Is Dolomiti Energia going to fail? The company forced to deny Il Sole 24 Ore (but the malaise has been there for months) – Chronicle

TRENTO. Dolomiti Energia denies, through a note, the possibility of a risk of default from 1 October, noting that there is “to date no element that can lead to a presumption of an evolution in this direction”. How come? This is the response to an article published today in the prestigious business newspaper “Il Sole 24 Ore” which highlights that the gas crisis puts about a hundred companies at risk. The article also mentions Dolomiti Energia ”, making it appear in the reader that it is currently at risk of default. Although the company is operating in an extremely delicate market situation (…) for some time it has implemented risk policies that have preserved the ability to promptly meet its commitments to all stakeholders ”

“Dolomiti Energia – states the note – has limited itself to informing its customers of the significant and inevitable increases in costs and participates in the public discussion on the energy situation, but has never made any declaration on the possibility of being able to fail in its obligations or that can be interpreted in this sense “, concludes the company.

The “malaise” in the budgets

It was already clear at the end of June that the provincial holding is not all roses and flowers. The gas crisis, the astronomical costs of the price of energy, are grafted onto a situation of suffering due to the strategic choices of last year. And everything is clearly highlighted in the balance sheet data.

The publication on the Adige of the comparison between the 2021 financial statements and the first quarterly 2022 of the Trentino multiutility and its main competitors had aroused the reactions of various shareholders.

The tables highlighted how the performances of the Trentino company are less sparkling than the other competitorseven the most comparable in terms of size and territory such as Alperia di Bolzano and Cva di Aosta.

“It is true that in difficult years the risks of those who, in addition to being an energy distributor, are also a producer, are higher than those who only have commercialization as a business” premiered Lino Benassi, president of Finanziaria Trentina, one of the private shareholders of Dolomiti Energia (with 6.9 per cent).

“These are phenomena that we have also seen in the past, but it is undeniable that in the last year they have affected much more heavily. Obviously, the hedging policies of this risk have not been so effective ».

“As a partner – continued the FT president – I’m sorry it wasn’t a good year”.

Referring to the need to “ground” an industrial plan, he commented: «I fully agree, we should have started years ago. As shareholders, we want a development and listing policy, which is in the logic of things). Diversification had been a thing to do for some time, the institutional shareholders must give the input to the management and public shareholders: on photovoltaics, on wind power, on distribution. We have the know-how and the resources to take part in the competitions which you can always find ».

“Because – he concluded – we have a good company which, however, in recent years has not had the same performance as the others”.

“The data are objective and the loss of margins is highlighted in numbers that speak for themselves” was the first analysis by Carlo Schönsberg, president of the Caritro Foundation (5.4 per cent of shares in Dolomiti Energia Holding). “Regardless of the latest negative data – he continued – what worries me is the absence of investments made and a concrete business plan, as well as the fact that the shareholders have no knowledge of future investments ». Schönsberg, who had already asked the assembly for clarification on this point, adds sibillino: “The shareholders would like to discuss a new business plan, but also to know the percentage of what has been achieved in the old one”.

On the institutional front, the mayor of Trento Franco Ianeselli (the Municipality is a relative majority shareholder) explained three months ago: «Precisely because we are the first partners, I have to measure my words. It is not by looking at the single annuity that one determines what a company represents for a territory. However, the data must be analyzed and deepened. At the last meeting, the desire to take up the industrial plan again with a view to diversifying the sources of production emerged. And on this there is a wide sharing ».

“In addition to the industrial delay, there is an absolutely losing comparison with other multi-utilities, in terms of debt and investment delay, no longer justifiable – then attacked the secretary Uil Walter Alotti -. The majority public shareholders (Province, Municipalities of Trento and Rovereto) proceed at full speed with the change of management still in the saddle. The risk, otherwise increasingly concrete, is that Trentino, despite the reserves of white gold, will become residual and even a land of conquest for the other extra-regional energy companies, if not for the “cousin” Alperia ».

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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