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Officially unveiled: “Enaon”, the new identity of Greek companies within the Group

Athens, February 14th, 2024 – Italgas has officially introduced the new identity of Greek companies, which are now named “Enaon”, the holding company, and “Enaon Eda”, the operating company.

The announcement was made by Italgas CEO Paolo Gallo during the inauguration of the new Athenian headquarters of the companies, in the presence of Italgas Chairperson, Benedetta Navarra, the Minister of Environment and Energy, Mr. Theodoros Skylakakis, the Minister of Economy and Finance, the Minister of Development, Kostas Skrekas, the Italian Ambassador to Greece, Paolo Cuculi. Sia Kossioni, journalist, moderated the event.

The establishment of Enaon and Enaon EDA, which will be responsible for the development and management of services, represents a further step forward in the reorganization process undertaken by Italgas, marked by the merger of the previous three DSOs into one, which occurred in 2023.

“Just over a year ago,” stated Paolo Gallo “we successfully concluded the acquisition of Depa Infrastructure. Today, with the presentation of Enaon, we inaugurate a new chapter in our journey. The launch of the new corporate image comes at a time when we have already successfully achieved significant goals that will enable us to work better and more efficiently. I refer to the migration of the IT system to the Cloud, the unification of the three companies into a single operator, the selection of a new headquarters where people, previously spread across multiple locations, have more space and greater comfort. Italgas confirms itself as the ideal technological and industrial partner to support Greece in the phase-out from coal and lignite towards EU decarbonization goals. Our experience in the digital transformation of networks, an enabling factor for the decarbonization of consumption, has already been made available to our colleagues and will also allow Greek distribution networks to soon accommodate biomethane, green hydrogen, and other renewable gases”.

Today’s presentation of ENAON and the reorganizational process carried out by the company in recent months are concrete signs of Italgas’ commitment to the Greek market and further contribute to the strengthening of the partnership between our two countries. Italy and Greece indeed boast strong bilateral relations, which continue to grow thanks to the contribution of companies like Italgas that have decided to invest in this market” – stated the Italian Ambassador to Greece, Paolo Cuculi, who emphasized the role of the Italian company in a crucial sector for the development of bilateral relations.

 “The initiatives being taken with a focus on Greece through the Italgas Group -several of which were presented in detail today- are helping us to gain access to technical knowledge that will enable Greek distribution networks to be upgraded in a way that could soon accommodate biomethane and other renewable gases” stated the Minister of Environment and Energy, Mr Theodoros Skylakakis.

MEMORANDUM OF UNDERSTANDING BETWEEN ENAON AND HABIO

On the occasion of the unveiling of the new brand, Enaon has signed a Memorandum of Understanding with HABIO, the Hellenic Biogas Association, which today represents the operators of 48 production plants who have already shown great interest in converting their production into biomethane to be injected into distribution networks.

The agreement, signed by Barbara Morgante, CEO of Enaon, and Alexandros Yfantis, President of HABIO, will last for 2 years and will focus on various topics: from the development of regulatory proposals to the definition of connection parameters to the networks, from the determination of costs for the expansion and connection of plants to the promotion of sustainable biomass collection and the use of digestate as fertilizer.

The collaboration between Enaon and HABIO is strategic to accelerate the development of biomethane, in line with the objectives of the EU and the Greek government. As a renewable gas, biomethane represents an energy source that reduces dependence on foreign supplies and improves energy security. It also contributes to the circular economy and sustainable development of rural areas, generating positive impacts on local communities.

THE MEANING OF ENAON

Enaon takes inspiration from the Greek word “Αέναος” (Aenaos), which translates to “perennial” and “renewable” and, when associated with the energy sector, aims to represent a long-lasting offer capable of meeting current needs and the well-being of future generations. By simplifying its spelling to Enaon, the new brand becomes distinctive, versatile, and with a universal meaning.

Moreover, “Ena” is the Greek word for “one” and recalls the union of the 3 previous DSOs – Eda Thess, Deda, and Eda Attikis – into a single Company; “On” represents the idea of something being active, operational. Enaon, therefore, embodies the commitment to keep energy in constant flow, providing gas continuously and working to equip the country with cutting-edge, smart, and flexible infrastructure.

THE NEW HEADQUARTERS

The Enaon offices in Athens are located at the Politia Business Center:

The new Greek headquarters of the Group offers the opportunity to concentrate in one place many of the people who were previously scattered in various offices and locations across the city, thus enhancing interaction between people, exchanging professionalism and skills, and ensuring greater comfort for workers.

In the new offices, spread over 7 floors, people have access to modern, functional, and flexible spaces for a more effective balance between individual activities and group work. Overall, the architectural project aims to ensure bright, quiet environments away from sources of distraction, as well as areas equipped with tools for remote collaboration.

One of the distinctive features of the new headquarters is the complete overhaul of the ICT infrastructure, aimed at further enhancing cybersecurity. This revision, implemented with significant improvements, has aligned the Greek headquarters with the Group’s rigorous standards and best practices, effectively reducing risks associated with information and communication technologies.

Italgas confirmed in the S&P Global Sustainability Yearbook

Milan, 7 February 2024 – Italgas has been included for the fifth consecutive year in the Sustainability Yearbook, the annual publication by S&P Global that groups world’s sustainability leaders.

Italgas confirmed its leadership with the inclusion in the ‘Top 1% S&P Global ESG Score’ category, based on the results of the 2023 Corporate Sustainability Assessment (CSA). 759 companies, out of more than 9,400 assessed, were included in the 2024 Sustainability Yearbook  based on their ESG scores in the 2023 CSA.

