
Strategic Plan
The Strategic Plan 2024-2030 marks a historic milestone with the acquisition of 2i Rete Gas. Through a €15.6 billion investment, we are strengthening Italy’s gas distribution sector and paving the way to create a European leader in the industry.
Leading European Entity
The Strategic Plan 2024-2030, unveiled on 7 October 2024, is focused on establishing the leading European entity in the gas distribution sector, distinguished by its unmatched capabilities in innovation, digitalisation, and investment.
With the acquisition of 2i Rete Gas, expected to be finalised in the first half of 2025, our Group is achieving a historic milestone. This transformative step will create value for shareholders and stakeholders while modernising critical infrastructure for the benefit of the entire country.
The plan involves an investment of €15.6 billion (an increase of €7.5 billion compared to the previous plan). Beyond the €5.3 billion enterprise value of the 2i Rete Gas acquisition, the strategy includes:
- Advancing gas distribution in Italy and Greece;
- Strengthening our position in the water sector;
- Accelerating growth in energy efficiency.
With over 6,500 employees, the new entity will serve 12.9 million customers across Italy and Greece, distributing more than 13 billion cubic metres of gas annually through a network spanning 154,000 kilometres.
We remain committed to consolidating the Italian market by actively participating in ATEM tenders, further strengthening our leadership in the gas distribution sector.
Digitalisation and artificial intelligence will be pivotal in advancing the ecological transition and achieving the European Union’s climate targets. By leveraging these technologies, our networks will accommodate increasing volumes of renewable gases, supporting the decarbonisation of energy consumption.
The plan also underscores the strategic importance of ESG principles, setting ambitious targets to reduce net energy consumption and greenhouse gas emissions by 2030. These objectives are tailored for the gas distribution and water sectors and encompass the entire scope of the Group’s consolidated activities, including those of 2i Rete Gas.
Reference documents
The acquisition of 2i Rete Gas is driven by a clear and compelling strategic rationale
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Leading European entity
Consolidation of gas distribution in Italy, enabling the acceleration of investments and the development of the national infrastructure
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Platform for investment and energy transition
Increased investment capacity to strengthen our role as a key player in a safe, sustainable and economic ecological transition
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Value creation
Opportunities for growth, investment in innovation, industrial synergies, and cost efficiency to maximise value creation for shareholders and stakeholders
The new scale of the Group, combined with innovation and digital transformation, is the key factor in achieving energy transition targets, ensuring supply security, and maintaining sustainable energy costs for both individuals and businesses.
Paolo Gallo
CEO of Italgas
Investments in the Strategic Plan 2024-2030
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Bilion euro
15.6
Total investments in the plan
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Bilion euro
12.8
For the development of the Italian gas distribution network (including the acquisition of 2i Rete Gas)
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Bilion euro
1.1
For ATEM tenders, net of disposals
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Bilion euro
1
For the development of the gas distribution network in Greece
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Milion euro
750
For diversification in the water sector and energy efficiency
A New Phase of Digital Transformation
The Strategic Plan 2024-2030 raises the objectives for the technological upgrade and automation of networks, plants, and processes. This “phase 2” of transformation will leverage the opportunities offered by Artificial Intelligence.
The new plan envisions a comprehensive application of Artificial Intelligence across all our activities. Thanks to the major innovation program implemented in recent years, we now have a significant amount of data at our disposal. Leveraging Artificial Intelligence and Generative AI will enable more efficient decision-making processes, faster response times, improved service quality, and cost reductions.
Key initiatives in our digital transformation
Efficient Growth
The acquisition of 2i Rete Gas presents numerous value-creation opportunities. Synergies and cost efficiencies are expected to reach €200 million by 2030, while investment synergies of €800 million are anticipated to generate an additional €80 million in revenues by 2030.
We expect a cumulative RAB (Regulated Asset Base) for gas and water infrastructure in Italy and Greece to reach €18.2 billion by the end of 2030 (excluding ATEM tenders), nearly doubling compared to 2023.
By 2030, we also anticipate achieving revenues of €3.6 billion, with EBITDA and profit growing at an average annual growth rate (CAGR) of approximately 13%.
As a result, we have reaffirmed our dividend policy through 2026, increasing the floor to ensure an attractive and sustainable return for our shareholders.

Our commitment in Greece
We will invest €1 billion in Greece through our subsidiary Enaon to expand the network, including in areas not currently served by natural gas, while continuing the digital transformation to enable the infrastructure to distribute renewable gas.

Our operations in the water sector
We will invest €450 million to undertake selected M&A operations, bringing the best practices and technologies we currently apply to gas networks to the water sector. This will include completing the digitisation of the network and replacing pipelines and connections to reduce water losses by half.

Energy efficiency
The focus will remain on expanding the business both organically and through external avenues, with a planned total investment of €300 million. Geoside, the Group's Energy Service Company, will continue to capitalize on unique digital solutions and service quality, further enhanced by the support of artificial intelligence.

Italgas for people
We will place special emphasis on the promotion and integration of 2i Rete Gas employees, fostering a shared corporate culture based on the values of diversity and inclusion.