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Prime Minister Giorgia Meloni's administration is determined to oust current CEO Francesco Starace, several sources told Reuters. OPPORTUNITYWith almost 60 Gigawatt (GW) of installed capacity, Enel is one of the world's biggest players in renewable energy. The company, which has been hit by soaring gas prices and government measures capping bills to shield consumers, saw net profit slip to 5.4 billion euros last year, from 5.6 billion euros in 2021. In November Enel unveiled its updated strategy to 2025, pledging to cut net debt by 21 billion euros via asset disposals, while at the same time investing 37 billion euros and increasing installed renewable capacity by 21 GW. You can't have an Italian only Enel, it would be such a step back," de Lamaze said.

☆ Italy's Enel, UK's newcleo link up on nuclear energy technology
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 13 (Reuters) - Italy's biggest utility Enel (ENEI.MI) and 'clean' nuclear technology company newcleo have signed an agreement to work together on the British start-up's technology projects aimed at providing safe and stable power, they said on Monday. "Generation IV nuclear solutions aim to provide a safe and stable power source and to significantly reduce existing volumes of radioactive waste," Enel and newcleo said in a statement. Under the agreement, newcleo has committed to securing an option for Enel as first investor in its first nuclear power plant, which it will build outside Italy. London-based newcleo plans to design and construct the first-of-a-kind mini lead fast reactor to be deployed in France by 2030. Enel currently has over 3.3 gigawatt (GW) of nuclear capacity in Spain and retains a stake of around 33% in Slovak company Slovenské elektrárne, which recently connected to the grid the first of two turbine generators of the nuclear power plant of Mochovce.

☆ Italy's Eni and CFS speed up plans for fusion energy
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 9 (Reuters) - Italian energy group Eni (ENI.MI) and U.S.-based Commonwealth Fusion System (CFS) signed a new collaboration agreement on Thursday to accelerate the industrialisation of nuclear fusion energy. Nuclear fusion energy, which would generate power from nuclear fusion reactions, will make a major contribution to energy transition and Eni said the process would help the company to reach its net-zero emissions goal by 2050. In September 2021, CFS successfully tested its high-temperature superconducting magnet technology, a system that ensures plasma confinement in the magnetic fusion process. The world's first magnetic confinement pilot plant with net production of fusion energy dubbed SPARC is in construction and will be operational in 2025. SPARC will pave the way for ARC – the first commercial power plant, expected at the beginning of the next decade.

☆ CORRECTED Italy's Meloni says on track to rebuild 'excellent' relations with UAE
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

"I think discussions this morning went very, very well and we're going back to a strategic partnership. Italy historically had very strong relations with UAE which in recent years experienced serious difficulties," Meloni told reporters in Abu Dhabi. Italy in 2021 halted the sale of thousands of missiles to Saudi Arabia and the UAE, citing Rome's commitment to restoring peace in Yemen. "On all these matters Sheikh Mohammed bin Zayed has expressed his willingness to help," Meloni said. "I think there is a strong will on both sides to rebuild not just good but excellent relations, a friendship, which I think is very important for our national interest."

☆ Enel Peru says state-run Chinese power firm eying possible purchase
▼ + stars: | 2023-02-24 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Feb 24 (Reuters) - The Peruvian unit of Italy's biggest power utility, Enel (ENEI.MI), said on Friday that state-owned China Southern Power Grid is carrying out "due diligence" on the local unit for a possible purchase offer on its energy distribution operations. Bloomberg reported earlier on Friday that the Chinese firm is weighing a possible bid for Enel's distribution business in Peru, which it said could be valued at some $3 billion. The Guangzhou-based power company's owner, state-owned Assets Supervision and Administration Commission of the State Council (SASAC), did not immediately respond to a request for comment. Part of that announcement included the plan to put up for sale Enel Peru's distribution and generation assets, which the state-controlled firm said was already under way at the time. On Friday, shares of Enel Distribucion Peru rose 25% on Lima's main stock exchange.

☆ Exclusive: Kazakhstan will supply 100,000 tonnes of oil via Druzhba to Germany in March - sources
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Feb 17 (Reuters) - Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. Kazakhstan's Kazmunaigaz (KMG) oil company will supply the volume via the pipeline system of Russia's Transneft to the refinery, the sources said. The oil will be supplied to Rosneft Deutschland, which Germany had put under a trusteeship of the German industry regulator, the sources said. Germany stopped Russian oil imports via Druzhba from January and has been working hard to try to secure supply for Schwedt from alternative routes. Eni, which owns 8.33% in PCK Schwedt, didn't immediately answer a Reuters request for comment.

