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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.

Italgas: 2024 financial calendar

Milan, 29 January 2024  – Italgas announces the financial calendar and the dates of the publication of its 2024 financial results as approved by the Board of Directors:

  • Integrated Annual Report and draft financial statements at 31 December 2023;
  • Dividend proposal for 2023;
  • Report on Corporate Governance and Ownership Structure 2023;
  • 2024 Compensation Report;
  • Call of Shareholders’ Meeting.
  • Board of Directors approval
  • Press release and Conference call*
March 12, 2024
  • Financial statements at 2023;
  • Resolution on the distribution of 2023 profits.
  • Shareholders’ Meeting
  • Press release**
May 6, 2024
  • Interim report on operations as at 31 March 2024.
  • Board of Directors approval
  • Press release and Conference call*
May 13, 2024
  • Strategic Plan 2024-2030.
  • Board of Directors approval
  • Press release and Strategy Presentation***

June 11, 2024

June 12, 2024

  • Half-year financial report H1 2024.
  • Board of Directors approval
  • Press release and Conference call*

July 24, 2024

  • Interim report on operations as at 30 September 2024.
  • Board of Directors approval
  • Press release and Conference call*

October 24, 2024

* Press release will be issued at the end of the Board of Directors’ meeting and the presentation of the results to the community that same day.

** Press release will be issued at the end of the Shareholders’ Meeting.

*** Press release will be issued in the morning (non-trading hours); Conference Call for the presentation of the Strategic Plan to the financial Community that same day.

 

The following dates will be disclosed to the market:

– Dividend payment for 2023 fiscal year: 22 May 2024 (record date 21 May 2024), ex-dividend date: 20 May 2024;

– road-show to illustrate the objectives set in the 2024-2030 Strategic Plan to institutional investors and financial analysts, starting in June.

Any changes to the above dates will be promptly reported.

Italgas among the excellences of Dow Jones Sustainability Index Europe and Dow Jones Sustainability Index World: first among Gas Utilities

Milan, 9 December 2023 – Italgas came first globally among Gas Utilities for the excellent performances achieved in the field of sustainability. This is the result made official by S&P Global Corporate Sustainability Assessment 2023 that confirmed the Company’s inclusion in the Dow Jones Sustainability Index Europe and in the Dow Jones Sustainability Index World, for the third and fifth consecutive year respectively.

The two indexes, managed by S&P Global, include companies that excelled globally in their approach to sustainability. More in details, in the latest Assessment Italgas achieved a score of 89 points out of 100 (score date: 24 November 2023), above the other 421 companies in the gas utility sector. 

The result achieved confirms the goodness of the Group’s choice to integrate more and more the Strategic Plan with the Sustainability Value Creation Plan on a path that sees a continuously growing commitment of the Group to improving all aspects related to sustainability, from the flight to climate change, to value creation for the stakeholders and the local communities.

A commitment well represented in the Sustainability Value Creation Plan 2023-2029, “Builders of the future – The journey continues” and in the second TCFD Report “2022-2023 Driving innovation for energy transition” that will be made available to stakeholders on Italgas’ corporate website next 18th of December.

The confirmation of inclusion in the DSJI Europe and World follows similar strong results achieved by Italgas in 2023, such as the inclusion in the FTSE4Good Index Series, the confirmation of the ESG Corporate Rating of A- Prime rating by ISS and of the AA rating by MSCI ESG Ratings, and the improvement of the ESG score by Moody’s ESG Solutions.


1Companies in the Gas Utilities Industry assessed by S&P Global Corporate Sustainability Assessment so far in 2023

Italgas and Tokyo Gas Network: agreement to develop the future gas distribution network

Tokyo, December 4th, 2023 – Italgas and Tokyo Gas Network have signed a Memorandum of Understanding (MoU) at the Italian Embassy in Tokyo to initiate a collaboration in strategic areas of gas distribution aimed at developing joint projects. Italgas is a leader in the industry in Italy, Greece, and ranks third in Europe; Tokyo Gas Network is a subsidiary of Tokyo Gas, the primary natural gas utility in Japan.

The agreement was signed in Tokyo by Paolo Gallo, CEO of Italgas, and Kunio Nohata, Director and Chairperson of the Board of Tokyo Gas Network.

