Iren is about to close the alliance with A2A after seven years. This morning in Genoa the board of directors of the Emilian utility meets and the divorce from the Milanese service company is not on the agenda. However, it seems that the managers want to propose to the directors to bring forward the operation, for which on paper there would be time until January. The acceleration is explained by the worsening of the company's economic situation.
Iren points to divest its 20% stake in Edipower, the former genco of Enel, in exchange for two plants (the Turbigo gas plant and the Tusciano hydroelectric plant), so as to obtain even better prices for the gas supply. However, a clash over the debt is looming: A2A would like Iren to take over a part of Edipower's red, but the Emilian company does not seem to agree at all.
A few months ago the two utilities took over control of Edipower from the French company Edf (who sold their 50% in exchange for 30% of the capital of Edison, Italy's second largest electricity producer). However, the stake held by A2A is much more substantial (56%) and allows the company to consolidate the stake in the financial statements. An advantage which, on the other hand, is not granted to Iren.
In the middle of the morning, the Iren share lost almost three points on the Stock Exchange, while the A2A shares lost just under 1%.
