Seaside and TEG (Toscana Energia GREEN), the two ESCOs of Italgas Group, join forces to create a national player in energy efficiency

In line with the Group’s strategic targets in the energy efficiency sector and in accordance with the recommendations of the European Commission, the operation allows to merge the forces, know-how and technologies of the two companies creating an operator capable of serving completely the public and private markets.


Milan, 26 April 2021 – The merger between the two ESCOs of Italgas Group – Seaside and TEG (Toscana Energia GREEN) – was finalised today, creating a national player in the energy efficiency sector.

The merger, which sees the incorporation of TEG by Seaside, is effective from 1st May and will allow the two companies to join their respective strengths, know-how and technologies, gained in different areas, offering service able to meet almost all the needs of both private and public markets.

Seaside, in fact, is more oriented towards the private sector and offers innovative energy consulting services in the industrial and residential areas; TEG, on the other hand, operates in the energy services market and has developed solutions that mainly meet the needs of the Public Administration. Together they will develop, in the first year of activity, a total turnover of around 30 million euros and an EBITDA of 6 million euros.

In this context, the merger between the two ESCOs allows the integration of two complementary businesses, fostering greater synergies and value creation. The new company will also be the reference for the whole Group in defining tailor-made energy efficiency projects, in particular in the context of Italgas’ participation in Atem tenders for the assignment of gas concessions, as well as maintaining a specific focus on energy upgrading activities also supported by the tax incentives (i.e. Ecobonus and Superbonus) and on the development of applications based on artificial intelligence.

“The creation of a national-level player in the energy efficiency sector – commented Paolo Gallo, CEO of Italgas enables greater integration and more effective synergies throughout the Italgas Group to play an even more relevant role in the path of digital transformation and efficiency improvement of the sector that we have been pursuing since 2018. As well as being fully in line with the 2020-2026 Strategic Plan, this operation allows us to operate even more closely to the recommendations of the European Commission, which also assigns DSOs the task of promoting greater efficiency in energy consumption in order to achieve net-zero targets; goals to which the new player will contribute also by identifying increasingly advanced solutions in terms of environmental sustainability and energy saving”.

Italgas e Luiss Business School ancora insieme per il futuro delle professioni STEM

Si è chiusa l’ultima edizione di Data Girls: il percorso di valorizzazione e inclusione dei talenti femminili nelle aree scientifico- tecnologiche parte del progetto Grow

Avvicinare il mondo universitario a quello professionale e favorire l’inserimento delle donne negli ambiti lavorativi STEM (Science, Technology, Engineering e Mathematics).

Si è chiusa l’ultima edizione di “Data Girls”: il percorso di sviluppo, organizzato da Luiss Business School nell’ambito del progetto Grow – Generating Real Opportunities for Women, dedicato alla valorizzazione e all’inclusione dei talenti femminili nelle aree scientifico-tecnologiche. Italgas, da sempre attenta ai temi di diversity e inclusion, anche quest’anno ha preso parte al programma sottoponendo ai diversi gruppi di studentesse una challenge focalizzata sull’analisi dei dati con l’obiettivo di migliorare il servizio offerto ai clienti finali. 

Un’edizione digitale per il progetto, durante cui le studentesse hanno avuto l’opportunità di confrontarsi virtualmente con i manager di Italgas e scoprire da vicino l’azienda e il settore della distribuzione del gas. Obiettivi della challenge assegnata alle studentesse sono stati quelli di mettersi alla prova su un caso pratico di data analytics volto a migliorare la gestione del network digitale attraverso una stima dei consumi più accurata con cui individuare e prevedere eventuali anomalie nel servizio di distribuzione di gas.

Le ragazze hanno potuto analizzare i dati forniti da Italgas, al fine di elaborare dei modelli di analisi e proporre delle soluzioni per rendere il servizio sempre più semplice, veloce ed efficiente per i clienti finali. 

“Italgas crede nel futuro delle professioni STEM e investe nell’inserimento delle donne in questi ambiti – commenta il CIO di Italgas Marco Barra Caracciolo – Anche nel 2021 abbiamo aderito a Data Girls, un progetto che mette in comunicazione il mondo universitario con quello del lavoro valorizzando i talenti femminili in chiave scientifico-tecnologica”



Italgas’ Shareholders’ Meeting approves 2020 financial statements and dividend proposal

  • Approved 2020 Financial Statements
  • Dividend of €0.277 per share (+8.2% compared to 2020)
  • Positive resolution on the remuneration and compensation policy 2021
  • Approved the 2021-2023 Co-Investment Plan and the related free share capital increase


Milan, 20 April 2021 – Italgas’s Ordinary and Extraordinary Shareholders’ Meeting was held today in Milan chaired by Alberto Dell’Acqua, recording an attendance figure of 77.16% of the share capital.


“In this particular historical period characterised by the continuing health emergency – affirmed Italgas President Alberto Dell’Acqua – our company has represented and continues to represent a cornerstone for all its stakeholders, whether shareholders, investors, employees, suppliers or customers. The results approved by this Shareholders’ Meeting are a further confirmation of the effectiveness both of the strategic choices made in past years and of the actions taken to tackle the pandemic crisis. These actions have allowed us, on one hand to continue to grow even in difficult conditions and, on the other hand, to guarantee service to almost 8 million customers while operating in complete safety”.

