Italy's ERG leads renewables rally as production increases

Alerion Clean Power

23/08/2023 12:05

Aug 23 (Reuters) - ** Shares in Italy's ERG  ERG.MI 
rise as much as 4.1% after Italy's energy grid operator Terna
 TRN.MI  reported on Tuesday domestic renewable energy
production increased 18.7% in July on an annual basis despite a
3.3% drop in electricity demand in the same month last year
    ** Broker Equita says that growth of renewable energy
production is a "positive element" for Enel  ENEI.MI  (+2.3%),
A2A  A2.MI  (+2.2%) and Iren  IREE.MI  (+2.6%) 
    ** Iren performance mostly benefited from the increase in 
hydroelectricity power production, as June and July are the
months with the higher contribution for the year of this
renewable source to the total energy production, the broker adds
    ** "The upturn of wind power production is a positive
element for ERG and Alerion Clean Power"  ARN.MI  (+4.3%), the
analyst says 
    ** Equita adds that "the steady contraction in (power)
demand in the rest of Europe, although less pronounced than in
previous months, is a potential short-term concern for the
sector" 

    

 (Reporting by Alberto Chiumento, Claudia Cristoferi, editing by
Francesca Landini, Cristina Carlevaro)
 ((Alberto.Chiumento@thomsonreuters.com;))