This achievement is further confirmation of Italgas’ focus on sustainability and proves the importance of the integration of the Sustainability Value Creation Plan with the Strategic Plan on a path that sees a continuously growing commitment of the Group to improving all aspects related to sustainability.

The confirmation in the S&P Global Sustainability Yearbook follows other important goals achieved by Italgas over the last 12 months, such as the inclusion in the DJSI Europe, in the DJSI World and in the FTSE4Good index series, the confirmation if the inclusion in the CDP Climate Change A-List, of the ESG rating Corporate of A- Prime by ISS and AA rating by MSCI ESG Ratings, and the improvement of the ESG score by Moody’s ESG Solutions.

Italgas confirmed in the A list of Carbon Disclosure Project

Milano, February 6, 2024 – Italgas was confirmed for the second year in a row by CDP (Carbon Disclosure Project) in the “Climate A list” that groups sustainability leaders worldwide based on transparency and performance on climate change.

In 2023 CDP’s scored more than 21,000 companies worldwide investigating the topic of climate change, forests and water security. Nearly 400 of them achieved the ‘A-level’ of which 346 for climate change, 8 in Italy.

CDP assessment considers, though a proprietary questionnaire, the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, including setting of ambitious targets. In 2023, over 740 financial institutions with over US$136 trillion in assets requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform.

Italgas places bonds for 650 million euros, with demand exceeding the offer by six times

Milan, February 1st, 2024 – Today Italgas S.p.A. (rated BBB+ stable by Fitch, Baa2 stable by Moody’s) successfully priced a new bond issue, due 8 February 2029, at fixed rate and for an amount of 650 million euros. The issuance attracted a maximum demand of 6 times allowing to increase the initial amount of 500 million euros and was characterized by high-quality and broad geographically diversified investor base.

The issuance took place under the EMTN Programme (Euro Medium Term Notes) renewed by resolution of the Board of Directors on September 29th 2023, with a total amount of 6.5 billion euros.

The bond has a maturity of 5 years, maturing in February 2029, with an annual coupon of 3.125%, and a spread of 83 basis points over the midswap

The proceeds from the issuance will be used to meet the financial needs outlined in the 2023-2029 Strategic Plan.

Joint Bookrunners of the placement, restricted to institutional investors only, were BNP Paribas, J.P. Morgan, Intesa Sanpaolo (Divisione IMI CIB), Mediobanca, Citi, Morgan Stanley, Société Générale and UniCredit.

The bond will be listed on the Luxembourg Stock Exchange.

Details of the note are as follows:

  • Amount: 650 million euros
  • Maturity: February 8th, 2029
  • Annual coupon: 3.125%
  • Issue price: 98.975

Italgas has officially started the management of Atem Belluno: planned investments totalling 135 million euros

The expansion of the networks to 17 new municipalities is planned, adding to the current 34 ones already served by methane, bringing the number of users served to approximately 85,000, almost doubling them.

Belluno, February 1, 2024 – The official start of Italgas management of the natural gas distribution service in the Belluno territorial area begins today.

After winning the tender in 2020 and signing the Service Contract in recent days, Italgas has initiated the management of the service., which concession has a duration of 12 years and involves the implementation of a significant investment program totalling approximately 135 million euros.

“Today marks the conclusion of a long and complex journey commented Italgas Reti CEO Pier Lorenzo Dell’Orco and the beginning of a new and particularly challenging chapter for our company. With the beginning of Italgas management of the Atem of Belluno, we can unleash our capacity to make investments, ensuring innovation, efficiency, and sustainability for the communities. We are ready to make a difference in a partially new territory for us. The projects we already have in progress will make the network entirely digital, allowing us to accommodate and distribute renewable gases such as biomethane, synthetic methane, and, in the not-too-distant future, hydrogen”.

In the area, at the time of the tender announcement, there were 34 municipalities served by approximately 990 kilometers of networks, totaling 47,000 end-users and a Regulatory Asset Base (RAB) exceeding 43 million euros.

Among the key investments outlined in the Italgas plan, forming the foundation of the successful bid in the Competitive Tender, notable highlights include:

  • the increase in the number of users served, from around 47,000 to approximately 85,000 over the 12-year concession period;
  • the complete digitization of the network and facilities, including the installation of smart meters for 100% of current and future users;
  • the construction of approximately 300 kilometers of new networks and the methanization of additional 17 new municipalities.

The above-mentioned plan will also create a significant boost for the local economy, fostering sustainable growth in the region with positive implications for employment and communities. With Italgas, the area will acquire a cutting-edge infrastructure, ready to accommodate renewable gases.

Italgas launches a new fixed-rate bond issuance with a 5-year maturity, with an expected amount of 500 million euros

Milan, February 1, 2024 – Italgas S.p.A. (rated BBB+ by Fitch, Baa2 by Moody’s) launched this morning a new fixed-rate bond issuance on the market with a 5-year maturity and an expected nominal value of 500 million euros.

The placement, exclusively targeted to institutional investors, is organized and led, as Joint Bookrunners, by BNP Paribas, J.P. Morgan, Intesa Sanpaolo (IMI CIB Division), Mediobanca, Citi, Morgan Stanley, Société Générale, and UniCredit.

The transaction is to be intended as pre-funding of financial needs, in line with Italgas’ strategy to optimize its debt structure.