Edison (company)

Edison S.p.A is an energy company in the field of electricity and natural gas headquartered in Milan, Italy. The company was established in 1884. Edison employs about 4,000 people in Europe, Africa and the Middle East. Chairman of the board is Jean-Bernard Lévy (CEO of EDF) and chief executive officer is Bruno Lescoeur.

History

Edison's headquarter in Foro Buonaparte 31, Milan

Vertical dynamo Jumbo type (Santa Radegonda). Museo nazionale della scienza e della tecnologia Leonardo da Vinci, Milan.

Edison was established in 1884 in Milan as a power utility. It built Europe's first power plant at Santa Radegonda, in Milan. In the 1950s, Edison invested to diversify its activities, growing primarily in the chemical sector. By 1960, Edison was Italy's second largest chemical company.^[2] Following the nationalization and resulting sale of its electric assets to Enel in 1962, Edison downsized its energy business, producing power only for self-consumption and operating only the power plants that supplied the Group's industrial facilities.^[2]

In 1966, Edison merged with Montecatini, to create Montedison, Italy's largest industrial chemistry group. In 1979, Montedison's electric power assets (21 hydroelectric and 2 thermoelectric power plants) were conveyed to Selm, a new company that four years later was listed on the Milan Stock Exchange. In 1991, Selm changed its name back to the historical Edison name.^[2]

The years that followed marked a period of major growth, owing in part to the 1991 National Energy Plan that promoted the construction of generating facilities based on renewable energy, or their equivalent, providing fresh momentum for the development of facilities for self-consumption. Also in the 1990s, Edison strengthened its hydrocarbon sector activities by acquiring reserves.^[2]

Starting in 1999, the new laws that gradually deregulated the energy market reintroduced competition in the electric power and the natural gas industries. Edison began to supply electric power to eligible customers and expand its downstream presence in the natural gas area.^[2]

In 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. The following year, Edison, Sondel and Fiat Energia merged into Montedison to create a new company called Edison.^[3]

On September 16, 2005, Transalpina di Energia purchased 63.3% of the common shares of Edison from Italenergia Bis. 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 A2A S.p.A.^[4] In 2012, EDF made a successful offer for the 99,483% of Edison's voting capital.^[5]

Operations

LNG Adriatic regassification terminal, Rovigo

Off-shore platform Vega, Pozzallo

Edison's primary activities are production and distribution of electricity and natural gas. Edison and its subsidiaries operate across Europe, Africa, and the Middle East.^[6][7][8]

Edison is the second largest power producer in Italy (about 15% of national output) and in Greece (about 12% of national output).^[6] It operates in Greece through subsidiary Elpedison (38% interest, a joint venture between Edison, Hellenic Petroleum and Ellaktor.^[9] Together with DEPA, it develops the Greece–Italy pipeline project.^[10]

Hydrocarbons operations include exploration, production and distribution of natural gas and crude oil. As of 2010, Edison owned 80 hydrocarbons concessions and permits with hydrocarbons reserves of 52.8 billion cubic metres (1.86 trillion cubic feet).^[11]

Financial Results

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Shareholders

The Company’s controlling shareholder is Electricité de France with 99.4% of the capital. ^[16][8]

Corporate Whistleblowing

On July 19, 2016 the company launched a whistleblowing platform available to its employees in order to collect information about wrongdoing and fight internal corruption.^[17][18]

References