A2A Group Website


Brescia Milan Bergamo
Via Lamarmora 230 -25124 BRESCIA
Phone +39  030 35531 - Fax +39  030 3553204

How to reach it

Corso di Porta Vittoria, 4 - 20122 MILAN
Phone +39 02 77201 - Fax +39 02 77203920

How to reach it

Via Suardi 26 - 24124 BERGAMO
Phone +39 035.351.111 - Fax +39 035.246645

How to reach it


Toll free number

800 011 639
(from Monday to Friday from 8.30 to 17.00)

Customer centre
Via Lamarmora, 230
(Monday, Tuesday, Thursday 8.15 - 13.00,  14.00 - 15.30
Wednesday 8,15 - 15,30
Friday 8.15 - 13.00

Toll free number
800 199 955
(from Monday to Friday from 8.30 to 17.00)

For calls from mobile or from abroad 
02 36609191
(from Monday to Friday from 8.30 to 17.00)

DTS  (Telephone system for hearing-impaired people)
02 77203222
(from Monday to Friday from 8.30 to 17.00)

Customer centre
Via Francesco Sforza, 12
(from Monday to Friday  from 8.30 to 16.00)


Toll free number
800 012 012
(from Monday to Friday from 8.30 to 17.00)

Customer centre
Via Suardi, 26 - Bergamo
(from Monday to Friday  from 8.00 to 12.30 and from 14.00 to 16)

Direction of Communication and External Relations Investors

Phone  +39 02 77204583
Fax +39 02 77203591

Press office:

Social Responsibility
Phone +39 02 77204175 
Fax +39 02 77203535

A2A Investor Relations Team

Risk Management

The A2A Group has a risk assessment and reporting process based on the Enterprise Risk Management method of the Committee of Sponsoring Organizations of the Treadway Commission (COSO report) whose purpose is to make business risk management an integral and systematic part of management processes. This process also driven by other international frameworks.

View A2A risk breakdown by category of reference stakeholders

The following tables provide a summary of the main types of risk which are part of the assessment and reporting process, grouped together on the basis of their main features:

Category Type of risk Description Control
Competitive environment - regulatory Changes in laws and regulations Changes in laws and regulations and the measures introduced by national regulatory bodies or local administrations can modify the competitive context in which the Group operates. And changes to the legislative or regulatory framework can lead to additional costs and/or lower revenues, hold back the Group’s strategies, cause an increase in competitive pressure and/or have a considerable effect on the Group’s profitability. A control exists within the Group, operating at various levels, which envisages collaborative dialogue with government institutions and bodies and those regulating the sector, active participation in sector associations and workgroups set up within these bodies and an analysis of changes in laws and regulations and provisions issued by the sector authority.
Macro-economic situation The Group’s activities are sensitive to the economic cycles and general economic conditions of the countries in which it operates. An economic slowdown could, for example, lead to a fall in consumption or industrial production by the Group’s customers, with negative effects on the demand for electricity and/or the other goods and services provided by the Group. The risk is controlled by having schemes scheduling the use of and managing the Group’s plants, which are designed to optimize the hours in which they operate with respect to market conditions, as well as by taking specific commercial steps.
Fiscal and tax-related The risk is related to all acts, events or circumstances  that, from a probabilistic standpoint, are in contrast with the fiscal obligations and can potentially be detrimental to the Group, not only of financial and economic nature,  but also reputational. The control of this risk is delegated to specific business units dedicated to the constant monitoring of the legislation in force concerning fiscal and tax-related matters, as well as to the support to Group companies for the correct fulfillment of corresponding duties.
Natural events Atmospheric changes The usage of the products and services provided by the Group (energy, district heating) can be affected by atmospheric conditions. A lack of rain could additionally lead to a fall in hydroelectric production. In addition, permanent climate changes could have business consequences which must be suitably anticipated. The control of this risk is delegated to specific business units dedicated to creating engineering models supporting the scheduling of the use of hydroelectric plant, as well as managing/optimizing the production/supply of heat, also in relation to trends in demand.
Other natural events It is the risk associated with non-efficiency of contingency plans for mitigation of impacts in terms of health and safety, environment, interruption of business operations and continuity of service due to unexpected natural phenomena. The control of this risk consists of procedures and emergency evacuation plans, procedures governing the operation modes of the plants, the presence of emergency response teams, central control for the Group for issues of Quality, Environment and Safety, insurance coverage direct or indirect damages for events such as floods, earthquakes, inundation, etc.
Financial Commodity As part of its industrial activities the A2A group is subject to fluctuations in commodity market prices (gas, coal, energy, etc.). These fluctuations contribute to making it difficult to determine the A2A Group’s margin, thus exposing the Group to potential decreases in expected margins. The risk is controlled through constant monitoring of prices by a specific organizational unit, with the support of systems and procedures which govern the means of managing the risk and intervening in the event that approved limits are exceeded.
Interest rate The Group is exposed to fluctuations in interest rates which could lead to changes in the value of fixed rate financial assets and liabilities and changes in the cash flows associated with floating rate financial assets and liabilities. The operational unit actively manages the debt instrument portfolio, assesses the need for risk hedging strategies and performs specific analyses of interest rates.


