EDF’ s Edison will acquire Eni’s Italian energy retail business

29/11/2016 10:35 Electricity Market

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Italian energy group Edison, a unit of French utility EDF is interested in acquiring oil company Eni’s retail business.

Edison wants to triple the size of its domestic electricity and gas retail business by 2018-2019 at a level of 3 to 4 million against 1.2 million currently, while Eni wants to sell its portfolio of some 8 million Italian gas and power retail supply accounts as part of a plan to repay debt and fund major oil and gas projects. If the deal with Eni is realized, EDF-which holds 99.48 percent of Edison- would sell a 20-35 percent stake in Edison to a long-term Italian investor to finance this operation, said Edison's chief executive Marc Benayoun. Eni is now number two in the Italian market with nearly 8 million individual customers (5.9 million gas customers and 2 million electricity subscribers), behind the giant Enel (31.6 million customers) and far ahead of Edison. Acquiring Eni could move Edison up in the rankings.

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