Energy, growing investments in networks in Italy for operators
According to the study by Agici, Accenture and Intesa, gas & power groups dedicated 67% of their resources to strengthening connection infrastructure in 2025
Growing investments especially in networks for Italian energy chain operators. According to the Utilities Report 2026 - presented today in Milan at the Cfo Utilities Conference organised by the consultancy and research company Agici, and carried out in collaboration with Accenture and Intesa Sanpaolo-Division Imi Corporate & Investment Banking - in the year just gone the sampled multi-utilities (A2A, Acea, Agsm-Aim, Hera, Iren, Plures) invested around 5 billion euros: -14% compared to 2024, due to some extraordinary transactions concluded in the previous year, but considering organic investments, the result marks +10% with focus on renewables, networks, environment and water.
Multiutilities plan to invest a total of EUR 25 billion in the period 2026-2030, of which approximately EUR 18 billion in the three-year period 2026-2028 and EUR 6.7 billion between 2029 and 2030, with an allocation to networks (32%), generation (20%), water (18%) and environment (15%).
The energy groups considered (Alerion Clean Power, Alperia, Cva, Dolomiti Energia, Edison, Enel) in 2025 recorded investments of around 7.8 billion euros: +16%, mainly in grids (67%) and the development of renewables (18%), and a growing focus on storage. In the period 2026-2028, they have planned investments of about EUR 25.1 billion, rising to about EUR 29 billion by 2030. According to the business plans, 44% of the resources will be allocated to grids, followed by renewables (20%).
The network operators examined in the study (Ascopiave, Italgas, Snam, Terna) invested approximately 7.9 billion euro in 2025: +21% compared to 2024, an increase also attributable to M&A operations. In the three-year period 2026-2028, planned investments amount to approximately EUR 27 billion, rising to around EUR 37 billion by 2031.
According to the study, the sampled Italian gas & power operators estimate revenues to grow by 5% to EUR 74.7 billion in 2025. Expected Ebitda is EUR 17.9 billion (+2.1%), against a reduction in average margins from 24.6% to 23.9%. Aggregate net profit is expected at EUR 6.4 billion (+2.5%), while total financial debt is expected to increase by 15.4% to EUR 66 billion.
