Edison to decide on gas storage sale in a few weeks, CEO says (updated)

Acea SpA

13/02/2024 12:54

(Adds comments, background)
    By Francesca Landini and Giancarlo Navach
       MILAN, Feb 13 (Reuters) - Italian energy group Edison
 EDNn.MI  has received two offers for its gas storage assets and
will decide whether to sell the business and to which bidder in
a few weeks, Chief Executive Nicola Monti said on Tuesday.
    In an interview with Reuters, Monti said Edison was not
interested in splitting the storage assets and selling them to
different buyers, after media reports that Snam  SRG.MI  and
Ascopiave  ASCI.MI  could each buy a portion of the business.
    "What we have to evaluate - also in the light of the very
positive (2023) results we have approved - the opportunity to
sell these assets," Monti said after the group reported a 71%
rise in its 2023 core earnings.
    Edison last year decided to sound out investors' appetite
for three gas storage sites it owns in Italy. Gas grid operator
Snam and utility Ascopiave each submitted offers worth more than
600 million euros each, sources have said.
    Asked about the possibility of regional utility ACEA
 ACE.MI  selling its client portfolio, Monti said Edison would
look at opportunities to acquire new gas and power customers in
Italy.
    "We are satisfied that we have acquired 700,000 customers
through the auction (to liberalise the Italian market), but if
other opportunities arise, we will look at them with interest,"
the CEO said.
    Edison has roughly 2.7 million power supply contracts in
Italy, including also new customers it has just acquired in the
electricity market as a result of the liberalisation process. It
aims to reach 4 million contracts by 2030.
    The group, which delisted ordinary shares from the Milan
bourse in 2012, has no plans to do the same with saving shares.

 (Reporting by Francesca Landini and Giancarlo Navach, editing
by Giulia Segreti and Ros Russell)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))