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Risk Management

During 2007, operating management of commodity and/or currency risk, was implemented in a “hedging” capacity, aimed at establishing the margins provided by the budget of the commercial transactions effected in both the Gas and Energy Divisions.

From the organisational viewpoint, the activity is centralised in one sole function (risk management), allocated in the Gas Division, with the goal of carrying out both the coverage activities of that area and those of the Energy Division.

This approach, based on the creation of a concentrated risk portfolio without generating a duplication of competences, enables the unitary management of homogeneous risks of the two divisions and, based on macrohedging instead of using specific hedging formulas, has made it possible to attain certain advantages, such as:

  • Achievement of greater levels of hedging;
  • Elimination of constraints on the minimum volumes which can be hedged;
  • Optimisation of costs for lesser recourse to the market, by netting the positions of single contracts and the positions generated by the Gas and Energy Divisions;
  • Increased flexibility in evaluating procurement contracts with non-standard index-linking formulas;
  • Increased flexibility in structuring the products and services, with the possibility of proposing/quoting index-linking formulas different to those present in the acquisition portfolios;
  • Increased visibility of the over-the-counter (OTC) commodities prices.


The activity carried out in the Concentrated Risk area, based on derivative financial instruments – even if done only with hedging aims – does not meet the requirements of IAS 39 for applying hedge accounting. Consequently, the result attained and the perspective value of the derivatives in the portfolio are put back into the operating result of the Gas Division.