The Group is exposed  to the risk that it will not be able to meet its payment commitments on a timely and effective basis, impairing its daily activity or its financial situation. This case may arise as a result of a portfolio of investments/transactions that generate outgoing cash flow and/or a plan of payment deadlines not aligned with the incoming cash flow forecasts. The control and management of such risk scenarios are assigned to the finance organizational unit, which mitigates the risk by arranging contracts for suitable credit facilities, carrying out early planning of financial requirements and holding constant discussions with a large number of banks.
Counterparty This type of risk regards the possibility that one of the Group’s direct counterparties (financial or industrial) fails to meet the obligations it has assumed in the established time and by the agreed means. This risk is controlled through constant monitoring by specific organizational units, supported by information systems, policies and procedures designed to regulate the various stages in the credit process. The risk is also mitigated by resorting to the use of suitable collateral (credit insurance, receivables sales, bank guarantees, etc.).
Finance Default e covenant The theoretical possibility exists whereby the cost of procuring debt capital may reach levels which put the Group’s financial stability and solidity at risk, up to the point of a possible default. The cost of capital is strictly linked to the Group’s rating. This risk is controlled by structuring the financial position, which enables the Group to significantly limit the effect of any changes in rating on borrowing costs, as well as by holding constant discussions with the ratings agencies.


Category Type of risk Description Control
Direction Strategic and business plan initiatives Any ineffective implementation of the Group’s initiatives could jeopardize achieving targets that have been set. This risk exists both for short-term initiatives (budgets) and long-term initiatives (business plans), as well as for development and investment activities. Control is assured through suitable organizational structures and workgroups dedicated to developing and monitoring the targets that have been set and whether they have been achieved.


Category Type of risk Description Control
Operational Environmental In the course of its business the Group could cause damage to the environment of such a nature that it becomes exposed to possible penalties inflicted by the competent authorities or may have to pay considerable amounts of money to third parties as the result of the harm caused to persons and/or things, or of such a nature as to significantly impair the Group’s image. This risk is of significant importance in the sector in which the Group operates, and A2A has accordingly adopted a rigorous Quality, Environment and Safety Policy and is highly committed to the subject of sustainability in general. The Group controls this risk through the use of regularly updated Quality, Environment and Safety management systems, ISO 14001 and EMAS certifications and organizational controls carried out by the Quality, Environment and Safety Department, which among other things performs environmental analyses and regular audits. Systems are in place at all of the Group’s plants for monitoring emissions and filters capable of changing the characteristics of the emitted fumes. The Group also has a homogeneous and aligned organizational, management and control model based on Law 231.
Business interruption The Group is exposed to the risk deriving from interruption to the business activities of plants or critical matters regarding managing the maintenance/prevention of these events. These scenarios are typically critical for the sector in which the Group operates. In addition, extreme or exceptional events (such as earthquakes, floods, landslips, fires and terrorist action) which may affect the Group’s production/operational capacity are also considered risk factors. This risk is controlled by introducing and constantly updating scheduled maintenance procedures of an ordinary or preventive nature, carrying out periodic revisions of plants and networks and providing specific training courses. The use of instruments for the control and remote control of technical parameters (capable of enabling any faults to be suitably monitored and detected on a timely basis) is also widespread, in addition, where possible, to the keeping of spare parts for the components required to ensure the continuity of production processes.
Customer service level These are risks arising from the failure of the Group to meet customer expectations as part of selling activities, with possible consequences in terms of the loss of market share and a deterioration in results. The Group controls these risks by means of constantly updated processes and procedures, staff training plans for sales activities, a constant analysis of customer complaints and the implementation of corrective measures, and active collaboration with consumers’ associations.
Credit These are the risks related to an inefficient process of managing credit that result in delays in the activity of collection, valuation problems on the state of the credit and difficulties in the process and evaluation of the possible sale of a portion of the loan portfolio. The Group oversees these risks through specific Credit Policies, monitoring tools and reporting of credit exposure, optimization of the credit recovery process and close operational coordination between the commercial areas and the credit area.
Legal disputes This risk refers to potential losses deriving from law or regulatory violations, from contractual or extra-contractual responsibility,  as well as other disputes. The control of this risk is delegated to specific business unit dedicated to the management of legal issues inside the Group (national and international contracts, civil, penal and administrative disputes, legal advisory in general).
Human resources Internal skills The risk exists whereby by pursuing its development policies the Group will fail to have suitable human resources for ensuring the effectiveness and efficiency of its structure and hence for achieving its targets. Assessment programs, career paths for professional families based on specific courses, job rotation and annual performance appraisals are regularly carried out.
Health and safety Any detriment to the health and safety of workers could expose the Group to significant costs for settling damage claims. as well as to the risk to its reputation and image in the eyes of the public and investors. To these effects should also be added the costs and consequences arising from the failure to comply with laws and regulations. A further risk factor is possible unauthorized access to the Group’s production sites and buildings. This risk is controlled by: worker safety management systems meeting standard OHSAS 18001; procedures to implement laws and regulations regarding worker prevention and protection and health and safety; employee health and safety training and updating; regular audits; and a homogeneous and aligned organizational, management and control model based on Law 231. Summing up, the Group’s prevention and protection policy aims at “zero risk”.
Information Technology ICT infrastructure The Group’s ICT structure could be inadequate, with reference to both present and future needs, and incapable of efficiently supporting business activities. These components are also associated with aspects of the process related to development consistent with the objectives of the Group This risk is controlled by using back-up technological infrastructures capable of ensuring service continuity in the event of any breakdowns or unpredicted events, and by having a disaster recovery system. Specific policies are also in place that regulate access to information, as well as ICT systems controlling access and preventing any external attacks.
Integrity and security The completeness, accuracy and authorized access to the data processed by electronic means from the various applications and systems used by the Group may not be adequate, allowing inappropriate access to confidential data and information. This risk is controlled through specific operational policies for access to information and data, review of access profiles for a large number of applications, establishment of a composite team with the task of preventing and monitoring external attacks


Update at Fri, 16 May 2014 15:45