided by the GME – are not subject to restrictions.

At the retail level, since 2007 (for electricity) and 2003 (for gas), all customers can freely enter into contracts for the purchase of gas or power from sellers that meet certain minimum requirements.

Given that the power and gas sellers must comply with certain specific rules on transparency and fairness of information to customers, under the supervision of the ARERA, each user is essentially free to choose the energy seller that applies the best contractual and tariff conditions in relation to its individual case (the 'free market').

However, Law No. 124/2017 provides the possibility for consumers to avail themselves of the safeguarded market for the supply of electricity and gas until 1 July 2019 (entering the 'free market' into force; see below). This market guarantees the application of the prices laid down by the AEEGSI, which updates the reference values used to calculate the rates applied to residential and non-residential consumers each trimester.

iv Market developments

The Annual Competition Law No. 124 of 4 August 2017 introduced a retail reform in the electricity and gas sectors with the aim of ensuring competition and the plurality of Suppliers and Consumers in the free market.

Indeed, starting from 1 July 2019, user protection will no longer be based on administrative price control exercised by the relevant Authorities.

The main purpose of the abovementioned regulation can therefore be identified in the progressive elimination of the price protection regime in order to promote competitive dynamics. During the transition period, users can operate in the safeguarded market.

The success of the reform of the free market will depend on the adoption of appropriate measures provided by Competition Law, including:

    1. the creation of a web portal for the collection and publication of suppliers offers;
    2. the obligation for sellers to formulate a variable-price and a fixed-price offer;
    3. the adoption of guidelines by the Authority aimed at facilitating the aggregation of small consumers and the creation of purchasing groups; and
    4. the obligation for suppliers to provide adequate information to consumers and a high level of disclosure.

The regulation on the matter at hand is still in progress as the Ministry of the Economic Development and the ARERA will have to issue multiple directives and resolutions to coordinate the transition to the free market.


i Development of renewable energy

In 2017, legislation modified the legal framework on renewable energy.

Firstly, Law Nos. 96/2017 and 124/2017 amended Decree No. 28/2011 regarding the promotion of renewable energy. In particular, the abovementioned regulations replaced the suspension of the incentive tariff with a reduction of 20 per cent and 30 per cent, respectively, to photovoltaic plants with a power higher than 3kW and to those between 1kW and 3kW that are not in possession of certificates necessary to utilise the said tariff.

The same Law No. 96/2017 allowed for wind plants, previously not permitted to utilise incentives owing to the incorrect registration of the plants, to obtain the incentives provided by the MISE Decree dated 6 July 2012.

By Law No. 205/2017, the legislation consented to use, until the end of 2021, incentives provided by paragraphs 150 and 151 of Law No. 208/2015 for biomass, biogas and bioliquid plants that will cease to benefit from incentives by 31 December 2018.

Law No. 205/2017 also modified GSE's sanctioning powers provided for by Article 42 of Law No. 28/2011. In particular, if relevant violations occurred during an inspection, instead of the incentives' forfeiture, GSE will reduce them within the range of 20 per cent and 80 per cent in accordance with the level of the violation. By a decree expected to be issued in seven months, MISE will identify said relevant violations in order to apply the abovementioned rule.22

Lastly, MISE in accordance with the Ministry of Environment ,has recently approved a draft of the new decree regarding incentives for electricity produced by renewable sources for the period 2018–2020. Said incentives would no longer be provided for by direct access but through registration and auction mechanisms.

ii Energy efficiency and conservation

The Italian efficiency incentive system comprises a variety of mechanisms.

In particular:

    1. In the energy saving sector, 'White Certificates' certify the achievement of energy savings through energy efficiency initiatives and projects. Law No. 205/2017 has modified Article 14 of Legislative Decree No. 102/2014 to extend until 31 December 2018 incentives granted to large projects of energy efficiency (no more than 35,000 tonnes of petrol per year) whose White Certificates had expired prior to 2014, if they will initiate activity by 31 December 2018.23
    2. The Ministerial Decree of 16 February 2016 has improved the energy efficiency and the thermal energy production from renewable sources by a mechanism of incentives managed by GSE. The beneficiaries of incentives are the public administration, private companies and individuals that could access the €900 million government fund yearly.
    3. Law No. 205/2017 has extended the duration of tax deductions for energy redevelopment projects up to 31 December 2018. Through this incentive mechanism, building owners can deduct 65 per cent of the expenses, whereas apartment owners can deduct 70 per cent.
    4. By Article 15 of Legislative Decree 102/2014, the legislation established under the MISE the National Fund for Energy Efficiency in order to promote the actions needed to reach targets for national energy efficiency through a mechanism of co-working between European and Italian financial institutions and private investors. Said Fund is governed by an Interministerial Decree dated 22 December 2017.

iii Technological developments

Following the smart-grid pilot projects carried out by several operators in Italy since 2011,24 the MISE recently established a state-aid programme aimed at supporting investments for the construction of intelligent electricity distribution networks.

The aforementioned ministerial decree provides the legal framework for all national or regional administrations that intend to make public investment tenders, in order to promote the upgrading and optimisation of the electrical network in the assisted areas of the country. Indeed, through the recent award of the public tender provided by the Ministerial Decree of 20 March 2017, E-Distribuzione SpA could benefit from €80 million in order to finance 21 smart-grid projects in the south of Italy (in Basilicata, Calabria, Campania, Puglia and Sicily).

As for second generation smart metering (2G) (i.e., the systems that enable the remote reading and control of electricity, gas and water meters), in the electricity sector the ARERA has recently approved the recognition of costs for low voltage electricity metering, in addition to commissioning provisions25 and functional specifications.

