A portfolio of regulatory and authorization interventions, at almost zero cost to public finances, could unlock 100 billion euros of private investments in the energy sector by 2035, with a measurable impact on prices, energy security and decarbonisation. This is one of the key recommendations contained in the study “Networks and infrastructures: optimal mix of investments for a balanced development of the energy system”, presented today by Agici and Accenture on the occasion of the 26th Annual Workshop of the Agici-Accenture Utilities Observatory.
The analysis is based on two cornerstones: resources are always limited, and identifying the best balance between investments made and benefits generated is a challenge that the sector must pursue. Secondly, the history of recent years tells of choices dictated by the emergency of the moment, with less planning and foresight than is required for the evolution of a complex energy system.
Competitiveness, safety, sustainability: three dimensions to pursue
The study begins by analyzing the past and present. “Until 2022 – it reads – the dominant focus has been sustainability – the European green agenda, FIT for 55, the race for renewables. With the war in Ukraine, everything changed: the conflict caused energy prices to soar, with a consequent impact on bills, shifting the focus on price. This year, with the war in the Middle East and the closing of the Strait of Hormuz, the security of supplies It has returned to the center of the debate, calling into question recent choices now considered irreversible.
"The study's genesis begins here: from the search for interventions capable of strengthening the system across all three dimensions together, with a ten-year planning and vision," the Observatory analyzes.
The starting point: high prices, high dependency, delayed decarbonization
In the 2025, the The Italian PUN (single national price) reached €121,76/MWh, against €89,72/MWh in Germany, €67,05/MWh in Spain and €63,25/MWh in France, with a spread of €36,8/MWh compared to the European average, increasing compared to 2024. "The differential is structural, not cyclical: it is linked to the dependence on gas as a price-setting technology in approximately 80% of the hours", the study states. On the energy security front, rate of energy dependence is at 74% (compared to the EU average of 58%), with gas accounting for 40% of the energy mix and 95% of it imported. The gap compared to the Fit for 55 targets for 2030 is estimated at 144 MtCO2.
Italian utilities invest 14 billion
Italian utilities are already investing around 14 billion euros per year in the energy system. Despite this, the pace of development of the system is not yet up to the objectives required, and barriers are emerging in almost every area that are holding back a full expansion of investments. renewable generation, highlights the Agici-Accenture Utilities Observatory, permitting remains the main bottleneck: 322 GW of pending connection requests, average authorization times range between 4 and 7 years compared to 1-2 years in the main European countries, the cost of permitting is equal to 20-30% of the total cost of the plants. In the first quarter of 2026 alone, 1,68 GW were installed of new capacity, against a PNIEC target of at least 10 GW annually. Problems also exist with hydroelectric connections, blocked by an unresolved regulatory issue: 86% expire by 2029, with no national framework for tenders yet, while Terna's €23 billion Development Plan faces authorization procedures lasting 5-8 years, and FSRU authorizations remain temporary.
“What these barriers have in common is that almost all of them are addressed with targeted policies: regulatory and authorization interventions that do not require subsidies or new public spending,”
Renewables, gas flexibility: the necessary interventions
A balanced development of the system requires coordinated investments in all areas. renewable generation: a firm schedule for renewable energy auctions, completion of the maps of eligible areas, and the finalization of the transmission-side connection reform—to overcome virtual saturation, prioritize concrete projects, and reduce authorization times, currently among the longest in Europe. On the distribution front, new KPIs and incentives for grid operators to connect more renewables. Furthermore, the unblocking of hydroelectric concessions expiring by 2029 is also in place.
On the front of the flexibilityThe study emphasizes the importance of a multi-year plan that includes pumping stations, currently excluded from the mechanism despite significant potential at existing sites. Data centers should be managed as active flexibility assets—strategically located in areas with greater RES availability and participation in balancing markets—not simply as new demand to be met.
Sul gas, continue and strengthen the diversification process already underway through three levers: expanding regasification capacity with stable authorizations, translating the diplomatic agreements already signed into genuine long-term commercial contracts, and supporting the development of new privately financed pipeline corridors – such as EastMed. Added to this is the unlocking of domestic production, which, with the certified reserves currently available, can help reduce dependence on imports. The package is completed by interventions on programmable capacity, district heating, and SMR nuclear power – the only intervention with an impact beyond 2035, but which requires the regulatory framework to be implemented now to keep the option open.
According to the study, the implementation of these interventions will produce a reduction of PUN up to 15 euros/MWh, a drop in energy dependence of 8 percentage points (from 74% to 66%) and a cut in emissions of approximately 30 MtCO2/year, equal to 20% of the residual Fit for 55 gap. The enabled private CAPEX is estimated at up to 100 billion cumulative, of which 60-65 billion on renewables and networks.
Regulatory certainty and policy continuity are needed
"Italy can address the energy trilemma with the tools it already has. Utilities are investing, the technologies are there, and private capital is available. What's missing isn't public money, but regulatory certainty and policy continuity. The initiatives we're presenting address price, security, and sustainability simultaneously: their deepest value is to prevent the system from being forced to choose between one objective and another with every new emergency," he commented. Pierfederico Pelotti, head of the utilities market at Accenture Italy.
"With the world entering a phase of permanent geopolitical tensions and new regional balances, utilities are assuming the role of central players in the country's national security and competitiveness. The rapid construction of crucial infrastructure such as networks, renewables, water basins, storage facilities, and critical raw material recovery plants today requires industrial and institutional execution capacity that is up to the challenge. In this complex environment, it is necessary to address the issues that are still slowing down construction sites, starting with public-private partnerships and hydroelectric concessions: today more than ever, delays have a cost the country can no longer afford," he added. Marco Carta, managing director of Agici.
The "Manager Utilities – Andrea Gilardoni" awards were presented.
During the event the following were also delivered: “Manager Utilities – Andrea Gilardoni” awards, an award promoted by Agici's magazine "Management of Utilities and Infrastructures" and dedicated to managers who have distinguished themselves for their strategic vision, industrial capacity, and contribution to the evolution of the utilities sector.
For the Local Public Services category the prize was awarded to Alexander Russo, CEO of Magis, “for the impetus given to the growth of public services and for the new strategy, which led to numerous M&A transactions, the victory of important tenders and the rebranding of the company as Magis”.
For the Energy category he was awarded Stephen Granella, CEO of Dolomiti Energia, "for accelerating the Group's growth during a period of profound transformation, through solid leadership translated into concrete investments, an integrated model, and the strengthening of the customer base and the company's industrial, financial, and reputational profile."
The “Tomorrow's Energy: The Future is Women” award, dedicated to the valorization of female excellence in the energy and utilities sector, went to Georgia Caprioli, Project Manager of KEY – The Energy Transition Expo, “for his contribution to the development and success of the event, which has established itself as a key national and international event for the energy transition.”
A Special Recognition was finally awarded to Umberto Quadrino, president of Tages, “one of the most experienced managers in the Italian energy sector, a protagonist in the main phases of market evolution: from liberalization to the development of combined cycles, from the construction of regasification plants to the growth of renewable energy”.
