Crisis, also for utilities times are tough

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by Sara Adami

The energy market is remarkably slowed in the field of liberalization and growth: Due to the recession and the crisis, in fact, the improvement in 2012 was positive but insufficient for the former municipal. 

If corporate profits fall renewables are also subject to a stop after the offer of capacity too high in relation to the request. This is confirmed by the descent of 6.5% of the FTSE MIB, greater national reference price list, and the descents even more negative than Iren, Acea and A2a (which reaches minus 28%).

But what reasons hides this fall? The low growth outlook towards the future and the lack of attention to the sources, the cash flows that are not funded but the shareholders have paid your debts, these are certainly the main causes. As well as the high rate of tax, which resets the company's competitiveness and reduces the purchasing power.

If fare better in the regulated sectors, while they are even worse producers of conventional energy, electricity and gas, which address energy price spikes in the evening and suffer the hardships larger: it is the case of A2a (formerly AEM) , which is crushed by debt accrued from the return of the same.

It triggers a sort of dependence on incentives that turns out to be negative. Hera, however, shows a net profit improved by almost 4%, with a debt in return phase 2 billion (the company's tactic will be to acquire local municipal) and Acea has undergone a growth in operating expenses and therefore, the same of net income rather stable, has increased the debt.

If it is true that the rates will not change soon, it is also true that the political uncertainty in which we live benefiting this situation: recovery plans, recession and renewable phases of credit, stability pacts, these conditions will be better understood and unlocked at year end only.

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