Skip to main content


New Strategic framework



Business strengthening & change

Generation  A2A key actions


Greener portfolio


  • Further expansion of RES platform
  • Conventional plants reconversion


  • ~170 MW of new RES (M&A + green-field)
  • Project development for Brindisi, S. Filippo and Monfalcone
Leadership in gas-fired generation


  • Leadership consolidation in flexible CCGT plants,optimizing risk/return ratio thanks to Capacity market
  • Improvement of gas sourcing


  • +800 MW dispatched CCGTs vs. 2017
  • CCGT results balanced mix of market(MGP/MSD) and Capacity
  • LNG opportunities, better short/long term mix


Adequacy & flexibility provider


  • Match of growing need for peak capacity
  • Exploration of innovative flexibility services


  • Evaluation of new peak plants (e.g. OCGT)
  • Projects on UVAM, UVAP, storage,
Market  A2A key actions 


Customer focus
  • Outstanding client service, with new multi-channel customer experience
  • Preservation of excellent operations
  • VAS in safety, comfort, energy-saving
  • Energy advisor for SMEs and large enterprise
  • Digitalization to enhance service/acquisition


Boost in new services
  • New services: flexibility, DERs and storage
  • New EPCs in energy efficiency services
  • Organic growth in Public Lighting
  • Expansion of electric mobility business


Mediuml-long term challenges
  • Innovation & Digital to develop new services
  • Unlocking IoT opportunities
Waste  A2A key actions 


From waste to commodity
  • Become Italian leader in recycling, selling high-quality secondary raw materials
  • New WTE capacity to maintain safety of the Italian waste treatment system


End-to-end partner for urban services
  • Enlarging geographic presence, leveraging on value chain integration
  • Smart and innovative solutions for our territories


Continuos technical innovation
  • Maintain plants at best available technology for environmental sustainability
  • Improve circularity with innovation


Networks  A2A key actions 


Cross business synergies
  • Multi-business operation synergies (e.g. smart meters deployment, gas/ee integration in Unareti)
  • Adoption of automated and digital solutions for asset and workforce management


Smart grid and quality improvement
  • Achieve smart and resilient networks
  • Improve energy efficiency of DH networks
  • Develop water cycle performances


Gas Tenders
  • Selective growth in high-priority ATEMs
  • Focus on geographical consolidation



Agile organization
Leader in operational excellence



Attract and empower people
Engage external ecosystem


A2A uniqueness

Integrated Multi-Business Portfolio

Integrated Multi Business




A2A unique business portfolio with a well balanced volatility/growth mix

Maximizazion of cross-BU synergies





Execution capabilities

Active Generation Capacity




Proven ability in CAPEX execution and in reacting to scenario changes

Possibility to replicate successful models (LGH, plants flexibilization, PV, …)





Urban system integrator

Urban System Integrator


A2A positioned to lead urban circular economy and energy transformation

Deep multi-level infrastructural presence

Proven capability to attract and involve local players in key territories


  • After the brilliant results of the 3R&3D Plan that guided the Group in the three-year period 2015-2017, the new Strategic Plan, "TEC" has been announced
  • Growth in investments with a focus on digital and innovation
    • 2.8 billion euros over five years, of which approximately 20% dedicated to digital investments and technological innovation;
    • strong growth in renewables
  • Further strengthening of the economic-financial results
    • EBITDA at 1.39 billion euros and Net Profit at 0.48 billion euros in 2022
    • NPF at 3.03 billion euros, NFP/EBITDA ratio down to 2.2x
  • Dividend growth confirmed
    Dividend targets:
    • 2018: euro 6.7 cents per share;
    • 2019: 7.5 euro cents per share;
    • in the following years minimum DPS growth equal to 5% per annum
  • Additional projects not in the Plan
    • The Plan does not prudently incorporate various growth initiatives, including territorial aggregations
  • • Integration of the Strategic Plan and Sustainability Plan
    • 2018-2022 Sustainability Plan approved and its 4 Pillars (Circular Economy, Decarbonization, Smartness in the Networks and Services and People Innovation) with the inclusion of the respective objectives directly in the new Strategic Plan



A2A targets

Financial goals

Energy Scenario

Sustainability goals

2018 Outlook



2014-2017 achievements

Industrial targets achieved and financial targets overdelivered

Where we start from:

Relaunch  Relaunch

Consistent industrial growth
Selective external growth

  • +560 K customers (EE and Gas free market customer base)
    +800 Kt waste treated
    +200 €M of RAB
  • ~130 €M of operating efficiency
  • 14 M&A deals +105 €M EBITDA
  • Largest territory aggregations (+1 in pipeline)


Regeneration  Regeneration

Active role in the energy market transformation

  • CCGT fleet active management: 4x production vs. 2014
  • Stable profitability (volatility <10%)
  • Created PV platform (+35 MW)
  • Pilot projects on innovative solutions (UVAP, drones…)


Reshape  Reshape

Public lighting, smart city, energy efficiency

  • First-mover in consolidating energy efficiency sector
  • +60% A2A Smart City EBITDA
  • 120 K LED installed (+135%)
EBTDA (€M) 2014 2017
Regulated 420 437
Quasi regulated 236 343
Merchant low volatility 82 158
Merchant high volatility 287 273
Total 1,024 1,211
+18% Higher and more stable margin


  2014 2015 2016 2017
NFP/EBTDA (€M) 3.3 2.8 2.5 2.7
-18% Capital structure reinforced


  2014 2015 2016 2017
DPS (€c/share) 3.6 4.1 4.9 5.8
+61% Dividends growing steadily


  2014 2015 2016 2017
CAPEX (€M) 282 317 349 450
+60% Investing more with quality


  2014 2015 2016 2017
ROI % 7.8 8.7 11.3 11.8
+52% Growing, stable return >10%

A2A Business Plan News

Periodic update service for investors and analysts on the significant steps of A2A Business Plan – such as relevant investments, new projects, achievements, contracts, agreements.

Concise, non-price sensitive news related to the Strategic Plan Guidelines and the Business Units concerned.