☆ Saipem shares drop, group says cannot explain why
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 13 (Reuters) - Saipem (SPMI.MI) does not have any information explaining Monday's share movements, a spokesman for the Italian energy contractor said, after the stock closed down 5.7%. More than 10% of the share capital of the group was traded on the Milan stock exchange, according to Refinitiv data. In July a pool of lender bought Saipem's shares worth almost 600 million euros after a cash call fell short of the 2 billion euro target. BNP Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit were the joint global coordinators of the Saipem issue. Reporting by Francesca Landini and Giancarlo Navach, editing by Gianluca Semeraro and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ BNP Paribas Italy names ex-Intesa banker Lattuada as CIB deputy head
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

MILAN, Feb 2 (Reuters) - BNP Paribas Italy (BNPP.PA) said on Thursday it had named Marco Lattuada as deputy head of its corporate and institutional banking division in the country, reporting to CIB Italy Executive Chairman Vittorio Ogliengo. Lattuada was the former global head of investment banking and structured finance at Intesa Sanpaolo (ISP.MI), in whose CIB division he had previously headed the telecoms, media and technology sectors. Prior to that he was senior director at Bank of America Merrill Lynch global investment banking and vice president at Bank of America CIB. Reporting by Valentina Za; editing by Francesca LandiniOur Standards: The Thomson Reuters Trust Principles.

☆ Eni's Plenitude, Simply Blue Group to build Italy offshore wind farms
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Companies Eni SpA FollowPlenitude Bhd FollowMILAN, Jan 17 (Reuters) - Italian group Eni's (ENI.MI) renewable energy division Plenitude has agreed with Ireland's Simply Blue Group to jointly develop floating offshore wind projects in Italy. Plans for their first two floating offshore wind projects, "Messapia" in Apulia and "Krimisa" in Calabria, have already been submitted to the relevant authorities, Plenitude said in a statement. The Messapia project, located about 30 kilometres off the Otranto coast, will have a total capacity of 1.3 gigawatts (GW). The Krimisa project, located about 45 km off the coast of Crotone, will have a capacity of 1.1 GW. "With this partnership Plenitude expands its portfolio of floating wind projects in line with its target of reaching 15 GW of renewable capacity by 2030 and reaffirms its commitment to creating an offshore wind supply chain in Italy," said Plenitude CEO Stefano Goberti.

☆ Italy's Eni, Esso, other firms' offices searched in fuel pricing probe
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday it had searched the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, over alleged fuel price violations. The authority, which carried out the inspections with the help of Italy's tax police, said it was probing irregularities concerning prices being charged at the pump which were higher than those advertised, as well as failures in advertising fuel prices. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers", the competition watchdog said in a statement. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni, Valentina Za and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Eni, Esso offices raided in antitrust probe over fuel price breaches
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, have been searched over alleged fuel price violations. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers," the competition watchdog said in a statement. Eni had no immediate comment, while the other companies involved were not immediately available for a comment. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni and Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's household gas prices rose almost 65% in 2022
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 3 (Reuters) - The price paid by an average Italian household for its gas supply rose by 64.8% in 2022 versus the previous year, national energy authority ARERA said on Tuesday, underlining the impact of the war in Ukraine on family finances. ARERA, which sets regulated gas prices for Italian consumers, also said the price for December rose 23.3% from the previous month, reflecting high prices in early December before a dip later in the month. An average family would have spent around 1,866 euros ($1,968.63) on gas last year, it estimated. ARERA late last year started setting regulated gas prices on a monthly rather than quarterly basis due to market uncertainty related to gas supplies on the back of the war in Ukraine. European Union countries agreed in December to cap gas prices to try to limit further rises on the market, which hit record levels in Europe after Russia's invasion of Ukraine led to the disruption of supplies.

