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Energy Release 2.0: the OIC opinion on the accounting treatment for the 2025 financial statements

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​​​​​​​published on 6 March 2026 | reading time approx. 4 minutes​​

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With its opinion dated 22 December 2025, the OIC (Italian Accounting Body) provided important clarifications on the accounting treatment of the Energy Release 2.0 mechanism, introduced by Decree-Law 181/2023 and governed by Decree 268/2024. The document, requested by the Ministry of the Environment and Energy Security, offers a specific solution for a case that the OIC itself describes as a regulatory unicum. The opinion clarifies when and how to recognise in the 2025 financial statements this economic incentive.

The opinion applies exclusively to companies preparing financial statements under ITA GAAP, and it addresses the situation in which an energy-intensive company transfers to a third-party delegate all obligations related to the construction of the plant and return of the energy.

The Energy Release 2.0 mechanism: nature and specific features​​

According to the decree, the mechanism provides for:
  • the beneficiary’s right to collect or pay the difference between the market price of energy and the price set by the GSE (€65/MWh) for the three-year period 2025–2027;
  • the obligation to build (also through third parties) new renewable capacity equal to at least twice the amount of energy received;
  • the return of the received energy over 20 years and the possible refund of any “residual advantage”;
  • the possibility to delegate all such obligations to a third party through an Addendum contract or a competitive procedure;
  • the obligation for the third-party delegate to provide the GSE with an unconditional guarantee;
  • upon signing the Addendum and successful completion of the GSE’s review of the unconditional guarantee, the energy-intensive company is released from the obligations transferred to the third-party delegate.

The hybrid structure of the arrangement is not comparable to existing schemes and thus requires specific accounting guidance.

For further details on the functioning and benefits of Energy Release 2.0, see the following articles:

The key question addressed: when should the economic incentive be recognised?​

The Ministry asked the OIC to clarify in which financial year the economic incentive deriving from Energy Release 2.0 should be recognised, and whether they can already be attributed to 2025, the year when the energy is received.

Internal discussions within the OIC identified two possible interpretations, both consistent with national accounting principles. However, for the sake of legal certainty and timeliness, the OIC opted for a special rule in line with the economic substance of the transaction.

The reference point is paragraph 56(f) of ITA GAAP no. 12, which states that an operating incentive must be recognised in the year in which the right to receive it arises with certainty.

For Energy Release, this right arises when the GSE completes the allocation procedure.

Conditions for recognising the incentive in the 2025 financial statements​

Two cumulative conditions must be met in order for the incentive to be recognised in 2025:
  1. the Energy Release contract must be signed in 2025;
  2. as of 31 December 2025, there must be only a remote risk of having to return the incentive if the energy-intensive company fails to reach an agreement with a third-party delegate.

Under ITA GAAP no. 29, the company may consider subsequent events to assess whether the risk of having to return the incentive to the GSE is indeed remote.

This occurs only if, by the date the financial statements, the following conditions are met:
  • an Addendum contract has been signed with a third-party delegate and the GSE’s procedure of the unconditional guarantee has been successfully completed;
  • the competitive procedure has been completed, with an awardee selected and the Guarantee approved by the GSE.

If these conditions are not met, the incentive cannot be recognised in 2025.

In estimating the 2025 incentive, measurability is an essential requisite​​​

The company must be able to reliably estimate:
  • the incentive pertaining to 2025;
  • the portion to be allocated to the third-party delegate.

For 2025, the OIC specifies that the estimate becomes reliable when:
  • by the date the financial statements are authorised, an irrevocable contract with the third-party delegate has been signed specifying its remuneration;
  • the competitive procedure has been completed, establishing the remuneration of the awarded party.

Only if the amount can be estimated according to prudential criteria, may the incentive be recognised.

An exceptional discipline, not applicable to other cases​​

The OIC strongly emphasises that:
  • the accounting treatment is specific to Energy Release 2.0;
  • the discipline does not constitute a precedent;
  • it cannot be extended to other types of incentives;
  • ​it applies exclusively to companies that prepare financial statements under ITA GAAP.

This conclusion reflects the exceptional and regulatory nature of the transaction.

Practical implications for the 2025 financial statements under approval​

For energy-intensive companies, the OIC opinion has immediate relevance in the preparation of the 2025 financial statements. Proper application requires a careful and timely assessment of the contractual documentation, which becomes essential in order not to miss the opportunity to recognise the incentive in 2025.​

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Paolo Zani

Certified Tax Consultant, statutory auditor (Italy)

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Mirco Binazzi

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