Edison S.p.A.

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Edison S.p.A.

Type	Public
Founded	1884
Headquarters	Milan, Italy
Key people	Umberto Quadrino (CEO)
Industry	Energy
Products	Upstream, Midstream and Downstream
Revenue	€8.276 billion
Operating income	€896 million
Net income	€497 million (2007)
Employees	2,953 (2007)
Website	[1]

Edison S.p.A (EDN: Milan Stock Exchange) is the second largest energy company in Italy in the field of electricity and natural gas. It produces, imports and sells electric power and hydrocarbons.

1 History
2 Operations
3 See also
4 Notes
5 References

[edit] History

Edison was created as a power utility in Milan during 1884. In the 1950s, Edison began a series of several acquisition of petrochemical companies. By 1960, Edison was Italy's second largest chemical concern.^[1]

During July 2001, a public tender offer to acquire Montedison - which was controlled by Edison – was received from Italenergia S.p.A., owned by a group consisting of Fiat (38.6%), Electricité de France (18%), Carlo Tassara (20%): Capitalia (9.6%), IMI Investimenti of the Sanpaolo IMI Group (7.8%), and Banca Intesa (6%). In June 2002, this group entered into an agreement for the reorganization of Edison. The plan, completed in December 2002, provided for creation of Italenergia Bis, a new holding company where all shareholders of Italenergia transferred their interests. Edison was merged into Italenergia and the new entity was called Edison S.p.A. ("New Edison").^[2]

On September 16, 2005, Transalpina di Energia purchased 63.3% of the common shares of Edison and 240,000 Edison warrants from Italenergia Bis. The price was €1.55 per share and €0.59 per warrant. The entire share capital of Transalpina di Energia is owned in equal shares by WGRM, a subsidiary of Electricité de France (EDF), and Delmi, a subsidiary of AEM S.p.A.^[3]

[edit] Operations

Edison's primary activities are production, procurement, sale and distribution of electricity and natural gas. The company mainly operates in energy and hydrocarbons. Energy operations include production and distribution of Thermoelectricity through combined cycle fed by natural gas hydroelectricity, and wind power energy. As of December 31, 2007, the company had a share of Italian power production of approximately 17%.

Hydrocarbon operations include exploration, production and distribution of natural gas and crude oil. Edison owns 46 exploitation concessions and 27 exploration permits, with hydrocarbon reserves of approximately 30 billion cubic meters of natural gas equivalents in 2006. Gas production is sold and through purchases from other companies and wholesalers. It is also involved in water treatment and supply through IWH Group. Edison discontinued its engineering activities in 2006.^[4]