Paolo Gallo, CEO of Italgas, commented as follows:

“Today’s Shareholders’ Meeting marks the end of a very difficult year: Italgas has demonstrated – once again in its century-long history – an incredible ability to react and operate in an unprecedented context. Despite the difficulties, we wanted to present the year just ended in the Integrated Report with the aim of providing an overall view of our activities and the related creation of value over time. I would therefore like to express my satisfaction and that of the Board of Directors, as well as to thank all Italgas shareholders for sharing our objectives by voting in favour of the proposals presented. Among them the approval of the dividend of 0.277 euro per share, an increase of 8.2% compared to the previous year, which is further proof of the Group’s economic and financial solidity and its growth perspectives”.

Considering the continuation of the emergency situation and in accordance with the regulations issued to contain its effects, the Shareholders’ Meeting was attended exclusively by the Designated Representative pursuant to Article 135-undecies of Legislative Decree 58/1998 (“TUF”).

The Shareholders’ Meeting:

  • examined the Italgas Group’s consolidated financial statements for the year ended 31 December 2020, closed with a net profit attributable to the Group of €383.0 million (€417.2 million as at 31 December 2019) and an adjusted net profit attributable to the Group of €345.4 million (€345.2 million as at 31 December 2019);
  • approved Italgas S.p.A. financial statements for the year ended 31 December 2020, closed with a net profit of €214.8 million (€223.6 million as at 31 December 2019);
  • resolved to distribute €0.277 per share (+8.2% compared to the previous year) in proportion to the shares outstanding on the ex-dividend date, using the profit for the year and, for the remainder, retained earnings. The dividend will be payable from 26 May 2021, against detachment of coupon no. 5, being the ex-dividend date 24 May 2021 and the record date 25 May 2021.

With the aim of providing an effective and transparent representation of its ability to create value sustainably over time, from this year the Company has chosen to represent its financial and non-financial results in an Integrated Report, illustrating in a single document also the effects of its activities on the social, environmental and economic context in which it operates. Therefore, the 2020 financial statements and the 2020 consolidated financial statements are illustrated in the “2020 Integrated Annual Report”.

With reference to the 2021 remuneration policy and compensation paid, the Shareholders’ Meeting approved, with a binding vote pursuant to Article 123-ter, paragraph 3-ter, of the TUF, Section I containing the “2021 Remuneration Policy”, and, pursuant to paragraph 6 of the aforementioned article, expressed a favourable opinion with an advisory and non-binding vote on Section II relating to compensation paid in 2020.

The 2021-2023 Co-investment Plan was also approved, in accordance with the terms and conditions described in the Information Document prepared pursuant to Article 84-bis of the Issuers’ Regulations and made available to the public in accordance with the law, to which reference should be made for further information. In particular, the Plan is aimed at ensuring a high degree of alignment in the medium-long term of the interests of the management with those of the shareholders, supporting the retention of key resources and activating a medium-long term incentive system capable of creating a strong link with the business results achieved and the creation of long-term value for shareholders, promoting the sustainable success of the Company and the Group.

Finally, in extraordinary session, the Shareholders’ Meeting approved the proposal, in service of the 2021-2023 Co-investment Plan, to increase the share capital, in one or more tranches, for a maximum nominal amount of €5,580,000.00, through the issue of a maximum of 4,500,000 new ordinary shares to be assigned free of charge, pursuant to Article 2349 of the Italian Civil Code, for a corresponding maximum amount taken from retained earnings, exclusively to the beneficiaries of the Plan, i.e. employees of the Company and/or Group companies.

Shareholders’ Meeting: 20 April 2021

The ordinary and extraordinary session of the Shareholders’ Meeting of Italgas is called, in a single call, for 20 April 2021, at 11.00 AM, in Milan, Via Carlo Bo 11, to discuss and resolve upon the agenda of which at the Notice of Shareholders’ Meeting.

In view of the ongoing health emergency related to the COVID-19 epidemic, it will be possible to follow the live streaming from the link below.

Instructions to access streaming:

Starting from 11:00 a.m. you can watch the Meeting live streaming.
After clicking on the link below, you will land on the platform access page.
Register and fill in the required fields in order to follow the Meeting live.

  Follow the live streaming

Italgas: exclusive agreement with Energie Rete Gas (Energetica Group) for the development of gas networks in Valle d’Aosta

Milan, 2 April 2021 – Italgas and Energie Rete Gas, the gas transportation company of the Energetica Group, have signed an exclusive agreement related to infrastructures in operation, under construction and under development owned by Energie Rete Gas in the Valle D’Aosta region.

The agreement envisages the acquisition by Italgas, subject to certain conditions precedent, of around 150 kilometres of pipelines owned by Energie Rete Gas in operation, under construction and under development in Pont Saint Martin, Gressoney la Trinité, Antey St. André, Torgnon, Verres, Ayas, Pollein, Pila, Valdigne, Chatillon, Cervinia and Valtournenche that will become an integral part of Italgas distribution network in Valle D’Aosta.

The value of the transaction includes a RAB of around €16 million for networks currently in operation, which will increase up to €85 million with the completion of those under construction and under development.

The successful conclusion of the transaction will accelerate the development of the distribution network in Valle d’Aosta thus fully implementing the development plan presented in the ATEM  tender, based on more than €100 million of investments, which includes  among other things the methanization of further 17 municipalities and the doubling of the number of customers served from the current 20,000.

Paolo Gallo, CEO of Italgas, commented: “This transaction allows us to join forces with an important company in the Valle d’Aosta region, achieving a significant goal: accelerating the development of the regional distribution network compared to the plan presented in the tender, thus generating significant benefits for the area. In the particular times we are living through, investments in infrastructure represent one of the most effective tools for contributing to the relaunch of the local economy, creating value and work for the communities”.

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