"A2A, new plan focuses on data centres: 1.6 bn investments"
Interview with A2A CEO Renato Mazzoncini: 'We want to think in a European perspective in the two sectors in which we feel strongest: environment and renewables'
by Cheo Condina
The centrepiece of the new plan to 2035? "We play the data centre game seriously, envisaging investments of 1.6 billion, both as an energy partner and as a direct developer". The opening up to foreign countries? "We want to think in a European perspective in the two sectors in which we feel strongest: environment and renewables. The possible opening to financial partners of individual businesses? "We have increased to 23 billion the total investments to 2035, all financed with our cash flows and with a debt at the end of the plan expected to be 2.4 times on Ebitda: we will consider possible minorities to do something more". A2A presented the update of the new 10-year plan, which sees an Ebitda of 3.6 billion and an ordinary net profit of 1.1 billion by 2035: according to Ceo Renato Mazzoncini, this is a key step to capitalise on the efforts made in recent years on the electrification front, "which has now finally arrived and will be able to increase consumption by 80 TWh per year, equally divided between data centres and electric mobility". The nine-month accounts were also approved, with EBITDA down 4% to EUR 1.729 billion, net profit of EUR 581 million, and year-end targets confirmed.
In summary, A2A's new plan envisages the strengthening of its industrial objectives, consistent with the expected growth in demand for electricity. A new positioning in the data centre segment, enhancing distinctive competencies in the energy field, as well as opening up to investment opportunities in European markets. Also on the agenda is the confirmation of the shareholder remuneration policy and the monitoring of financial solidity in order to maintain rating metrics; in parallel, initiatives for a sustainable and competitive transition towards the 2050 Net Zero objective continue. Translated into numbers: investments in the period 2024-35 rise to EUR 23 billion, of which 16 billion for the Energy Transition and 7 billion for the Circular Economy. The target for Ebitda is set at EUR 2.4 billion in 2028 and EUR 3.6 billion in 2035, while ordinary net profit is seen at EUR 0.7 billion in 2028 and above EUR 1.1 billion in 2035. The ratio of net financial position to EBITDA is estimated to remain below 2.8 times over the plan period. Finally, the group's commitment to maintain its current credit rating is confirmed.
Engineer Mazzoncini, what role do you foresee A2A playing in the development of data centres?
A2A has strong roots in Lombardy and Milan, where connection requests are hitting record levels. We are in the right place at the right time, thanks in part to the maxi purchase of electricity grids from Enel, and our scenarios, albeit cautious, indicate a strong increase in electricity consumption. A2A wants to participate in this trend in two ways. On the one hand as an energy partner because we can offer our partners in the data centre crucial enablers such as connection to the electricity grid, district heating, water management and energy sales, proposing a 'local' solution that reduces costs, thanks in part to Ppa contracts. On the other hand, we want to become direct developers of data centres and we already have several requests for collaboration in this regard. Even in Apulia and Sicily, where important submarine Internet cables run, we see interesting opportunities.
Translated into numbers?
