M&A activity in Italy’s energy and utilities sector remained strong throughout 2024, driven not only by the European Green Deal and national decarbonization targets under the PNIEC, but also by energy security imperatives shaped by the evolving geopolitical landscape. The year was marked by a high volume of transactions across the sector, particularly in both electric and gaseous renewable energy.
Looking at the broader trends over the past year and into the first quarter of 2025, it is evident that the transition is no longer solely focused on renewable energy generation and emissions reduction. The current phase increasingly involves diversification of energy sources and the progressive modernization of grid infrastructure. This evolution reflects the growing demand for system flexibility, a direct consequence of the rise in non-programmable energy sources. At the same time, the integration of digital infrastructure into energy grids is becoming a crucial element, enhancing grid management and enabling a smarter, more resilient energy network.
Authors: Piero Viganò, Ernesto Rossi, Giuliano Proietto, Stefano Biraghi