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Utilities Flash Report

Utilities Flash Report

Analysis of the Italian Utilities Sector - Full Year 2012 results

The Arthur D. Little’s Italian Utilities Flash Report , is a quarterly publication aimed to highlight the financial and industrial results of the most important Italian listed Utilities’ companies as well as to describe the main events of all the sectors covered by the report (natural gas, electricity, water, and waste). The attached report focuses on full year 2012 results.

Even if 2012 was characterized by significant uncertainty surrounding the global macroeconomic situation, the full-year figures confirmed the positive trend already seen in the previous quarters for almost all Utilities in the panel. Despite the high cost of the commodities, the negative macroeconomic situation, the uncertain regulatory framework and the end of CIP6 incentives, most of the companies were able to turn their increased revenues into higher margins. The financial structure too shows an improvement for most of the companies thanks to the growth of their marginality and to the reduction of their net financial position (NFP) through corporate rationalization strategies.

The report depicts also the key challenges to watch in 2013, for the Italian utilities:

  • An unstable regulatory environment that impacts all Local Public Services that does not allow Utilities to have a clear vision on the medium-long term
  • The huge amount of planned investments for energy infrastructures as well as to acquire new customers and the increasing difficulty to obtain loans
  • The impact of technological innovation on utilities’ business models: e-mobility (offering and business model), smart grid and smart home (management models and relationship with telco) and storage
  • The general trend towards the concentration of operators in different modes as recently occurred (mergers, joint ventures with financial investors), rather than through target acquisitions

Released: June 2013

Download File Utilities_Flash_Report_FullYear_2012Report.pdf (.PDF, 2.7 MB)

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