This paper provides timely and updated analysis of the role of incentives to energy efficiency, namely to investments efficiency improving, conveyed through the “white certificate system” or “energy efficiency certificates” against annual obligations that fall at the expense of natural gas distributor. Are analyzed the ways of performance of the obligation to purchase and the role played in this matter by the institutional players (GME, GSE, AEEGSI, Ministry of Economic Development). The analysis is therefore developed on the subject of “additional energy efficiency certificates” that competitors (bidders) in the race for the award of natural gas distribution service can offer to Municipalities hanging in “Minimum Territorial Area” (ATEM) and on the fallout that such minimum offer has in the “Financial Plan” prepared by competitor in support of his offer. Finally the authors analyze some problems and critical aspects of the system and made synthetically any proposal to eliminate them.