Gianluigi Benedetti, the Ambassador of Italy to Japan stated: “The signature of this MoU holds great significance for the further development of the economic cooperation between Italy and Japan in the field of energy, a strategic area for the prosperity of our economies and the future of our societies. The MoU lays the ground for Italgas and Tokyo Gas Network – two major player in their respective energy distribution national markets – to join forces, cooperate and share technologies to bring about new and innovative industrial projects. This new partnership perfectly interprets the spirit and serves the economic and industrial goals of the bilateral “Strategic Partnership” – launched last January by Heads of Government Giorgia Meloni and Fumio Kishida – which were reaffirmed during the 33rd General Assembly of the Italy-Japan Business Group held in Tokyo on November 7”

“TGNW is very honored to sign this MoU – stated Satoru Sawada, CEO of Tokyo Gas Network –. Based on this MoU, we would like to build a cooperative relationship in various fields, including carbon neutral and earthquake disaster management, and work together to develop the gas distribution business of both companies. Toward the goal of achieving both stable energy supply and decarbonization, as stated in the group’s mid-term management plan “Compass Transformation 23-25,” Tokyo Gas Network will work on enhancing the operation and resilience of its supply network.”

“We strongly believe in global engagement and cooperation – stated Paolo Gallo, CEO of Italgas. – Especially with organizations that, like us, believe that technological innovation is the driving force behind their growth trajectory. In this regard, our collaboration with Tokyo Gas Network is strategic as it will further strengthen our pursuit of new solutions and the scouting of technologies capable of making our service increasingly efficient, resilient, and sustainable, bringing us closer to the goal of achieving net zero.”

With this MoU, the two companies share their expertise and resources to promote resilience, innovation, and sustainable development of gas distribution networks. Specifically, the Memorandum immediately facilitates the exchange of technological knowledge and best practices in the following areas

  • Innovation and digitalization. Italgas will share with Tokyo Gas Network the outcomes, approaches, and innovative digital solutions developed by the Digital Factory to enhance network management, boost operational efficiency, and ensure the sustainability of gas distribution.
  • Seismic resilience. The technology developed by Tokyo Gas Network in a highly seismic region like Japan will also be implemented in certain sections of Italgas’ network to further enhance its resilience and assess its widespread application.
  • Green gases. The companies will exchange their respective experiences gained in experimenting with new solutions to enable networks for the distribution and management of green gases such as biomethane, hydrogen, and synthetic methane.

UN Environment Programme: Italgas confirmed “Gold Standard” for the third consecutive year by the International Methane Emissions Observatory

Milan, December 1, 2023 – Italgas has, for the third consecutive year, achieved the prestigious “Gold Standard” recognition within the report of the International Methane Emissions Observatory (IMEO), published by the United Nations Environment Programme (UNEP) with the support of the European Commission. The report, presented today in Dubai during COP28, provides a detailed analysis of methane emissions data provided by companies under OGMP2.0, evaluating progress towards reducing these emissions.

The recognition was granted due to Italgas’ continued commitment to monitor and reduce methane emissions, highlighting the considerable expertise gained in their measurement, especially through the adoption of innovative technologies. Moreover, the report emphasized how Italgas has presented one of the most ambitious implementation plans in the distribution sector.

Italgas has demonstrated commitment to reducing methane emissions through the implementation of cutting-edge solutions, such as Picarro’s CRDS (Cavity Ring-Down Spectroscopy) technology. This technology offers significant advantages in terms of speed, sensitivity, and comprehensiveness of control compared to traditional methodologies.

Furthermore, the report acknowledges Italgas’s leadership role in the sector, promoting proactive behaviors aimed at reducing emissions, not only within its own company but also among other sector operators.

The “An Eye on Methane” report is based on data collected in the third year of implementation of the OGMP 2.0 initiative, the framework introduced by UNEP in 2020 for monitoring and reporting methane emissions.

Italgas unveils Nimbus, the World’s smartest ‘H2 Ready’ Smart Meter at Enlit in Paris

Paris, November 29, 2023 – Italgas unveiled today in Paris the world’s most cutting-edge ‘H2 ready’ smart meter. This technological gem enables Italgas networks to efficiently accommodate, distribute, and measure various types of gases, including blending among them.

