With its resolutions no. 231/2014/R/com and 296/2015/R/com as amended and the related Annexes (hereafter: TIUC and TIUF), the National Regulatory Authority adopted the provisions for functional separation (TIUF) and accounting separation (TIUC).
The accounting separation obligations prescribed by the TIUC are directed at assuring a certain, consistent and detailed flow of information about the business performance and the financial situations of companies operating in the electricity and gas industries, and to prevent discriminations and cross-transfers of resources between businesses and sectors.
The functional separation obligations prescribed by the TIUF are directed at assuring the neutrality of the management of essential infrastructures when they are controlled by companies that are vertically integrated or belong to vertically integrated corporate groups, as defined by Article 1.1 of the TIUF; on such companies are imposed specific obligations with respect to the corporate organisation and the management of sensitive information, also in order to reduce the risk of cross-subsidisation between businesses, e.g. through inter-company contracts.
The TIUF prescribes the obligation to appoint an Independent Operator to manage the business subjected to functional separation.
Establishment of the Independent Operator:
- It consists of the formal acquisition of the Independent Operator status by the entire Board of Directors, or of vesting some of the directors (or even a single director) with suitable powers to autonomously manage the business subjected to functional separation;
- Adoption of a Functional Separation model: the Independent Operator shall define, implement and maintain over time an organic set of measures suitable to establish and control a partial management of the business.
Edison Stoccaggio Spa has opted to appoint a single director of the storage activities as Independent Operator.