The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Javier Suarez - Mediobanca Securities - Analyst
: Hello, thanks for your presentation. I have two or three questions. First one, about the context, can you give me your indication about how you
think it is possible to evolve the debate on extension of electricity and concessions and the indication that this could have in terms of upfront
payment? What's your last guidance? What could be the upfront payment for your electricity distribution? And then talking about the context,
what about the possible extension of the concession to produce hydroelectricity?
Next question, about hedging. Can you give us some more details about the hedging level for 2025, 2026, considering prices and volumes? The
third question: Can you please inform me about the MSD contribution in 2024 and what you expect in 2025? And then last, a view on the expected
2025.
Question: Javier Suarez - Mediobanca Securities - Analyst
: A follow-up question on the comment of the CEO about [extension] of the hydro concessions. I would like to understand from you, let's say, EUR300
million upfront payment for A2A. So you have mentioned this will be in one or two years. Is it -- can you confirm that?
Question: Javier Suarez - Mediobanca Securities - Analyst
: Thank you very much indeed.
Question: Francesco Sala - Banca Akros - Analyst
: Good afternoon. Thanks for the presentation. Three questions. Can you give us an idea of the prices you have for B2B customers then the forecast
for retail for 2025? Is there any margin pressure, competitive pressure?
Question: Francesco Sala - Banca Akros - Analyst
: So what about the retail forecasts for 2025? Third question, a strategic question. Compared to three years ago, the range between your electricity
sales and your production is now wider, so I would like to know whether this is a new normal or whether you think that this range can get closer
in the next few years.
Question: Francesco Sala - Banca Akros - Analyst
: Thank you very much.
Question: Davide Candela - Intesa Sanpaolo Equity Research - Analyst
: Good evening. Thank you for the presentation for the questions. I have three questions. The first question refers to Waste. So, in Milan, you said
you had some competition for collection from an international operator.
So in general, do you see any risks if -- with the fact that there could be also international operators for collections and also for waste treatment,
also concerning the peculiarity of the Italian market? And the second question, regarding regulations and the new structure of the circular economy.
So this new structure within your organization is -- indeed a business structure or is related to some corporate action and to have the partnership
with other partners to divide the risk and increase CapEx. And another question, we have seen last week the Terna plan with request of indeed 100
gigawatt.
Can you give us some evaluation regarding the role of A2A for electric distribution but also as an operator, as energy supplier, also based on what
you have just told us regarding the role of A2A in the national energy market?
Question: Davide Candela - Intesa Sanpaolo Equity Research - Analyst
: Regarding the circular economy.
Question: Emanuele Oggioni - Kepler Cheuvreux - Analyst
: Good evening. Thank you for the presentation. I also have a few questions. The first is regarding hydroelectric production that is estimated and
embedded in guidance of 2025. Considering that you were estimating a return on normal production, it's 4, 4.1 terawatt hour of production. And
the end of 2024, you were able indeed to accumulate water in the various basins for about 0.5 terawatt hour. And so can you explain to us your
visibility?
Because it's true that it's only three months year-to-date, but snow and rainfall on the alps are still below the historical averages and even below
the averages of the last few years. So this is the first question, regarding the estimates of hydroelectric production.
And the second question regards the asset rotations, regarding possible disposals or possible acquisitions because you have a quite big space of
leverage. You could have more, so what do you think could be interesting? And what are you, where are you looking at? In which business sectors?
And what do you intend to sell, for instance, in gas distribution as you did Ascopiave? Thank you very much.
Question: Emanuele Oggioni - Kepler Cheuvreux - Analyst
: Yes. My question was more of a high-level questions, meaning that are you still interested in making asset rotation. Thank you.
Question: Davide Candela - Intesa Sanpaolo Equity Research - Analyst
: Yes -- apologize if I indeed exploit your availability. A follow-up on 2025, and considering the weakness of wind production in the first quarter, and
the volumes from indeed CCGT that increased by 20%, and considering volatile prices scenarios, especially upward, in the first part of the year, are
you expecting that the production could provide upside risk regarding -- compared to your expectation in the plan?
Question: Davide Candela - Intesa Sanpaolo Equity Research - Analyst
: Thank you very much.
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