Investment in solar power is on the rise
Cerved Rating Agency: energy companies’ expenditure set to rise by 191 per cent in 2025
Investments are set to triple by 2025 (+191 per cent year-on-year), with 32 per cent concentrated on solar power, and prospects significantly above average in 2026 as well. The strategies of the major energy companies are revealed in the latest research by Cerved Rating Agency into the electricity and gas retail sector.
The analysis – which complements the recent ‘Credit Outlook 2026: mid-year review’ on the trend in default probabilities for Italian companies up to 2027 – is based on a panel of companies accounting for 45 per cent of sales volumes in the electricity sector and 34 per cent of gas volumes (excluding the top 10 operators).
The data reveals a business ecosystem that is more resilient than it was when the energy crisis broke out in 2022 following the war in Ukraine: the investments made and those planned to ensure security and diversify supply sources are improving companies’ financial positions. Furthermore, the recent US-Iran conflict has not caused gas prices to rise as sharply as oil prices.
These factors have enabled the companies in the panel to see a recovery in their profit margins: the post-war crisis in Ukraine sent shockwaves through the entire sector, a development which, for many companies, prompted an internal restructuring that is now yielding results.
The diversification of supply sources and the change in payment terms (for example, through monthly invoicing) have increased working capital and enabled many businesses to take on debt again, whilst the rise in cash flows has improved their net financial position, reducing the level of risk compared with a few years ago.
