Energy and utilities sectors hold steady, whilst the market considers the possibility of an additional IRAP levy
The new proposal, as reported by *Il Sole 24 Ore*, would extend the IRAP increase to 2028 and 2029
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(Il Sole 24 Ore Radiocor) - Utilities and energy companies are under scrutiny, whilst the Government is reportedly considering the possibility of including energy companies within the scope of an additional IRAP tax and the market is beginning to assess the implications. In a sluggish session on the stock market (FTSE MIB), Eni is holding steady ahead of tomorrow’s quarterly results, whilst Tenaris and Saipem, as well as Italgas, A2a, Snam and Enel.
The rate had already been increased by 2 per cent from 3.9 per cent to 5.9 per cent for 2026–27 under the ‘Bollette’ Decree, issued at the end of February – as noted by analysts at Intermonte – (expected total revenue of around 1.1 billion euros, of which around 500 million in 2026, 550 million in 2027 and the remaining 80 million in 2028). The new proposal – reported in advance by *Il Sole 24 Ore* – would extend the IRAP increase to 2028 and 2029.
According to Intermonte analysts, the potential 2 per cent increase in IRAP ‘would have a marginal impact on Eni (less than 1 per cent on 2028 earnings per share), in the region of 1.5–2 per cent for Enel, Erg and local utilities, and around 3 per cent for regulated companies’. Equita points out that the measures are still under consideration: the extent and the entities affected have not yet been defined. ‘Assuming the same companies are subject to the additional IRAP for 2026–27, we therefore estimate an impact of 1–2 per cent on earnings for integrated companies (Enel, A2A, Iren, Hera, Acea) and an impact of 3–4 per cent for fully regulated companies (Terna, Snam, Italgas, Ascopiave) in 2028–2029.”
The measure – according to Equita – would affect the entire supply chain, from production to distribution, and could also involve gas and electricity brokerage services. Furthermore, for regulated companies, a ban on passing on the tax increase through tariffs is being considered. Among other possibilities is that of a one-off levy on renewables. “As regards levies on renewables, this intervention seems less plausible to us (the power generation sector is, in fact, already subject to the price-cap measures recently discussed). Furthermore, an IRAP measure applicable to 2028–29 would fall outside the emergency period (2027–2028)”, concludes Equita.
