Investments of € 7.8 billion for the development and digital transformation of assets, strengthening in Greece, and becoming a key player in the water distribution and energy efficiency sectors
Italgas headquarters in Turin. (Credit: Carlo Dani/Wikipedia)
Italgas CEO, Paolo Gallo, presents today to analysts and investors the Group’s Strategic Plan for the period 2023-2029, approved today by the Company’s Board of Directors chaired by Benedetta Navarra.
The new plan includes total investments of €7.8 billion, mainly dedicated to interventions for asset development and gas distribution activities in Italy and Greece, energy efficiency activities, and water sector development. In this sector, following the recently announced acquisition agreements of Veolia’s assets, the Group expects to seize additional growth opportunities.
The 2023-2029 plan also confirms a strong commitment to creating a fully digitized network, ready for the distribution of renewable gas and therefore serving the ecological transition.
In line with the strategic choices made in recent years by the Group, the Plan aims to promote the ecological transition while ensuring energy security and cost competitiveness of energy, benefiting both companies and households.
The Group can rely on a solid and efficient financial structure – built in previous years – despite a more volatile macroeconomic scenario. Thanks to this financial structure, the new dividend policy, extended until 2026, continues to provide shareholders with the opportunity to benefit from growth through a payout ratio of 65%, while also offering protection with a minimum annual growth guarantee of 4%1.
The plan revolves around ESG principles and addresses sustainability challenges by confirming net energy consumption reduction targets and Scope 1, 2, and 3 emissions reduction targets for the entire Group, including Depa Infrastructure, by 2028 and 2030, in line with the carbon neutrality target by 2050. To further drive change, it also introduces new targets related to gender pay equity and the development and valorization of skills and resources.
Italgas CEO, Paolo Gallo, stated: Since the outbreak of the war in Ukraine, the EU has been grappling with a challenging equation that sees the ecological transition as an essential goal but not at any cost. It is necessary to ensure energy security and an appropriate level of energy costs for families and businesses.
The vision and strategic choices made in recent years position Italgas to significantly contribute to this solution through digitalized, flexible, and intelligent networks capable of accommodating renewable gas. These networks enable source diversification, consumption decarbonization, and greater efficiency and cost-effectiveness.
Source: Company Press Release