Rules and resources for the energy transition

The energy transition is a challenge that is played out on industrial strategies from which both the public and private sectors can benefit. In order for it to become a structural factor of competitiveness, growth and employment, it is essential to adopt a mature and collaborative model, in which institutions set a clear vision, identify strategic priorities and create the conditions to mobilise and direct private capital in an effective manner. In the current scenario, characterised by market volatility, geopolitical tensions and increased energy demand, energy is no longer a simple cost item for companies and PA: it directly affects competitiveness and investment capacity.

In recent years, also thanks to the extraordinary resources made available by the NRP, investments in energy efficiency have grown significantly. A positive response by the country system to an important opportunity that, however, embraced a limited time dimension and was not linked to industrial planning. The next step is to define a framework of clear objectives, enabled by stable rules and long-term structural instruments. The numbers show how the energy services market can play a strategic role in economic growth: it is a sector that is worth around 17 billion euros today and can reach 40 billion by 2030. The point, besides the size of the market, is the quality of the impact it can generate: lower bills and greater predictability of costs, less exposure to volatility, modernisation of public assets and resilience of the industrial system. In the post NRP, the private sector and public administration start from different needs and require different tools. In the private sector, a paradigm shift is needed. Energy must be considered a strategic driver, not only for those who produce it but also for those who use it. We need an integrated vision that goes beyond the logic of punctual interventions and has a systemic approach with long-term impact. A mix of efficiency, distributed generation, and storage can enable savings of up to 6 billion euro per year and a potential of 5 billion euro of greater real turnover per year, contributing significantly to increasing the competitiveness of the industrial system and freeing up resources to reinvest in innovation and growth.

E ESCos can play a decisive role, combining financial capacity with the necessary expertise to make investments feasible. Models such as EPCs (Energy Performance Contracts), PPAs (Power Purchase Agreements) and capex-light solutions allow companies to benefit from the results of complex interventions without diverting resources from the core business. The reasoning on private finance applies even more strongly to the PA. The public sector has a huge need for energy redevelopment, but cannot address it with direct public resources alone. Private capital can become a multiplier of public investment capacity: by 2030, the energy services sector could mobilise resources equal to about twice government spending, generating bill savings estimated at almost EUR 500 million each year. Instruments such as public-private partnerships, which make it possible to plan integrated interventions, tackle the largest initial investments and distribute the benefits over time, should be strengthened.

 The phase that is opening requires a change of strategy: stable and predictable processes for PA, companies and investors, consistency between instruments and less regulatory overlapping, with incentives aimed at results. If we succeed in constructing a stable regulatory framework and a more effective system architecture, the post-NRP can represent a decisive step: one in which the energy transition becomes a structural lever of competitiveness, growth and modernisation of the country.

*Ceo, Engie Italia