HomeNewsEdison not for sale, reviewing options on gas storage

Edison not for sale, reviewing options on gas storage

4/18/2023

(Reuters) - Energy group Edison is not for sale, the chief executive of the Italian unit of French utility EDF said on Tuesday, adding the value of the unit could be well above €7-8 B calculated by analysts.

Answering a question over the potential sale of the company's gas storage business, Edison CEO Nicola Monti said the Italian group was considering strategic options for it.

"I think the intrinsic value (of Edison) goes far beyond these figures of 7-8 billion," Monti said at a presentation of the group's business plan for its retail unit, adding Edison had invested significantly to boost its growth.

"We have sown a lot in the past on renewables, gas supply... With this year's budget, after the pandemic, I think we will see interesting numbers on the income statement that will represent the true value of the company".

On the plan for its retail unit Edison Energia, the Italian group said it aims to double its customers for gas and electricity to 4 million by 2030.

"The 4 million contract target will mainly be reached through organic growth, but also with potential acquisition of large and small companies," the group said in a statement.

Edison, which is Italy's second-largest gas supplier with 6.6 bcm sales recorded last year, also intends to consolidate its role in electric mobility.

Edison Energia plans to install more than 100,000 recharging points by 2030 and supply 8% of the electricity used for electric cars in Italy.

It will also offer LNG, methane and progressively more biomethane for clients who want to switch from fossil fuels.

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