In the gas sector, the ARERA has finally updated the commissioning requirements of smart gas meters up to 2018.26


The key developments in energy legislation in 2017 include:

    1. Law No. 96 of 21 June 2017, which allows incentives for photovoltaic and wind plants (see Section V.i, above);
    2. Law No. 124 of 4 August 2017 (the Annual Competition Law), which allows incentives for photovoltaic plants (Section V.i, above) and introduces the legal framework of the free market (see Section V.i, above);
    3. Law No. 205 of 27 December 2017 (the 2018 Budget Law), which introduces modifications to the powers of the Authority (see Section II.i, Regulatory Authority for Energy, Networks and Environment), GSE's sanctioning powers (Section V.i, above), incentives for renewable energy plants and energy efficiency projects (see Section V.ii, above);
    4. Interministerial Decree 22 December 2017, which governs the National Fund for Energy Efficiency;
    5. MISE Decree dated 21 September 2016, amending the rules on the energy market; and
    6. MISE Decree dated 18 December 2017, amending the rules on the gas market.


In conclusion, to look at the development prospects of the energy market, it is necessary to refer to the MISE Decree dated 10 November 2017 on the National Energy Strategy (SEN). It concerns the 10-year development plan of the Italian government and has the purpose of anticipating and managing future changes to our energy system.

The SEN intends to make our national energy system much more:

    1. competitive, in particular through the reduction of the gap between the price and costs of the energy in comparison with the European price and costs;
    2. sustainable, by the decarbonisation process defined by the EU; and
    3. safe, with regard to supply and flexibility of the systems and infrastructures.

The targets provided by the SEN are:

    1. energy efficiency, with a final consumption saving of approximately 10Mtep in 2030;
    2. renewable sources, with 28 per cent of the total energy consumption in 2030 through renewable energy;
    3. reduction of the gap between the national energy price and the European price both in the electricity and gas sectors;
    4. termination of electrical energy production from carbon;
    5. decarbonisation in order to reduce the emissions level to 39 per cent in 2030 and to 63 per cent in 2050;
    6. increasing the investments in clean energy research and technological development by €444 million by 2021; and
    7. reducing the energy dependency on foreign countries from 76 per cent in 2015 to 60 per cent in 2030.

The achievement of such objectives presumes the fulfilment during the transition period of some necessary conditions; for example:

    1. the improvement of infrastructure and simplification of regulatory models;
    2. the reduction of transition costs through technology and efficiency;
    3. the compatibility with the protection of the landscape and environment; and
    4. the generation of positive employment effects by the implementation of plants powered by renewable sources.

In conclusion, the SEN has set out very ambitious and complex goals that may only be achieved through an efficient governmental policy, in addition to an increased public awareness on energy sources.


1 Andreina Degli Esposti is a founding partner of Studio Legale Villata, Degli Esposti e Associati.

2 E Picozza and S M Sambri, eds, Il Diritto dell'Energia, X: Trattato di Diritto dell'Economia (Vicenza: Cedam, 2015), p. 153.

3 M Roggenkamp, C Redgwell, A Ronne and I del Guayo, Energy Law in Europe: National, EU and International Regulation (3rd edn, Oxford University Press, 2016), p. 665.

4 E Picozza, S Sambri, op. cit., p. 155.

5 E Picozza, S Sambri, op. cit., p. 165.

6 E Picozza, S Sambri, op. cit., p. 176.

7 Legislative Decree No. 79 of 16 March 1999.

8 Legislative Decree No. 164 of 23 May 2000.

9 The transmission system operator Terna SpA was declared compliant with the OU model on 5 April 2013 (see ARERA Resolution No. 142/2013/R/eel).

10 Eni SpA currently owns 8 per cent of the capital.

11 At present, only the municipality of Milan has concluded the public tender and the service has been awarded to A2A. In the other municipalities, public tenders are still ongoing. For this reason, in respect of Law No. 96/2016, MISE could take over the responsibility in order to conclude the said public tenders, carrying out the reform that started with the Letta Decree.

12 See ARERA Resolution No. 99/2008.

13 See ARERAI Resolution No. 79/2005.

14 See ARERA Resolution No. 75/2003.

15 See ARERA Resolution No. 108/2006, as amended by Resolution No. 53/2010.

16 See ARERA Resolution ARG/gas 159/08.

17 See ARERA Deliberation No. 573/2013/R/gas, updated by Deliberation No. 774/2016/R/gas.

18 See ARERA Resolution No. 574/2013/R/gas.

19 See Article 5 of Legislative Decree No. 79 of 16 March 1999.

20 The PB-GAS market has been suspended since October 2016 by ARERA Resolution No. 312/2016.

21 See the Decrees of the Ministry of the Economic Development approved on 19 December 2003 and 6 March 2013 as last amended by, respectively, the Ministerial Decrees dated 21 September 2016 and 18 December 2017.

22 By Order Nos. 216, 217, 218, 219, 220, 221 and 222, dated 19 January 2018, the Council of State has temporarily suspended GSE's forfeitures provided before the entry into force of Law No. 205/2017.

23 By sentence Nos. 1316 and 1317 in 2018, the Regional Administrative Court of Lazio has upheld many Energy Service Companies' appeals against acts of the GSE that denied the issuance of White Certificates for projects of energy efficiency realised by biomass plants. GSE should return the White Certificates to said companies for a value of around €270 million.

24 See Resolution No. ARG/elt 39/10 and Consultant Document No. 255/2015/R/eel.

25 See ARERA Resolution No. 646/2016/R/EEL as amended by Resolution No. 222/2017.

26 See ARERAResolution No. 554/2015/R/gas.