Sources: EDF continues to sell Edison shares despite Italian energy decree
Three sources familiar with the matter said that France's EDF was moving forward with a possible listing or a sale of a?stake?in Italian company Edison despite the regulatory uncertainty brought on by Italy's new?energy sector decree.
Sources, who asked not to be identified because the discussions are private, said that the French nuclear group had dispelled any doubts about the Italian decree intended to reduce energy bills forcing EDF's plans.
Edison CEO Nicola Monti had said that the?decree might jeopardize EDF's plans to build the unit.
Monti said, "Unfortunately... depending how the decree is drafted, it could change the outlook of our business plan as well as the possibility of opening the capital to third parties."
A few hours later, the government announced details of its so-called "decreto Bollette".
Last year, sources told us that EDF could be worth up to 12 billion euros (10 billion euro).
An EDF spokesperson told reporters on Friday that initial estimates indicate a potential negative impact on growth and investment prospects, especially in the renewables sector of Italy.
"Edison teams are analyzing?the potential consequences." EDF, along with its advisors, is also assessing the impact of the various elements on the ongoing review of a 'potential minority transaction involving its subsidiary's share capital," the?spokesperson said.
The 'decree' includes a reimbursement of carbon dioxide to gas-fired plants. This measure has reduced expectations for?wholesale electricity, though it is still subject to approval by the European Commission.
The bill also reduces subsidies for certain renewable energy projects and increases the corporate tax.
The uncertainty over the final regulatory framework will continue until Brussels reviews and approves the?decree, then the government makes it law.
EDF has worked with Intesa Sanpaolo, Lazard and Lazard to prepare for the sale of Edison's minority stake since October.
(source: Reuters)
