Overview

In detail:

  • performance data for 2016 in the Gas & Power sector
  • the 2016 Technical Investments Table in Gas & Power sector

2016 Performance

PERFORMANCE - GAS & POWER
 201420152016
Employees at year end (number) 4.561 4.484 4.261
TRIR (Total Recordable Injury Rate) (recordable injuries/worked hours) x 1,000,000 0,82 0,89 0,28
of which: employees   0,87 0,91 0,27
contractors   0,70 0,81 0,31
Worldwide gas sales (bcm) 89,17 90,88 88,93
- Italy   34,04 38,44 38,43
- outside Italy   55,13 52,44 50,50
Customers in Italy (million) 7,9 7,9 7,8
Direct GHG emissions (mmtonnes CO2 eq) 10,12 10,57 11,22
GHG emissions/kWheq (Eni Power) (gCO2eq/kWheq) 409 409 398
Installed capacity power plants (GW) 5,3 4,9 4,7
Electricity produced (TWh) 19,55 20,69 21,78
Electricity sold   33,58 34,88 37,05
Customer satisfaction rate (a) (scale from 0 to 100) 81,4 85,6 86,2

 
(a) The average evaluation reflects results of customers interviews based on clarity, courtesy and waiting time.

In 2016:
  • the total recordable incidence rate (TRIR) amounted to 0.28, improving by 68% compared to the previous year, due to both employees (down by 70%) and contractors (down by 61%) contribution.
  • in 2016, greenhouse gas emissions (GHG) increased by 6%, reflecting higher power generation volumes (up by 5.3%) and the increase in transported natural gas.
  • GHG emissions/kWheq relating to electricity production decreased by 3% compared to 2015 benefitting from progresses in energy saving actions.
  • in 2016, adjusted operating loss of the Gas & Power segment amounted to €390 million, down by €264 million. This reflected the impact of a negative trading environment, particularly in the LNG business, and lower non-recurring gains recorded in 2015. These effects were partly offset by optimization actions and better performance in trading activities.
  • Eni worldwide gas sales amounted to 88.93 bcm, down by 1.95 bcm or 2.1% compared to 2015. Eni’s sales in Italy were barely unchanged (38.43 bcm).
  • electricity sales recorded an increase of 6.2% (up by 2.17 TWh) compared to the previous year, mainly due to higher volumes traded on the wholesale segment.

Results

RESULTS- GAS & POWER
2014 (€ milioni)20152016Var. ass.Var. %
64 Operating profit (loss)   (1.258) (391) 867 (68,9)
(119) Exclusion of inventory holding (gains) losses   132 90    
223 Exclusion of special items:   1.000 (89)    
25 - impairments losses (impairment reversals), net    152 81    
  - environmental charges     1    
(42) - risk provisions   226 17    
  - of which provision on retail credits on invoices to be issued   226 17    
9 - provision for redundancy incentives   6 4    
(38) - commodity derivatives   90 (443)    
205 - exchange rate differences and derivatives   (9) (19)    
64 - other   535 270    
168 Adjusted operating profit (loss)   (126) (390) (264) ..
7 Net finance income (expense) (a)   11 6 (5)  
49 Net income (expense) from investments (a)   (2) (20) (18)  
(138) Income taxes (a)   (51) 74 125  
61,6 Tax rate (%)   ..    
86 Adjusted net profit (loss)   (168) (330) (162) 96,4

(a) Excluding special items.


In 2016, the Gas & Power segment reported an adjusted operating loss of €390 million, down by €264 million y-o-y.This reflected lower margins on LNG sales and higher one-off benefits from contracts renegotiations reported in 2015, partly offset by logistic costs optimizations and better performance in trading activities. The retail segment reported lower results due to unusual winter weather conditions. Adjusted operating loss excluded a loss on stock of €90 million and net special gains of €89 million. Special gains comprised the effects of the fair-value evaluation of certain commodity derivatives acking the formal criteria to be accounted as hedges under IFRS (gains of €443 million), a downward revision of revenues accrued on the sale of gas and power for past reporting periods, resulting from the restructuring plan launched in 2015 (€161 million), the impairment loss of certain assets due to the increased country risk and the weakness of the scenario (€81 million). Adjusted operating result included a negative balance of €19 million of exchange rate differences and derivatives. In the full year, the Gas & Power segment reported an adjusted net loss of €330 million due to the reduction of operating performance

Capital expenditure

CAPITAL EXPENDITURE - GAS & POWER
 (€ million)201420152016Change% Ch.
Marketing   164 138 110 (28) (20,3)
Marketing   66 69 69    
Italy   30 31 32 1 3,2
Outside Italy   36 38 37 (1) (2,6)
Power generation   98 69 41 (28) (40,6)
International transport   8 16 10 (6) (37,5)
    172 154 120 (34) (22,1)
     of which:             
Italy   128 100 73 (27) (27,0)
Outside Italy   44 54 47 (7) (13,0)

In 2016, capital expenditure amounted to €120 million, mainly relating to gas marketing initiatives (€69 million) and flexibility and upgrading initiatives of combined cycle power plants (€41 million).
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