EDF-controlled Edison, the third largest energy company in Italy after Enel and Eni, is interested in buying Eni's retail activities, as part of its strategy to triple the size of its domestic electricity and gas retail business in Italy, targeting at least 3 million of customers.
In the uncertain regulatory framework - a referendum on State and provinces competencies is to be held on 4 December 2016 - Eni is considering divesting a portfolio of around 8 million of electricity and gas retail accounts to repay its debt and finance large oil and gas projects.
Edison is also investing in renewable power generation, targeting a 40% share of renewables in its power mix, from the current 20-25%. The company has just launched a €107m bid on wind park operator Alerion, to add Alerion's 260 MW portfolio to Edison's 590 MW.
To finance the potential acquisition of Eni's retail portfolio, EDF could sell part of its 99.48% stake in Edison (up to 35%, to retain a majority interest). The group has decided to focus its investment in Italy and Egypt and to sell its oil and gas interests in Norway and the United Kingdom.
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