people hired
thanks to the induced employment
generated by Hera in 2017
million euro
Investments in innovation and
digitalization. 13 projects in smart city,
circular economy and 4.0 utilities
of reused soil
in projects implemented in 2016
and 2017

During 2017, the Group’s investments amounted to Euro 396.2 million, with the benefit of Euro 44.3 million in capital grants of which 8.2 million for Fondo Nuovi Investimenti (FoNI), as envisaged by the tariff method for the integrated water service.

Gross of the capital grants, total Group investments amounted to Euro 440.5 million. Net investments rose by Euro 29.8 million, from Euro 366.4 million in 2016 to Euro 396.2 million in 2017.

Operating investments, amounting to Euro 440.0 million, were up 14.0% compared to the previous year and mainly refer to works on plants, networks and infrastructures. In addition, regulatory adjustments were made, particularly with regard to gas distribution for the mass replacement of meters and the treatment and sewerage sectors.

in million of Euro 2016 2017
Gas area 94.8 101.5
Electricity area 25.2 23.6
Integrated water cycle area 131.8 156.6
Waste management area 50.7 67.2
Other services area 15.9 18.7
Central structure 67.6 72.4
Total operating investments 386.1 440.0
Financial investments 0.6 0.5
Total gross investments 386.7 440.5
Capital grants 20.3 44.3
of which for FoNI (Fondo Nuovi Investimenti) 7.3 8.2
Total net investments 366.4 396.2


in million of Euro Hera AcegasApsAmga Marche Multiservizi
2016 2017 2016 2017 2016 2017
Gas area 65.0 67.8 27.9 31.8 1.9 1.9
Electricity area 18.8 15.8 6.4 7.8 0.0 0.0
Integrated water cycle area 90.9 95.9 31.3 50.0 9.7 10.7
Waste management area 41.4 60.6 5.4 4.2 3.9 2.3
Other services area 12.4 12.7 3.4 4.7 0.2 1.4
Central structure 58.6 67.0 7.1 4.0 1.9 1.4
Total operating investments 287.1 319.8 81.5 102.5 17.6 17.7
Financial investments 0.6 0.5 0.0 0.0 0.0 0.0
Total gross investments 287.7 320.3 81.5 102.5 17.6 17.7

In 2017, the net investments in the gas area were Euro 101.0 million, up by Euro 6.2 million compared to 2016. The distribution of natural gas increased by Euro 9.6 million, due mainly to the impact of the regulatory changes introduced by Resolution 554/15 (formerly Resolution 631/2013) for the mass replacement of meters, which also concerned lower class devices (G4-G6) and also to greater extraordinary maintenance work on networks and plants, while the demand for new connections was substantially in line with the previous year.

Investments decreased by Euro 2.9 million in district heating and heat management, mainly due to the substantial work carried out the previous year in district heating at the Barca di Bologna and Campus di Forlì plants, while the work carried out in the heat management sector by Sinergie (now AcegasApsAmga Servizi Energetici Spa), in the AcegasApsAmga Group areas, increased. The new district heating connections are in line with the previous year’s figures.

Investments in the electricity area for 2017 amounted to Euro 23.6 million, resulting in a Euro 1.5 million decrease when compared with the Euro 25.1 million of the previous year. The measures carried out mainly concerned the extraordinary maintenance of plants and distribution networks in the Modena, Imola, Trieste and Gorizia areas.  Compared to the previous year, there were fewer extraordinary maintenance operations, mainly due to the greater work carried out in 2016 on the Imola cogeneration plant.  Requests for new connections are up on the previous year.

Net investments in the integrated water cycle area amounted to Euro 113.1 million and were down compared to the previous year (Euro 1.3 million). Before capital grants received, which rose by Euro 23.5 million, investments made rose by Euro 24.8 million, or Euro 156.6 million more than the Euro 131.8 million of the previous year. The investments mainly concern extensions, enhancements and upgrades of networks and facilities, and regulatory compliance, mostly for water and sewage treatment. Investments were made for Euro 63.8 million in the aqueduct area, Euro 42.0 million in the sewage area and Euro 50.8 million in the treatment area. The main changes included: in the aqueduct, the strengthening of the interconnections of the water system of Modena, the important strengthening of a supply pipeline in the Ferrara area and measures for seismic upgrading of water systems and renovation of hanging tanks; in the sewerage system, progress continues on the important works of the plan to safeguard Rimini’s bathing water, as well as upgrading the sewerage network in other areas; in the treatment system, the greater investments compared to the previous year depend mainly on the continuation of the significant upgrades of the Servola treatment plant, in the AcegasApsAmga Group’s area. Demand for new water and sewerage connections has decreased compared to the previous year.

Capital grants for Euro 43.5 million include Euro 8.2 million relating to the tariff component envisaged by the tariff method for the Fondo Nuovi Investimenti (FoNI), and were up in with respect to the previous year mainly due to the portion of the works at the Servola treatment plant.

Net investments in the environment area concerned maintenance and enhancement measures on plants and amounted to Euro 66.9 million, up Euro 16.3 million compared to the previous year. Investments in the composting/digesters sector significantly increased, by Euro 11.5 million, mainly due to the work on the Sant’Agata composting plant for activities related to the construction of the biomethane plant, as well as plant upgrades at the Cesena and Tre Monti sites. The Euro 7.1 million decrease in investments in landfills is mainly due to the work carried out in 2016 to build the ninth sector of the Ravenna landfill and the 5th lot of the Sommacampagna landfill, to the new interventions carried out this year on the Tre Monti landfill (reclamation of reservoirs and new energy recovery system), Loria (construction of the fourth sector) and Ravenna (biogas management system), which have a lower overall value.

WTE operations increased by 0.9 million, compared with the previous year, due mainly to work on upgrading the steam generator at the Pozzilli plant and minor maintenance work on other WTE plants.

Investments in the special waste plants sector decreased by Euro 0.5 million due to the greater work carried out in the previous year on the Ravenna plants.

Investments in drop-off point and collection equipment sector were down by Euro 1.0 million, mainly due to the implementation in 2016 of the Hergo Ambiente in the Triveneto region, the innovative information system that provides integrated management of the all of Hera Group’s Environmental Services, and to lower investments in collection equipment in the Marche Multiservizi area.

The Euro 12.8 million increase in the selection and recovery plants sector is mainly due to the consolidation of the Aliplast Group, including the construction of the new PET washing line launched by Alimpet. In addition, Waste Recycling is implementing the I-Waste project management platform capable of gathering and processing information from a range of sensors that collect analytical data on the performance of treatment equipment and plants, and relating them to production activities in order to improve the efficiency of the management, technical and energy processes, introducing IoT extended throughout the company’s business:

Investments in the other services area amounted to Euro 18.7 million, up Euro 2.9 million with respect to the same period of the previous year.

In the telecommunications area, Euro 9.2 million in investments were made on the network and with regard to TLC and IDC (Internet Data Center) services, up compared to 2016.

With regard to the public lighting service, the investments for Euro 9.5 million were related to maintenance, upgrading and modernization measures of the lighting systems, involving an overall increase of Euro 2.5 million which concerned mainly the management of the service within the AcegasApsAmga Group and the Marche Multiservizi for interventions in the Municipality of Pesaro.

In the central structure, the investments concerned measures on the buildings of company premises, on information systems, on the vehicle fleet, as well as the laboratories and the remote-control structures. Overall, the structure investments increased by Euro 4.8 million when compared with the previous year.