☆ Italy's Eni sets up sustainable transport services company
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 2 (Reuters) - Italian energy group Eni (ENI.MI) said on Monday it had set up a new company dedicated to sustainable transport, which would develop bio-refining, biomethane and offer mobility products and services in Italy and abroad. Last year the Italian group successfully listed its Norwegian oil and gas spin-off Vaar Energy. Eni Sustainable Mobility is directly controlled by Eni, which holds 100% of its share capital, the group said. Eni Sustainable Mobility will be the second lever supporting the group's energy transition strategy together with Plenitude, Descalzi added. Stefano Ballista, former Sustainable Mobility Director at Eni Energy Evolution, is the CEO of Eni Sustainable Mobility.

☆ Enel signs state-backed credit line worth 12 bln euros
▼ + stars: | 2022-12-23 | by ( Francesca Landini | ) www.reuters.com time to read: +2 min

MILAN, Dec 23 (Reuters) - Enel (ENEI.MI) and a pool of banks signed a 12 billion euro ($12.74 billion) credit facility to fund margin calls linked to the group's derivative trades, Italy's biggest utility said. The financing is 70% guaranteed by the Italian export credit agency SACE and has a term of about 18 months, Enel said on Friday. As anticipated by Reuters, the credit line is part of the Italian government's efforts to shield the country's utilities against volatility on energy markets. Other Italian utilities are expected to apply for the SACE guarantee scheme. Italy's second-biggest utility A2A (A2.MI) told Reuters on Tuesday it would tap the credit facility backed by the credit export agency in January.

☆ Italy court ruling allows work on Tuscan LNG terminal to proceed
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

[1/3] A view shows the spot where a floating storage and regasification unit will be set up in front of the port city of Piombino, Italy, October 20, 2022. The court said on Thursday it had scheduled a new hearing on March 8 to assess longer-term safety issues relating to the floating terminal. The infrastructure needs to be operational by April to help Italy replace dwindling Russian gas supplies and to re-fill its gas storage by next winter. The Piombino terminal will have a capacity of 5 billion cubic metres (bcm) and will allow Italian energy groups to increase LNG imports to the country. In Italy there are currently three LNG terminals with a total capacity of nearly 17 bcm.

MILAN, Dec 8 (Reuters) - Russia's Lukoil (LKOH.MM) and U.S. private equity firm Crossbridge are close to a deal for the sale of the Russian group's refinery in Sicily, Italy, three sources with knowledge of the matter said on Thursday. The Lukoil-owned site in Sicily refines a fifth of Italy's crude and directly employs about 1,000 people in an economically depressed area. Last week, Rome laid down a scheme to place the plant in the hands of trustees to protect jobs and domestic refinery capacity from the embargo. read moreThe possibility that the refinery may end up under a trusteeship has accelerated negotiations between Lukoil and Crossbridge, one of the sources said. ($1 = 0.9480 euros)Additional reporting by Angelo Amante; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Nutella maker Ferrero scoops up owner of Blue Bunny ice creams
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Wells, which was founded in 1913 as a dairy delivery wagon business, has become the world's largest family owned and managed ice cream company. "This represents a win-win partnership, bringing together ice cream experts and confectionery champions," Giovanni Ferrero said in a statement. "Together, we have the power of one and are well placed to grow and compete in the ice cream market," he added. Ferrero bought Spanish ice cream company ICFC in a two-stage deal in 2019 and 2021. The Wells' transaction, subject to customary closing conditions, is expected to close in early 2023.

NEW YORK, Dec 7 (Reuters) - Sonnedix and Cubico, two renewable energy developers, are competing to buy Chilean solar power assets that Italy's Enel (ENEI.MI) has put on the block to help trim debt, sources familiar with the matter told Reuters. Consisting of around 500 megawatts (MW) of operating and newly built sites, the portfolio is expected to fetch up to 1 billion euros ($1 billion). Enel and Cubico declined to comment. Pension and infrastructure funds have been buying stakes in low-carbon energy generation for many years, attracted by their predictable returns. Additional reporting by Valentina Za and Francesca Landini in Milan; editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

So far the practical help for a project that will create around 1,000 jobs, has come from the Europe Union. It also says its panels are better and that 3Sun will be the European Union's largest producer of high performance bifacial solar panels by 2024. Eurostat figures show around three quarters of Europe's solar panels are sourced from China. The European Union as a whole aims to reach almost 600 gigawatts (GW) of solar energy by 2030 and the number of installations is increasing. Enel is not limiting its ambitions to Europe, although it says at least 50% of its Sicilian production will be for the continent.

