Sources: Four Suitors Offer More Than $648 Million for Edison’s Gas Storage Assets
(Reuters) — Edison's gas storage assets have attracted offers from four Italian and international suitors, setting the stage for a transaction that could be worth more than 600 million euros ($648 million), two sources familiar with the matter said.
Edison, the Italian subsidiary of French energy group EDF, said earlier this year it would sound out investors over the possibility of selling three natural gas storage sites it manages in Italy.
Italian gas distributor Ascopiave, Czech energy group EPH, Australian infrastructure group Macquarie and gas grid operator Snam have all filed non-binding offers for Edison's storage business, the sources said.
They added all the bids had a value of more than 600 million euros.
Both Snam and Ascopiave have recently said they were interested in the assets. Edison, EPH and Macquarie were not immediately available for comment on the issue.
The energy crisis triggered by Russia's invasion of Ukraine showed last year how large gas storage facilities allow a country to build an energy buffer to face potential consumption peaks during the winter.
Edison's gas storage business posted core earnings of around 50 million euros last year. The business has a regulated asset base of around 500 million euros, according to the sources, referring to unpublished figures.
($1 = 0.9260 euros)
Related News
Related News
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments