the induced employment generated
by Hera in 2018
million euro
for innovation and digitalisation,
22 projects in smart city, circular
economy and data analytics
reused soil
in projects implemented in 2018

During 2018, the Group’s investments amounted to Euro 431.8 million, with the benefit of Euro 30.8 million in capital grants of which 12.5 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 462.6 million. Net investments rose by Euro 35.6 million, from Euro 396.2 million in 2017 to Euro 431.8 million in 2018.

The Group’s operating investments, amounting to Euro 462.3 million, were up 5.1% compared to the previous year and mainly concern work on plants, networks and infrastructures. In addition, regulatory adjustments were made, particularly on gas distribution for the mass replacement of meters and for the treatment and sewage sectors.

in millions of Euro 2017 2018
Gas area 101.5 115.4
Electricity area 23.6 23.0
Integrated water cycle area 156.6 157.9
Waste management area 67.2 78.1
Other services area 18.7 18.8
Central structure 72.4 69.1
Total operating investments 440.0 462.3
Financial investments 0.5 0.3
Total gross investments 440.5 462.6
Capital grants 44.3 30.8
of which for FoNI (Fondo Nuovi Investimenti) 8.2 12.5
Total net investments 396.2 431.8


in millions of Euro Hera AcegasApsAmga Marche Multiservizi
2017 2018 2017 2018 2017 2018
Gas area 67.8 74.4 31.8 37.5 1.9 3.5
Electricity area 15.8 15.8 7.8 7.2 0.0 0.0
Integrated water cycle area 95.9 110.7 50.0 30.0 10.7 17.1
Waste management area 60.6 69.1 4.2 4.7 2.3 4.3
Other services area 12.7 10.0 4.7 6.7 1.4 2.0
Central structure 67.0 63.0 4.0 3.8 1.4 2.3
Total operating investments 319.8 343.1 102.5 90.0 17.7 29.2
Financial investments 0.5 0.2 0.0 0.1 0.0 0.0
Total gross investments 320.3 343.3 102.5 90.1 17.7 29.2


In 2018, the net investments in the gas area were Euro 115.4 million, up by Euro 14.0 million compared to the previous year. In the distribution of gas, there was an increase of Euro 12.0 million due to increased extraordinary maintenance on networks and plants and to work on the cathodic protection of the steel network in the Trieste municipality where work was completed on 37 km of the network, bringing the compliance level over 95%, in line with ARERA’s requirements. The demand for new connections has increased compared to the previous year.

Investments also increased in heat management with the activities of the companies HSE and ASE, while the district heating service decreased as a result of the substantial work carried out the previous year on the Barca di Bologna plant, resulting in an overall increase of Euro 1.9 million compared to 2017. New district heating connections are up compared to the previous year.

Investments in the electricity area for 2018 amounted to Euro 23.0 million, substantially in line with the Euro 23.6 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 network extensions and more extraordinary maintenance on plants and networks, while requests for new connections were down compared to the previous year.

The investments for the integrated water service mainly concern extensions, enhancements and upgrades of networks and facilities, and regulatory compliance, mostly for water and sewage treatment. Investments were made for Euro 81.5 million in the aqueduct area, Euro 49.5 million in the sewage area and Euro 26.9 million in the purification area.

Net investments in the waste management area concerned maintenance and enhancement measures on plants and amounted to Euro 78.1 million, up Euro 10.9 million, compared to the previous year.

Investment in the composting/digesters sector increased significantly, by Euro 9.8 million, mainly due to measures on the Sant’Agata Bolognese composting plant for construction of its biomethane plant, besides other measures including plant upgrades at the Tre Monti mechanical biological treatment plant. Investments in landfills increased by Euro 0.9 million due to the combined effect of reductions due to lower investments at the Tre Monti site and the completion in 2017 of the 9th sector of the Ravenna landfill, offset by the 2018 work on Cordenons and on the plants of Marche Multiservizi, of greater overall value. The waste-to-energy sector was in line with the previous year due to substantial compensation between the lower investments in 2018 on the Pozzilli plant and the extraordinary maintenance work on the plants in Bologna, Padua, Ferrara, Forlì and Trieste. The increase in investments in the special waste plants chain is due to maintenance work on the Ravenna plants. Investments in drop-off point and collection equipment sector were up by Euro 1.0 million, mainly in the service area of Hera Spa while the Euro 1.8 million decrease in the selection and recovery plants sector is primarily attributable to Aliplast Group’s lower investments, due to the significant measures of the previous year on the PET Line for Alimpet Srl, not entirely offset by the higher investments made in the same sector by Waste Recycling Spa.

Investments in the Other Services area came to Euro 18.8 million, in line with last year.

In telecommunications, Euro 10.0 million were invested in network and remote control services and Internet data centres, up by Euro 0.8 million compared to 2017, while Euro 8.7 million were spent on the public lighting service, for maintenance, requalification and modernisation of the lighting systems of the areas served, down Euro 0.8 million due to the work carried out the previous year in the municipalities of Modena, Udine and Cesena, not entirely offset by investments in the Spinea and Aviano areas and, in the municipality of Pesaro, by Marche Multiservizi.

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 decreased by Euro 3.4 million compared to the previous year.