+255%
total yield
of the stock
compared to
its 2003 price
9.5
euro cent
dividend
per share
1,248
million euro
of added value distributed
to local stakeholders

Separation between the regulated activities and the deregulated activities in electricity and gas services

The legislation on functional unbundling plays a key role in the reform of the energy sector, since it aims to separate the management of regulated activities from free ones, promoting the development of competition.

In particular, the rules for functional unbundling, governed first by AEEG resolution 11/2007, in force until 22 June 2015, and then by AEEGSI resolution 296/2015/R/com, set the requirements for vertically integrated companies that operate in the sectors of electricity and methane:

  • the neutrality of the management of the infrastructures under concession;
  • the non-discriminatory management of the commercially sensitive information, relevant for the correct development of competition;
  • the absence of subsidies crossing over between activities, in particular between those subject to tariff regulation and those carried out on the basis of the free market.

In compliance with the regulations, Inrete Distribuzione Energia Spa, AcegasApsAmga Spa and Marche Multiservizi Spa, vertically integrated in the Hera Group, set up the respective Independent Operators for natural gas and electricity distribution activities.

Independent Operators are tasked with the actual implementation of the functional separation of the activities, which they implement and guarantee by means of the arrangement of a Programme of Fulfilments, containing the measures for pursuing legislative goals. The Programme of Fulfilments is updated on an annual basis and submitted to the Authority within 30 June every year.

Pursuant to the current legislation, these companies also appointed their own Compliance Officer. The Compliance Officer checks that the corporate measures and procedures adopted by the Independent Operator are appropriate, and draws up a yearly reports of measures, which is submitted to the Authority within 30 June every year.