 

The unveiling took place during the 2023 edition of Enlit Europe, an international event focused on global energy agenda themes, currently held in Paris this year. In this international setting, Pier Lorenzo Dell’Orco, CEO of Italgas RETI (the main operating company of the Italgas Group), unveiled Nimbus, the future smart meter developed in-house by Italgas RETI in collaboration with Bludigit, the group’s tech company.

Nimbus – explained Pier Lorenzo Dell’Orco, CEO of Italgas RETI – is the outcome of intensive research, design, and development efforts where we leveraged the significant know-how gained during these years of comprehensive digital transformation of assets and processes. We are aware that we have achieved a new technological leap, allowing us not only to confirm our global benchmark status but above all to contribute to consumption decarbonization targets by enabling a more efficient distribution of renewable gases. Nimbus, an all-Italian project, will be the new offering for the international distribution market, bringing us closer to the net-zero economy and offering a range of innovative functions for integrated service management.”

“The new ‘H2 ready’ meter, featuring a modular and incredibly compact design, will push the boundaries of technology, excelling in performance, safety, and sustainability. Among its key components stand out:

  • A gas flow measurement system using static, particularly thermo-mass-based technology, compatible with natural gas and methane-hydrogen blends of over 20%.
  • A seismic sensor and an external temperature detection sensor capable of interrupting gas supply in the event of seismic activities and fires, enabling data sharing with authorities responsible for territorial security.
  • Specific anti-tampering solutions promptly detecting attempts to manipulate or disconnect the device.
  • Communication modules utilizing NB-IoT and LoRaWAN technologies as primary networks, alongside an additional backup channel employing mesh technology. This backup channel enables a meter to transmit data even without a signal by leveraging connectivity with the nearest smart meter. The aim is to maximize field tele-reading and remote management performance.
  • An expected lifespan of at least 15 years for all components of the device, including the operational batteries, significantly surpassing the current commercially available smart meters.
  • Use of recycled materials.

 

The initial 20,000 units of Nimbus will be installed and operational within the upcoming weeks, with the large-scale installation across Italgas’ 8 million customers set to commence in the second half of 2025.

 

Nimbus signifies an advanced platform for a new meter-to-cash service offering tailored to the gas distribution sector.

 


The images and the video of the Nimbus presentation
are available by scanning this QR code

Moody’s Investors Service (Moody’s) affirms Italgas at ‘Baa2’ and changes Outlook to Stable from Negative

Milan, November 21st, 2023 – The rating agency Moody’s has affirmed today Italgas S.p.A LongTerm Issuer rating at ‘Baa2’, revising the Outlook to Stable from Negative.

The rating action follows the outlook change to Stable from Negative on the Italian government’s Baa3 debt rating, carried out by Moody’s last 17 November 2023.

Fitch Ratings (“Fitch”) affirms Italgas at ‘BBB+’, Stable Outlook

Milan, 20 November 2023 – The rating agency Fitch has affirmed today Italgas S.p.A long-term issuer default rating at ‘BBB+’, with Stable Outlook.

The rating affirmation reflects the risk profile of the gas distribution business in the Italian and Greek markets, the latter being smaller in size but experiencing strong expansion, along with the growing ambitions of the Group in Italian water sector regulated activities.

The rating agency highlights the strength of the Italian regulatory framework, the robustness of the 2023-2029 Strategic Plan, and the consistency of indebtedness levels with the metrics underlying the rating assigned.

Italgas: Moody’s Investors Service (Moody’s) affirms Rating and Outlook

Milan, 10 November 2023 – Moody’s Investors Service (Moody’s) affirmed today Italgas S.p.A Long-Term Issuer Rating at ‘Baa2’, Negative Outlook that reflects Italgas’ exposure to the Italian sovereign credit.

 

The rating affirmation is based on the strong track record of operational efficiencies and on the solid financial position, as well as of the low risk profile of the gas distribution business, thus allowing Italgas to benefit from solid cash flows derived from regulated activities in Italy and Greece.

 

Furthermore, Moody’s highlights the progressive implementation of the new 7.8 billion euro investment plan expected in 2023-2029 and the Company’s solid liquidity profile, combined with the strong push for technological innovation and network digitalization, will provide Italgas with a competitive advantage in the upcoming tenders.