☆ Energy crisis highlights need to broaden renewables' supply chain
▼ + stars: | 2022-12-01 | by ( Laila Kearney | ) www.reuters.com time to read: +4 min

[1/2] Enel CEO Francesco Starace speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidNEW YORK, Dec 1 (Reuters) - The global energy crisis sparked by war in Ukraine has underscored how parts of the renewables supply chain might face similar struggles if not quickly diversified, energy executives told the Reuters NEXT conference this week. "Out of this crisis, you learn that there are many other things that might follow this same pattern," said Francesco Starace, CEO of Italy's Enel (ENEI.MI), speaking at the conference on Thursday in New York. Starace noted how solar panels are produced overwhelmingly in China, saying that, and the manufacture of other energy components critical to transitioning from fossil fuels, are potential problem areas. South Africa, the most industrialized country in Africa, will need to add more than 50,000 megawatts (MW) of new power generation capacity to help meet demand and stabilize its grid, Brian Dames, chief executive officer of African Rainbow Energy & Power, said at a Reuters NEXT panel on Wednesday.

☆ U.S. subsidies better than EU ones on energy re-shoring, Enel CEO says
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowNEW YORK, Dec 1 (Reuters) - The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe's biggest utility Enel (ENEI.MI) said in an interview during the Reuters Next conference. The United States approved a $430-billion new green energy subsidy package in the summer labelled Inflation Reduction Act that offers tax breaks for components used in renewable energy technologies on condition they are made in North America. Starace called "problematic" the global dependence on Chinese solar materials, and confirmed Enel would ramp up its solar panel manufacturing capacity in Europe and in the United States with two plants. Europeans will eventually find an agreement on how to reduce the volatility of gas prices, the CEO of Enel said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by David Gaffen; writing by Francesca Landini Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

After explosions - whose cause is under investigation - damaged the Nord Stream Russian gas pipeline system to Europe under the Baltic Sea, Putin in October proposed setting up a gas hub in Turkey, building on a southern route for exports. "Does Europe need the project, given the determination of the EU countries to forego Russian gas in the nearest future?" A source in Russia's pipeline gas exporting monopoly Gazprom (GAZP.MM) said be believed the hub would facilitate sales. "That will not be Russian gas, but gas from the hub," said the source, who did not want to be named due to the sensitivity of the matter. Neither Gazprom, nor the Kremlin provided a cost estimate for the Turkish hub idea.

☆ Italy seeks U.S. help to unlock funding for Lukoil refinery, sources say
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

The survival of the ISAB plant in Sicily is under threat due to a European embargo on seaborne Russian oil coming into effect on Dec. 5. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers. Its creditor banks have been wary of dealing with a Russian entity because Lukoil is affected by international sanctions in the United States, but not in Europe. So far, however, there has been no positive response to Italy's request, one of the sources said. A cabinet meeting on Thursday will also discuss steps aimed at helping the ISAB plant, one of the sources said.

LONDON, Nov 30 (Reuters) - Eni (ENI.MI) is in preliminary talks to buy private-equity backed gas and oil producer Neptune Energy for around $5 billion -$6 billion, a source with knowledge of the matter said on Wednesday, adding that no official bid had been submitted. Neptune produces around 130,000 barrels of oil equivalent per day (boed), three-quarters of which is gas. It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands and elsewhere. A banking source confirmed talks had taken place in recent weeks, but that the outcome was "far from guaranteed" as valuations differed. Eni and Neptune declined to comment.

☆ Italy's Enel to cut debt with 21 bln euro asset sale
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 22 (Reuters) - Enel (ENEI.MI) plans asset sales worth 21 billion euros ($21.51 billion) to reduce net debt and focus its presence in six core countries, Italy's biggest utility said on Tuesday in its 2023-25 strategy update. Enel, which could also sell its gas portfolio in Spain, aims to reach a 51 billion-52 billion euro net debt target by the end of next year, from 69 billion euros at the end of September. Ordinary EBITDA is expected to grow to between 22.2 billion and 22.8 billion euros in 2025 from 19.0 billion-19.6 billion euros estimated in 2022. Enel pledged to reward investors with a 0.43 euro dividend for the 2023-2025 period, up from 0.40 euros in 2022. ($1 = 0.9761 euros)Reporting by Francesca Landini, editing Federico Maccioni, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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