The image of A2a, the multiutility controlled by the municipalities of Milan and Brescia (which together hold the 51%). A few days ago, in fact, some news that certainly does not suggest a future worthy of the energy transition that we have before us.
As is known, the Council of State confirmed the decision of the Lombardy TAR, and last December canceled the merger between A2a and Aeb (Ambiente energia Brianza) – the multiutility of the municipality of Seregno, in Brianza – which took place without resorting to a public tender.
But now the story leaves the bed of administrative justice to land in the halls of the criminal court. The Guardia di Finanza has indeed put under investigation about ten people: including the president of Aeb, Loredana Bracchitta, some members of the old board of directors, the mayor of Seregno Alberto Rossi, the councilor for the subsidiaries Giuseppe Borgonovo, the municipal secretary Alfredo Ricciardi and some managers of A2a.
Also in this case, A2a maintains the habit of acquiring public companies without competition, taking advantage of the consent of public sellers of the same political orientation. This was also the case in 2020 for the acquisition, which took place without tender, of 51% of Lgh, a multiutility born from the strategic alliance of five important service companies (Aem Cremona, Asm Pavia, Astem Lodi, Cogeme Rovato, Acs Crema): acquisition that is now under the lens of the Court of Auditors and the Anti-Corruption Authority (Anac). With the same “predatory” strategy based on anti-competitive bases, two years ago A2a also tried to buy the Vicenza and Verona service companies with a direct negotiation. But then the public properties (center-right) realized that without a tender they would have sold off their assets, and opposed it.
Acquisitions are the cornerstone of the strategy contained in A2a’s business plan, presented by the new CEO Renato Mazzoncini, but never discussed and never approved by the municipal councils of the owner municipalities. This umpteenth story imposes the need for an opening to competitive mechanisms for the multi-utility sector. Pending the competition law, postponed last summer by the government but considered strategic in the PNNR, the Lombard energy giant has in fact tried to complete the purchases: it took the administrative judiciary to remind – not only A2a – that we must pass from public tenders when public procurement contractors are involved.
Another serious mistake of A2a was the creation of an industrial partnership with the large French energy group Ardian. However, this partnership is in contrast with mission 2 of the NRP, which envisages the green revolution and the ecological transition in support of “investments for the development of the main industrial chains of ecological transition and sustainable mobility”. This mission does not aim to finance merger operations on the existing wind, photovoltaic or other production park, but a use resources for the construction of new renewable power plants and new energy infrastructures.
The goal of A2a’s recent agreement with the Ardian French is to create a unique and stronger company. Continue to exchange the same energy assets between market operators without building / developing new plants, however, does not contribute certainly to achieve the objectives outlined by the EU in the ‘Fit For 55’ package: even if only for the fact that the continuous change of hands of assets at increasingly higher prices, will inevitably end up being passed on to the end customer, since higher energy to pay off expensive paid assets.
The construction of renewable plants from scratch is positive, the acquisition with debt M&A (Mergers and Acquisitions) financial transactions is negative. So there is a issue of merit of fusion more than a problem of method. Although the latter is always the same: the management proceeds, while the public shareholders of Brescia and Milan will explain everything to the respective municipal councils only after the fact. Evidently some operators have opted to favor the easier way (buy and not build).