Italgas to invest 15.6 bn under new plan to 2030

Acquisition of 2iRete Gas

By: ansa.it

Oct 07 2024
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Italgas to invest 15.6 bn unde

Italy's largest gas distributor Italgas said on Monday that it will be doubling investments, presenting its new strategic plan.
    The company said it would invest 15.6 billion euros until 2030 to complete the acquisition of 2i Rete Gas, develop the distribution of gas in Italy and Greece, boost its presence in the water sector and accelerate growth in energy efficiency with a "strong commitment to reach the European Union's climate targets".
    The group on October 5 announced a 5.3 billion euro deal to acquire rival 2i Rete Gas.
    With the acquisition of 2i Rete Gas, the "widespread implementation of artificial intelligence in gas, water and energy efficiency, and digitalization, Italgas vies for a double-digit growth in net income over the years of the plan", the group said.
    Italgas announced that it will raise the floor of its dividend policy until 2026, with an annual growth rate of 5% from the 2023 dividend of 35.2 cents per share.
    The company said the 65% payout ratio would remain unchanged. The 2024-2030 strategic plan of Italgas "will go down in history" because it will create a "European champion in gas distribution, further strengthening the commitment for the digital transformation of infrastructures, to the benefit of the whole country", the company's CEO Paolo Gallo said.
    He stressed that "the new dimension of the group, combined with the innovation and digital transformation, constitutes a key factor to ensure that the target of energy transition, the safety of provision and sustainability of energy costs are reached".