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".
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