A2A, in his shopping campaign, has set his sights on Egea the Piedmontese electricity and gas multi-utility, very widespread in Italy with district heating systems, which is located in decidedly troubled waters.
The decision to sell by the Piedmontese group is due to the clear rise in costs, which have become unsustainable and the Lombard giant could avoid the worst.
The negotiation will start from a due diligence which would allow A2A to enter the Piedmontese market in an important way. The Egea group is a public-private company, owned by hundreds of municipalities and dozens of small, medium and large companies in the Alba and Langhe area, in the sale of electricity and gas: it has more than 300 customers throughout Italy and a turnover exceeding one billion.
The top management of the Piedmontese company, starting with the managing director and majority shareholder, Pierpaolo Carini, have already discussed it in confidential meetings to test the waters.
In the event of a sale, there will probably be the departure of Giuseppe Zanca, chief operating officer, very close to Carini himself.
Stormy waters for Egea after the energy crisis
Egea's accounts have definitely worsened with the onset of the energy crisis linked to the conflict in Ukraine. At the end of 2022, Egea reported payables to suppliers (above all Edison, Terna, Enel Global Trading) for 101,4 million euros, of which 74,8 million already overdue, while the financial exposure with banks is 125 million euros for a loan provided by Macquarie Bank last December 12, with a 90% Sace guarantee. The maturity of this debt is next June 30th. Then there is the problem of receivables from customers: as at 31 October 2022 the total was 332,4 million euros, of which 86,8 million overdue, to which must be added the tax payables, also in installments, amounting to 107,7 2022 million euros at the end of 2023, in twenty quarterly installments starting from March XNUMX.
