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Jan 19, 2015

Italian energy review to target firms’ investment returns

MILAN, Jan 19 (Reuters) – Italy’s energy regulator has
signalled it may rein in the high investment returns driving
profits for some of the country’s biggest power firms under a
review of the sector.

The AEEGSI watchdog published the first document in its
review of power transmission and distribution late on Friday,
setting out proposals that will be debated up to November and
form the basis of new regulations coming into force next year.

Jan 12, 2015

E.ON sells most of Italian business to Czech-based EPH

FRANKFURT/MILAN (Reuters) – Germany’s largest utility E.ON AG has agreed to sell its Italian gas- and coal-fired power plants to Czech energy company EPH, ridding itself of unwanted assets from an acquisition spree in 2007.

Privately-held EPH will take over 4,500 megawatts (MW) worth of thermal power capacity in the deal, expected to close in the second quarter of 2015.

Jan 9, 2015

Italy’s rail power grid sale threatens higher electricity prices

MILAN, Jan 9 (Reuters) – A law paving the way for Italian
power grid operator Terna to buy power lines owned by
state-owned railways (FS) could spell higher electricity bills
for consumers at a time when Italy is seeking to cut energy
prices for businesses.

FS, which the government plans to privatise, is in talks to
sell state-controlled Terna the grids that power its trains in a
deal that could be worth up to 1 billion euros ($1.2 billion).

Dec 16, 2014

Boralex offers $343 mln for Enel Green Power French unit

MILAN, Dec 16 (Reuters) – Canadian power-producer Boralex
Inc has offered to buy Enel Green Power’s (EGP)
French business for around $343 million, as the
Italian company sheds more of its European business to focus on
emerging markets.

In a statement late on Monday, Boralex said it expected to
become the largest independent wind power producer in France
following the deal, with an installed capacity of 455 megawatts.

Dec 3, 2014

Eni asset sales hit trouble due to oil rout

MILAN, Dec 3 (Reuters) – Plans by Italian oil major Eni
for major asset sales to help fund exploration and its
dividend payments have hit problems due to diving oil and gas
prices, sources say.

State-controlled Eni has already sold assets worth 5 billion
euros to finance the generally more profitable business of
finding oil and gas, while radically slimming down its troubled
refining operations.

Dec 2, 2014

Saipem shares drop as South Stream cancellation raises contract concerns

MILAN, Dec 2 (Reuters) – Russia’s scrapping of the $40
billion South Stream gas pipeline hit shares in Italian oil
services group Saipem SpA on Tuesday, threatening to
decimate its order book in the latest of a string of setbacks.

South Stream’s demise, caused by plunging energy prices and
European opposition, may unwind up to 2.4 billion euros ($3
billion) of contracts won by Saipem this year to lay the pipe’s
offshore section, equating to 10 percent of its orders.

Nov 20, 2014

Enel boosts Endesa shares on offer after strong demand

MILAN, Nov 20 (Reuters) – Italian utility Enel
increased the number of shares it is offering retail investors
in Spanish subsidiary Endesa, which could raise 3.2
billion euros ($4 billion) to help reduce debt.

Enel, Europe’s most indebted utility, is selling up to 22
percent of Endesa as part of wider plans this year to raise more
than 4 billion euros from disposals to help maintain its
investment-grade credit ratings.

Nov 19, 2014

Generali to hit 2015 targets a year early

LONDON, Nov 19 (Reuters) – Italy’s Generali
expects to hit its 2015 targets a year ahead of schedule and
raise its dividend payout, after cutting costs and selling
assets to focus on its main life, property and casualty
insurance businesses in Europe.

Chief Executive Mario Greco, who promised to shake-up
Generali to improve profitability when he took over in August
2012, unveiled a turnaround plan at the start of last year
centred on cutting debt through the sale of non-core businesses,
such as its U.S. life insurance arm and Swiss private bank BSI.

Nov 19, 2014

Enel on track to raise over 3 bln euros in Endesa share sale

MILAN, Nov 19 (Reuters) – Italy’s biggest utility Enel
is on track to raise up to 3.2 billion euros ($4
billion) from the sale of shares in its Spanish subsidiary
Endesa, three sources with knowledge of the deal said
on Wednesday.

Enel, Europe’s most indebted utility, is selling a stake of
up to 22 percent in Endesa to help cut its mountain of debt and
beef up the Spanish group’s market float.

Nov 18, 2014

Japan’s Hitachi closes in on Finmeccanica rail assets

MILAN (Reuters) – Italian industrial conglomerate Finmeccanica (SIFI.MI: Quote, Profile, Research, Stock Buzz) said on Tuesday Japan’s Hitachi (6501.T: Quote, Profile, Research, Stock Buzz) had submitted an offer to buy rail assets it has put on the block as part of plans to cut debt.

Finmeccanica had shortlisted Hitachi and China’s CNR Corporation (601299.SS: Quote, Profile, Research, Stock Buzz) to buy both loss-making train maker AnsaldoBreda and its coveted 40 percent stake in rail signalling group Ansaldo STS (STS.MI: Quote, Profile, Research, Stock Buzz). Bids were due by Nov. 17.

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
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