Italgas to invest €900 mln in DEPA

Italgas, Italy's biggest gas distributor, unveiled plans on Thursday to invest 7.8 billion euros in its business by 2029, but its shares slipped as some analysts were unimpressed by earnings projections and dividend plans.

The company said the money, little changed from the €7.9 billion announced last year for 2022-2028, would modernize its network, strengthen its new Greek unit and expand its water and energy efficiency businesses.

Italgas will spend €4.6 billion on its domestic network, but will also diversify its activities, devoting about €900 million to Greece and about €800 million to water and energy efficiency activities. It aspires to increase profitability at DEPA Infrastructure, the newly acquired Greek business where Italgas plans to serve 42 more municipalities, mainly in Athens area, and roll out smart meters by 2029. [Reuters]