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Jul 28, 2015

Terna looks to grow power grid business outside Italy

MILAN (Reuters) – Power grid company Terna  is looking to develop new business outside Italy by working with oil major Eni and renewable energy group Enel Green Power on power line projects in places like Latin America and Africa.

Terna, one of Europe’s biggest power grid operators, raises most of its revenues from power transmission in Italy by developing the domestic grid and making it more efficient.

Jul 24, 2015

Saipem hires Bain to get in shape for cheaper oil

MILAN, July 24 (Reuters) – Italian oil contractor Saipem
is working with Bain & Company to draw up a
restructuring plan to help it cut costs and counter falling oil
prices that have sapped its order book and stretched its balance
sheet, three sources said.

Saipem, 43 percent owned by state-controlled Eni,
has lost around three-quarters of its value in the last 30
months after a corruption probe in Algeria, two profit warnings
and increasingly bleak business prospects. The cancellation of
a Black Sea pipeline contract was the latest blow.

Jun 17, 2015

EU without Britain is “impossible”, says Italy’s Renzi after talks with Cameron

MILAN/LONDON (Reuters) – A European Union without Britain would be “impossible”, Italian Prime Minister Matteo Renzi said on Wednesday, after talks with Prime Minister David Cameron about his plans to reshape Britain’s EU ties before an in-out membership referendum.

Ireland said it had begun contingency planning for a British exit from the EU.

Cameron, re-elected last month, is due to present his reform plans in more detail at an EU summit in Brussels next week and hopes to hold preliminary talks with EU leaders before then.

Jun 17, 2015

Renzi’s digital plan sets new industrial course for Italy

MILAN (Reuters) – Italy’s Prime Minister Matteo Renzi and the chief of Enel SpA (ENEI.MI: Quote, Profile, Research, Stock Buzz) took time out of a visit to Malta in April to discuss a matter of national importance: how to use the state-controlled utility’s pipes and pylons to help get high-speed Internet to all Italian homes.

Renzi had long wanted Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) to cable the country for super-fast Internet to get Italy’s digital reach up to speed with the rest of Europe and help kick-start a suffering economy. But the former state phone monopoly had deemed the effort too expensive, considering the low demand.

Jun 4, 2015

Saipem shares suspended after sharp fall sparked by cash call report

MILAN, June 4 (Reuters) – Shares in Saipem fell to
a seven-week low in early trading on Thursday and were suspended
from trading after a report that the Italian oil services group
was considering a share sale to raise some 1.5 billion euros
($1.7 billion).

Italian newspaper Il Sole 24 Ore said in an unsourced report
investment banks had begun stepping up their pitching for a cash
call at Saipem after the arrival of Stefano Cao as chief
executive in April.

May 29, 2015

Eni, trattative vendita quota Mozambico a rilento per calo petrolio

MILAN, May 29 (Reuters) – Le trattative fra Eni e i
potenziali interessati al 15% del giacimento petrolifero in
Mozambico, inclusa l’utility cinese Huadian, si stanno
trascinando a seguito delle differenze legate al prezzo, secondo
alcune fonti industriali e bancarie.

La major petrolifera italiana punta a vendere asset per 8
miliardi di euro nei prossimi cinque anni per crescere in nuovi
mercati e proteggere il dividendo.

May 29, 2015

Eni talks on Mozambique sale sticking in oil slide

MILAN (Reuters) – Talks between Eni and suitors including Chinese state utility Huadian for a stake of around 15 percent in the Italian oil major’s prized Mozambique gas field are dragging on due to differences over price, industry and banking sources said.

State-controlled Eni is looking to sell around 8 billion euros ($8.8 billion) of assets in the next five years to fund growth in new markets and help ringfence dividends.

May 27, 2015

Generali commits to boosting dividends, cash and capital

MILAN, May 27 (Reuters) – Italy’s Generali expects
to pay higher dividends over the next four years as it focuses
on increasing cash generation and bolstering capital ahead of
new tougher European rules.

Italy’s biggest insurer said in a statement on Wednesday
that it would pay cumulative dividends of more than 5 billion
euros ($5.5 billion) to the end of 2018, having paid out 930
million euros last year.

May 14, 2015

Generali posts best quarterly operating profit in 7 years

MILAN, May 14 (Reuters) – Italian insurer Generali’s
first-quarter operating profit rose 6 percent to top
forecasts as growth in its life business offset a fall in
non-life activity.

Europe’s No. 3 insurer said the figure stood at 1.326
billion euros ($1.5 billion) – its best quarterly result in
seven years and above an analyst poll of 1.28 billion euros.

May 8, 2015

Enel gets bids for Slovak utility, tables gas sale

MILAN, May 8 (Reuters) – Italy’s Enel has received
binding bids for its stake in Slovakia’s biggest power company
as it presses ahead with plans to sell 5 billion euros ($5.6
billion) of assets to cut debt and fund growth.

Enel, Europe’s second biggest utility for installed
capacity, has put the sale of its 66 percent stake in Slovenske
Elektrarne at the heart of its disposal plan, aimed at reducing
a 39.5 billion euro debt pile. But the deal has met vocal
opposition from the Slovak government.

    • 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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