The perhaps decisive summit between Henry Proglio, CEO of EDF, and Productive Activities Minister Paolo Romani, will be held in Milan in 48 hours. Perhaps. Because, Corriere della Sera reveals, the appointment does not seem to find space in the minister's agency in other busy matters. Even so, there is the risk of postponing the umpteenth deadline, this time scheduled for October 31, for the divorce between the Italian consortium and the French giant, now sure of hoisting its flag on the Edison building in Foro Buonaparte. But by now the negotiation with Proglio is only one element, albeit an important one, in the reorganization of the energy system which belongs to the Italian utilities of central and northern Italy. The big movements have already begun.
Obviously, the starting point is the agreement with Edf. The Italian shareholders seem willing to "fire" a request for 1,5 euros for the three-year put guaranteed by EDF. It seems a high figure, given the current price (0,95 euros), but the strategic value of the stake is indisputable.
The question is relevant because the put will be used to calculate the price of any takeover bid that Edf will in all probability have to guarantee to the market (Parmalat docet). In this context, the creditor banks of Romain Zaleski's Tassara which holds 10,025% of the electricity company are pushing for a high price: these days it is not easy for creditors to find opportunities to liquidate the financier's exposure.
From a political point of view, Romani will insist that Edf pay part of the disbursement in "kind", ie by handing over the renewable energy production centers (mostly hydroelectric) to the Italian partners.
The question is linked to the reorganization of the study of the organization of A2A. A study prepared by the Brescian partners of the multi-utility is circulating which envisages the spin off of the environmental sector from the electricity generation business. Two independent companies should be born, the first to be managed in Brescia, also given the know-how accumulated in recent years in district heating and waste management, the second in the hands of the Milanese. At a later stage the two companies could be placed on the market.
However, the project, which was also mentioned by "Sole 24 Ore Lombardia", will mainly serve to separate the management of the two company branches by removing the constant opportunities for conflict between Brescia and Milan, especially after the arrival of a councilor at Palazzo Marino strong like Bruno Tabacci. The initiative, however, is from Brescia. The president Giuliano Zuccoli does not welcome the project. Which is more than understandable: just a couple of weeks ago the prospect of the Zuccoli award seemed credible, ie the purchase of the entire Edipower and the construction of a large Italian energy hub. Now, a halved Edison is looming, in an attempt to review the governance nailed to the duality which in the case of A2A did not work.
The great work at A2A, +1,32% on the Stock Exchange, takes place while the dream of the northern multi-utility dear to the CEO is once again coming out of the drawer, which smells the air of change also in Lombardy. The project envisages bringing together A2A, Iren and Hera, creating a hub with 11 billion in turnover and 23 thousand employees of which Milan could count on less than 30%, Turin and Brescia around 10%, Emilia on 20% : or rather a solid public financial lung in the hands of the central and northern administrations. Who knows if the number of seats on the board of directors will decrease for the occasion or, according to the old custom, the opportunity will be taken to multiply offices, consultations and reimbursements.
