Last price

Cerca

Author: adigiuseppe

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

Posted on by adigiuseppe

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

Posted on by adigiuseppe

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

Posted on by adigiuseppe

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

Posted on by adigiuseppe

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

Posted on by adigiuseppe

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.

Italgas: consolidated results for the first nine months and third quarter of 2023 approved

Posted on by adigiuseppe

Milan, 25 October 2023 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met yesterday and approved the consolidated results of the first nine months and third quarter of 2023 (unaudited).

Key figures

Consolidated economic and financial highlight

  • Total revenues: € 1,369.8 million (+26.0%)
  • EBITDA: € 910.5 million (+15.9%)
  • EBIT: € 536.7 million (+18.0%)
  • Adjusted net profit attributable to the Group: € 316.7 million (+10.8%)
  • Technical investments: € 589.1 million
  • Cash flow from operating activities: € 398.1 million (€ 576.8 million +14.3% net of ESCo flow)
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 6,411.8 million
  • Net financial debt: € 6,492.3 million

Operating Highlight1

  • Municipalities in gas distribution concessions: 2,050
  • Number of active meters: 7.959 millions
  • Gas distribution network: 81,760 Km

Sustainability highlights

  • 4 103 tCO2 eq Scope 1 and 2 (+6.4%)
  • Net energy consumption: 320.0 TJ (-14.1%)
  • 81,824 km of network inspected (+23.7%)
  • Fugitive emissions/km of network inspected: 64.7 Sm3/km (-10.8%)

In a context of high international tensions, with the inevitable impact on energy costs and financial markets, Italgas has maintained its uninterrupted growth trajectory for 27 consecutive quarters.

The first nine months of 2023 have witnessed an intensified operational activity within the Group, aimed at achieving the targets set in the 2023-2029 Strategic Plan and the Sustainable Value Creation Plan, with a particular focus on the digital transformation objectives of the network, a key enabler of the energy transition.

In line with the 2023-2029 strategic plan, but ahead of the projected timeline, on September 30th, the corporate simplification of the Depa Infrastructure Group was successfully completed. Specifically, the merger by absorption of EDA Thess and EDA Attikis into DEDA S.A. was finalized. As a result of this merger, DEDA is entrusted with the development and management of the gas distribution service in all regions of Greece where the Depa Infrastructure Group operates. Currently, the company manages approximately 7,700 kilometers of network and serves over half a million customers.

Meanwhile, the acquisition that was announced on March 14th by Veolia Environnement S.A. of the business division holding water concessions in Italy has now been successfully finalized. With a service reach extending to around 6.2 million individuals directly and indirectly, constituting 10% of Italy’s population, this development situates NEPTA, the newly established company through the integration of these operations, as a significant player in the sector. The main developmental focus revolves around the digital transformation of water infrastructure, with the aim of reducing network losses and elevating service quality standards.

In the first nine months of the year, € 589 million of investments were made, mainly for the extension, digital transformation and repurposing of networks. More specifically, 679 kilometres of new gas pipelines were laid.

The contribution from activities in Greece has been significant, where an investment of approximately 74 million euros has led to the construction of 435 kilometres of new gas pipelines.

The EBITDA for the first nine months of 2023 amounted to € 910.5 million (+15.9% compared to 30 September 2022) and adjusted net profit attributable to the Group was € 316.7 million (+10.8% compared to 30 September 2022).

Cash flow from operating activities, net of the ESCo contribution, amounted to 576.8 million euros and fully offset investments related to gas distribution.

With reference to sustainability goals, the significant contribution of the various innovation, digitisation and energy efficiency initiatives, both in the industrial and civil sectors, as well as the training activities aimed at employees on energy efficiency issues, have allowed the Group to continue on its path towards reducing net energy consumption (-14.1%) as well as the ratio of fugitive emissions to kilometres of inspected network (-10.8%), even against the inclusion of the DEPA Infrastructure Group’s contributions related to 2023.

Paolo Gallo, CEO of Italgas, commented:

“In the first nine months of 2023, the Italgas Group achieved strong and valuable performance, allowing continued growth even in an unstable socio-economic context due to the ongoing international tensions.

