The turning of A2A: “We are ready to become a pole” – BBC

MULTIUTILITY

Milan , April 12, 2015 – 22:04

     
     
 

” We showcased our proposed territorial aggregations. A2A is the one that has less of a hurry and everyone in the business plan does not have foreseen. But I say that not as a scholar would seize a historic opportunity wasted (the law of Stability in 2015 provides incentives to municipalities for aggregations of subsidiaries, ed). In Lombardy there are many healthy companies that allying with us could go to create a very competitive industrial giant in Italy, not only in the North. We do not want to force anyone. ” The President of A2A, John Valotti, has clear ideas on the future of multi-utility Lombard, whose majority shareholders are the Municipalities of Milan and Brescia. Ideas shared with the CEO Valerio Camerano: “We work in complete harmony.” Do not make the names, but you know that there are in the crosshairs of A2A utilities ACSM-Agam Como and Monza, the Brianza Gelsia and Line Group of Cremona, Rovato, Lodi, Pavia and cream, seems also courted by Iren. Lombardy is, however, only the starting point.

The business plan

A2A is at a turning point, which began a year ago with the decision of the majority shareholders to adopt a traditional governance, overcoming the system dualistic expression of the double soul of the company formed by the merger between AEM Milan and ASM Brescia. New management make cohesion a strength and pride. Together with the reason “Courier” on the future of the company and the potential unleashed by the industrial plan 2015-2019, which outlines the new company. “The group follows the transformation of the energy market – looks Camerano – remaining a major player in the new scenario: we have decided to reduce the thermal power plants, which is experiencing an industrial crisis structural and requires quick action, while maintaining large plants more flexible and at the same time we have planned 2 billion of investment, of which 60% in an area where we are already among the leaders as the environment and networks, aiming at presenting A2A as a provider of environmental solutions in those regions where there are obvious structural deficits. Moreover, thanks to the variety of services that we can offer (public lighting, waste treatment, water and district heating) can participate in the future development of so-called smart city. We already have trials underway in some districts of Milan. ”

The hypothesis CDP

The market Friday welcomed the new plan (the shares closed above the euro gaining 1.05%) and is waiting to see the developments related to the hypothesis circulated in recent days of a possible entry of the Deposits and Loans Fund, through the Italian Strategic Fund. “If I were the Italian Strategic Fund I wanted to see the business plan of A2A before deciding any involvement – observes Valotti -. It considered our plan, I do not exclude that other investors may have an interest in us. Certainly the Fund is one of the natural candidates, on several occasions showed availability to the world of utility. ” It remains clear, however, that “any capital increases or inputs of new members in company will be justified only by the support of industrial operations and that control of the company will remain public.”

The genco gas

Valotti Camerano and consider the business plan “ambitious but very realistic and discontinuity.” Beginning with the decision to create a genco gas in which to concentrate all the plants combined cycle generation, on which the company was very focused at the time of Edipower. “Surely not be called bad company – explains Camerano -. The gas-fired plants will have a key role appropriately modernized in an increasingly unpredictable and intermittent characterized by the growth of renewables. As operators ask the system to determine clearly the rules of operation of the market to target our investments, and provides for a remuneration for the services performed. We must also bear in mind that the park is unique Italian gas plants in Europe, we could make a strong point: our industrial system will find an important ally in a gas system streamlined but competitive. In this logic, it is natural that there are comparisons with partners such as Sorgenia or former E.On. ”

The dividend

The plan includes an increase in EBITDA of 30% to 2019 and a doubling of the dividend. Ads that with an energy market as the current may seem risky. “The plan is developed in 5 years – said Camerano -. A2A has a balanced portfolio with five divisions. We expected a cut incisive operating cost management and the cost of generated electric power and a recovery in investment in some key areas. We also identified nine projects not included in the plan that will help mitigate any slowdowns progress on some areas of the business plan. ” As for the dividend, Valotti emphasizes that has not changed the policy adopted by the company, which provides “a payout of 60%,” but the doubling “is a consequence of the numbers of the plan: increase profits products and then we return them to the shareholders’ . Industrial strategies have been defined, now it is to see the next moves of the CDP.

April 12, 2015 | 22:04

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