Quarterly report at September 30, 2009

Page 16

Report on Operations

The table and the chart that follow present the data by quarter and show monthly trends for the current year and the previous year: 2008 full year

(1) (2)

9 months 2009

9 months 2008

% 3rd quarter change 2009

3rd quarter 2008

% change (40.5%)

97.0

Oil price in USD/bbl(1)

57.2

111.0

(48.5%)

68.3

114.8

1.47

USD/euro exchange rate

1.36

1.52

(10.3%)

1.43

1.50

(4.9%)

66.0

Oil price in euro/bbl

41.9

72.9

(42.6%)

47.7

76.3

(37.5%)

317.9

CCI euro/000 cm(2)

301.2

301.6

(0.1%)

239.3

328.9

(27.2%)

Brent Dated CCI: Wholesale Distribution Charge as set by Resolution No. 134/06 and updated by Resolution ARG/gas No. 192/08

140 120 100 80 60 40 20 0 January

February

March

April

May

June

July

August

September October

Brent Dated USD/bbl 2008

Brent Dated USD/bbl 2009

Brent Dated euro/bbl 2008

Brent Dated euro/bbl 2009

November

December

It is important to keep in mind that, because of the time gap with which the changes in the crude oil market discussed above are reflected in the natural gas pricing formula, the trend of natural gas prices can be significantly different. The rate component that corresponds to the Wholesale Distribution Charge (CCI) that is equal to 301.60 euros per thousand cubic meter in the nine months of 2008 and 301.20 euros per thousand cubic meters in the nine months of 2009, showing virtually no change, in the third quarter reports a decrease of 27.2%.

Quarterly Report at September 30, 2009

15


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