Sergio Marotta, Dall’adeguatezza della remunerazione del capitale investito al full cost recovery: il settore dell’acqua diventa un mercato regolato


1. Premessa. 

2. La sentenza del Consiglio di Stato. 

3. Remunerazione del capitale vs. costo del capitale. 

4. Settore idrico e regolazione del mercato. 

5. Considerazioni conclusive. 


The final ruling of the Council of State no. 2481/2017 marks the transition
of the water sector into a stable regulatory framework. This was achieved especially by endowing the Authority for Electricity, Gas and the Water System (AEEGSI) of oversight and regulatory functions. Parts of the civil society have opposed this transition through several means: at first, in 2007 by promoting a citizens’ initiative for a law regulating the water sector; secondly, by petitioning for an abrogative referendum in 2011; and, finally, by filing an appeal to the Council of State against the tariff method established by the Authority for Electricity, Gas and the Water System. As the outcome of this judgement shows, however, this opposition had the only effect of delaying the implementation of the new regulatory regime.