Acquirente Unico

This report does not constitute a rating action. Overview Key strengths Key risks Critical role for the Italian government as it is the entity in charge of building and managing the country?s strategic oil reserve. Financial and liquidity needs depend on market conditions and spot prices and are therefore subject to volatility. Strategic importance as an intermediary in the energy market, providing services to vulnerable customers after market liberalization. Significant funding needs to build oil reserves until 2026. Very stable and solid legal framework, with full cost recovery principle and implicit support from the Central Government. Acquirente Unico, through its internal unit Organismo Centrale di Stoccaggio Italiano (OCSIT), manages the strategic oil reserves of the country and guarantees prompt intervention

...Acquirente Unico S.p.A.'s role is critical for the Italian government, given its link is integral and its long-term debt is consolidated in Italy's general government debt. Acquirente Unico, through its internal unit Organismo Centrale di Stoccaggio Italiano (OCSIT), manages the strategic oil reserves of the country and guarantees prompt intervention in case of an oil crisis because it is also prescribed by European and international obligations. Additionally, despite the enhanced protection system (EPS) for the electricity market that ended in July 2024, as prescribed by law, the company is still a crucial intermediator as it provides energy to vulnerable customers. The Italian government, through the Ministry of Economy and Finance (MEF) and Ministry of Environment and Energy Security (MASE), fully owns and supervises its activity. All Acquirente Unico's debt is included in Italy's general government debt....

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