This success can be attributed to several factors: our vision that reaffirmed the pivotal role of gas distribution networks – smart, digital, and flexible – in a secure, sustainable, and competitive ecological transition. Furthermore, significant milestones already achieved in Greece, including the merger of three DSOs into a single operator, and in the water sector, with the successful completion of the acquisition of Veolia concessions.

All economic indicators have displayed double-digit growth, with EBITDA showing an increase of 15.9%, surpassing 900 million euros, and a Group Adjusted Net Profit of 316.7 million euros, up by 10.8% compared to the same period last year.

 

With nearly 600 million euros invested in the first nine months, the company intensified its efforts to expand and digitally transform gas networks, both in Italy and Greece, further promoting their evolution as a strategic driver to produce renewable gases like biomethane, synthetic methane, and hydrogen.

 

Digitization, decarbonization, circular economy, and training continue to be strategic factors for achieving our growth objectives. These targets will depend on our ability to continually raise the bar of innovation, leveraging our most valuable resource, our people”.

1 The figures as at 30 September 2023 also include affiliates.

Italgas: acquisition from Veolia of the water concessions business unit in Italy completed. Nepta is the new name of the company that will manage all the Group’s water activities

Posted on by adigiuseppe

The transaction confirms the Group’s growth strategy in the water sector and will enable it to serve, directly and indirectly, 6.2 million citizens.

Milan, October 16, 2023 – Italgas finalized today the acquisition from Veolia Environnement S.A. Group of the business unit responsible for the concessions held in the water sector in Italy.

The acquisition, announced on 14 March, was finalized following clearance of the Granting Authorities.

With this transaction, Italgas launches its strategy to expand its presence in the water sector. As of today, the Group serves – both directly and indirectly – 6.2 million individuals, equivalent to approximately 10% of the Italian population

The name of the Group’s company, which will now encompass all water-related activities, including the concessions in Caserta and its province, will also be changed to Nepta. This change is intended to emphasize the connection with the mythological world of water through a name that also echoes a reference to technology in line with the future of the networks entrusted to the Italgas Group.

Italgas CEO, Paolo Gallo, commented as follows:

“In a country that has negative records regarding the efficiency of water networks, with losses of over 40% up to peaks of 70%, a paradigm shift is needed, a different approach, based on the use of digital technologies, that allows the problem to be tackled proactively and effectively. Today begins another important chapter in our bicentennial history. Italgas becomes a key player also in the water sector and evolves increasingly towards the form of a «Network Tech Company». The technological breakthroughs achieved in the gas networks allows us to broaden our horizons to other sectors. This operation arises from the awareness that by leveraging our technologies and expertise in the water sector, we will be able to realize significant benefits, including enhanced service efficiency and a reduction in losses by 15% to 20% compared to current levels. This is a significant milestone for the communities served and a further boost for the sustainable development of the country we have been serving for 186 years”.

For the purchase of the business unit, Italgas will be able to pay the Veolia Group a total of up to EUR 115 million (in terms of equity value), partly subordinated to the achievement of certain objectives of the operating companies.

DEPA Infrastructure (Italgas Group): corporate simplification in Greece completed

Posted on by adigiuseppe

Athens, October 5th, 2023 – Italgas Group announced the successful completion of the corporate simplification process related to its operational presence in Greece.

 

Specifically, the merger by incorporation of EDA Thess and EDA Attikis, both subsidiaries of Depa Infrastructure Group into DEDA (Public Gas Distribution Company S.A.) has been finalized.

 

As a result of this merger, DEDA is responsible for the development and management of the gas distribution service in all regions of Greece where the Depa Infrastructure Group operates. It currently manages approximately 7,700 km of network and serves over half a million customers.

 

Following the merger, the Shareholders’ Assembly of DEDA has renewed the Board of Directors and appointed Alessandro Menna as the President of the company. Subsequently, the Board of Directors has appointed Francesca Zanninotti as the Chief Executive Officer.

