Large utilities in the crosshairs of sales at Piazza Affari, analysts blame the Energy Decree
Sales on A2a, Enel, Hera and Italgas. At the centre of investors' moves are the decisions of Palazzo Chigi, with Prime Minister Giorgia Meloni herself confirming from Alden Biesen that next week a 'very articulate measure' will arrive in the Council of Ministers to counter the price increase
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(Il Sole 24 Ore Radiocor) - Indiscretions about the Energy Bill weighed on the performance of the main utilities in Piazza Affari, which ended up in the crosshairs of sales from the first bars. After the eve's run, which had rewarded the entire sector, today the worst is A2a followed by other energy biggies such as Enel (which is rebounding from its record highs), Hera and Italgas (which had touched its all-time high yesterday). At the centre of investors' moves are the decisions of Palazzo Chigi, with Prime Minister Giorgia Meloni herself confirming from Alden Biesen that next week a "very articulate measure" to counter the rise in energy prices will arrive in the Council of Ministers.
In fact, press reports in recent hours had referred to possible measures to intervene in the electricity market. In particular, summarised the analysts of Intermonte, provisions to affect the price formation mechanism on the wholesale market (the so-called 'system marginal price') would be evaluated. And in order to reduce the cost of gas, used for thermoelectric generation, the elimination of the 'Ets' component (the one linked to CO2 costs) is being considered. In the same way, a shift of some charges on the gas purchased by thermoelectric producers to the electricity bill is being considered.
According to analysts, "impacts on renewable generators"
The experts of the Milan-based Sim believe, however, that "potential interventions on the functioning of the electricity market are very complex to implement and must necessarily also be discussed at a European level, possibly as part of a more organic reconsideration of CO2 costs on all industrial sectors". In any case, a hypothetical reduction of gas and CO2 costs in the price formation mechanism on the electricity market "would lead to a reduction of the Pun", the single national price that serves as a reference, "with a conceptually negative impact, first and foremost, for renewable generators". And this is precisely the case for some of the stocks that are suffering the most at Piazza Affari.
Also according to Equita, these indications "confirm the government's intentions to act on the reduction of electricity prices with negative impacts mainly on 'power generators' with Res exposure", i.e. those most related to renewable energies (such as hydro, solar and wind).
