ann rep: applies to pve/epg!!!

Gas prices have risen over 54%
since the IPO of the company in
December 2004. Continued rapid gas
consumption demand combined with
import capacity constraints and Russian
gas supply disruptions have signifi cantly
tightened market conditions. Europe is
becoming a more integrated market and the declining
North Sea gas production and rising UK imports and UK
gas prices is having a strong ripple effect on the Italian
and European Markets.
Energy security and a new found concern regarding
the dependence on and reliability of Russian imports is
putting a premium on commercial gas reserves within
the walls of Europe. Po Valley is perfectly positioned to
capitalise on these market conditions.