Iren's board of directors, which met today, examined and approved the A2A guidelines for the reorganization of the Edison group. The utility, in an official press release, explained that it had "given the mandate to continue the negotiations, recommending to the executive committee to maintain and expand the industrial relationship between Delmi and Edison". Furthermore, it is underlined that "the conclusion of the transaction will increase the production capacity of the Iren group in the hydroelectric sector, with the right to withdraw its share of electricity produced by the Mese and Udine plants", deriving from the Edipower break-up.
The details of the agreement essentially provide for the assignment of two hydroelectric plants (Mese and Udine) to Iren and A2A, a purchase option for 250 megawatts of Edison's wind assets payable in Edison shares and a put option on the entire 100 % of the share in the electricity group (equal to 30% of the capital) in the hands of Delmi, the holding company of Edison's Italian shareholders. The framework agreement must be finalized by 30 November.
Yesterday Bruno Tabacci, councilor for the budget of the Municipality of Milan, had reaffirmed his project for a multi-utility in the north where A2A, Iren and Hera are aggregated, but this process must be accompanied by effective management. "If I merge with other companies, with Iren and Hera, this is a way to intercept an indication from the government" which asks the entities to dilute their stake in the municipal companies. But, "even a multi-utility in the north still needs a capable company manager and not one who is chosen with the manual of the representatives of local identities". “These speeches – he added – respond to a sound industrial policy” which, according to the commissioner, allows for cost savings, effective commercial policies and a solid production base.