 

Francesca Zanninotti, a management engineer, brings extensive expertise in the gas distribution sector. She has previously served as the CEO of DEDA and EDA Thess, as well as the CEO of Medea, the Italgas Group subsidiary overseeing Sardinia methanization, and AcamGas in Liguria.

Italgas: the Board of Directors approves the renewal of the EMTN programme

Posted on by adigiuseppe

Milan, 29 September 2023 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the renewal of the EMTN Programme (Euro Medium Term Notes) with a maximum nominal amount of 6.5 billion euro.

As of today, under the current EMTN Programme the notes outstanding are in nominal amount equal to 4.98 billion euro.

The Board of Directors has also approved the issue of one or more bonds to be placed only with institutional investors within one year by the signing date of the Programme. The total amount of the bonds issued may not in any case exceed the abovementioned maximum amount. The newly bonds issued may be listed on the regulated markets.

Through the EMTN Programme the Company will still be enabled to issue also Sustainability-Linked Notes, in line with Italgas’ strategy of achieving the sustainability targets disclosed to the market during the Strategic Plan 2023-2029 presentation.

Italgas in Silicon Valley: meeting at INNOVIT with Energy Start-ups

Posted on by adigiuseppe

San Francisco (USA), September 22, 2023 – As part of the internationalization program promoted by the Italian Innovation Center at INNOVIT, Italgas has officially launched its space in San Francisco and met with a curated selection of startups dedicated to energy and sustainability.

The presentation of the proposals developed by these start-ups took place during an event on the theme “Energy transition – Inventing our decarbonized future”. The aim of the event was to promote interaction between start-ups and established industrial companies and to highlight the commitment and efforts of all stakeholders in the challenge of decarbonization and the pursuit of energy transition.

Introduced by the Italian Consul General in San Francisco, Sergio Strozzi, and moderated by Alberto Acito, Director of the Innovation Center, the event was attended by Italgas CEO, Paolo Gallo. He emphasized the importance of collaboration between Italgas and the technological ecosystem of Silicon Valley, as well as the opportunity for young companies in the acceleration program promoted by INNOVIT to interact with one of the leading international energy companies.

Italgas is no stranger to engaging in the world of innovation, and its various global initiatives (“call for startup”) have allowed the identification of very effective applications, not only within its industrial processes, but also throughout the entire industry. Italgas has provided many of them with the necessary support to maximize the impact of innovations, patent ideas and apply them in other industrial sectors.

“Our efforts,” stated Paolo Gallo, CEO of Italgas, “have always been directed towards continuous scouting, both in Italy and abroad, for innovative solutions that can improve the performance of our company and, in perspective, the entire gas distribution sector and, consequently, the whole Country. We have decided to go even further by establishing a stable presence at INNOVIT, our technological outpost. We believe in the open innovation approach, which allows companies to grow faster and enhance their competitiveness”.

“Innovation and new technologies are essential for the development of sustainable, safe and accessible energy infrastructures” said Alberto Acito, Director of the Innovation Center. “The opening of Italgas’ Silicon Valley technological outpost at INNOVIT is an important signal for Italian startups in the field of clean technologies. Silicon Valley continues to be the engine of innovation, and I hope that other companies will follow Italgas’ example, both to enter the U.S. market and to accelerate the adoption of new technologies and improve their competitiveness in international markets”.

INNOVIT is promoted by the Directorate General for the Country System of the Ministry of Foreign Affairs and International Cooperation, in collaboration with the Italian Embassy in Washington and the Consulate General in San Francisco. It is managed with the support of ICE – the Agency for the Promotion of Italian Enterprises Abroad – and the Italian Cultural Institute in San Francisco. Its mission is to stimulate innovative entrepreneurial ideas, catalyze cross-border innovative projects, and accelerate their international development, enabling Italian entities to establish a stable presence in Silicon Valley and across the United States. It is a strategic initiative of the Italian government to promote innovation within the national system in the United States.

Since October 2022, the management of the Italian Innovation Center at INNOVIT has been entrusted to the Giacomo Brodolini Foundation, a think-and-do tank for innovation and local development, and Entopan Innovation, an incubator and accelerator within the Harmonic Innovation Group.