There is just not the motorway network in the government's sights. After the disaster of the Morandi bridge in Genoa, the Executive is also targeting hydroelectric concessions, hypothesizing a redefinition of relations between the Executive, concessionaires and dam managers.
In an interview with Corriere della Sera, the undersecretary of the Prime Minister, Giancarlo Giorgetti, who held back yesterday on the nationalization of the motorways, seems instead to have a different idea on hydroelectric concessions.
“In Valtellina the hydroelectric concessions have expired – Giorgetti declared to Corsera – The idea of the public is not indecent. We would like there to be a return to the populations of those territories that have provided resources and water. But there is no decision: we need to discuss. Without excluding even direct management”.
Which companies are involved? Among the listed companies, as recalled by Equita, A2a, Iren, Erg and Enel stand out for which the risks of a rebalancing of relations could arise above all with regard to expired concessions with the request for greater investments/maintenance on the plants and above all with the increase in concession fees.
Going into detail, for A2a the incidence of hydroelectric production is worth 16% of EBITDA. “The company – explains Equita – has 1900 MW of installed capacity, of which 40% has the concession expired and extended to 2020. While the other concessions expire in 2029″. Speaking of the others, however, Iren reaches 10% of Ebitda with concessions expiring in 2029, Erg even 20% (the concessions end in the same year) and Enel 5% (concessions expiry in 2029).
On the Stock Exchange, investors seem to prefer a wait-and-see attitude: in Milan, after yesterday's -1,9%, the A2a share gains 0,2%, raising its head again after the declines of the first few minutes. +1,22% for Enel, Erg above parity, Iren -0,18%.
