Hera overview testo

Hera pursues a growth strategy based on a multi-utility model, concentrated on four main businesses: gas, electricity, water and waste management. This allows us to maintain a balanced portfolio that includes both regulated and free-market activities, and that provides the foundation on which to proceed along our path of continuous and constant growth.

These are the business areas and the national ranking:

This multi-utility model has proven its effectiveness in pursuing growth both internally, through synergies and increased market shares, and through M&A transactions.

Born out of a merger between 11 multi-utilities, Hera has become the main aggregating figure in the sector. Thanks to approximately 40 M&A transactions carried out until present, it has expanded its presence in four regions in North-Eastern Italy, among the richest areas in the country.

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Hera Overview accordion


EstEnergy (Joint Venture with Ascopiave) Electricity and gas sales 19/12/2019 52%
Pistoia Ambiente Waste management services 30/07/2019 100%
Cosea Ambiente Waste services 09/05/2019 100%
CMV Servizi Gas distribution 26/02/2019 100%
CMV Energia e Impianti Electricity and gas sales 26/02/2019 100%
Sangroservizi Electricity and gas sales 20/03/2018 100%
Megas.net Gas distribution 07/03/2018 100%
Blu Ranton Electricity and gas sales 08/02/2018 100%
Teseco Waste services 30/01/17 100%
Aliplast Waste services 11/01/17 100%
Gran Sasso Electricity and gas sales 06/10/16 100%
Julia servizi più Electricity and gas sales 08/04/16 100%
Geo Nova Waste services 29/12/2015 100%
Waste Recycling Waste services 23/12/2015 100%
Alento gas Gas sales 26/01/2015 100%
Ecoenergy Waste services 27/11/2014 100%
Amga Udine Multi utility 25/06/2014 100%
Fucino gas Gas sales 13/01/2014 100%
Est Reti Elettriche Electricity distribution 12/12/2013 100%
Isontina Reti Gas Gas distribution 30/09/2013 100%
AcegasAps Multi-utility 25/07/2012
Analyst presentation
Sadori Gas sales 14/04/2011 50%
Enomondo Biomass combustion plant 11/01/2011 40%
Aimag Multi-utility 12/10/2009 25%
Tamarete Energia CCGT 17/12/2008 32%
Megas Trade Electricity and gas sales 28/07/2008 100%
SAT Multi-utility 16/10/2007
Marche Multiservizi Multi-utility 23/07/2007 41.8%
Aspes Multi-utility 28/06/2007
Enel electricity distribution grid in Modena Electricity distribution 27/06/2006
Geat Distribuzione Gas Gas distribution 29/06/2006 100%
Meta SpA Multi-utility 24/06/2005
Analyst presentation
Ecologia Ambiente WTE 06/07/2004
Analyst presentation
SET CCGT 15/12/2004 39.0%
Calenia Energia CCGT 28/09/2004 15.0%
Agea SpA Multi-utility 27/07/2004
Analyst presentation

Hera overview testo 2

Mergers have been completed with multi-utilities held by public bodies, through share swaps with non-dilutive multiples. The entrance of new “partners” among shareholders has increased the number of the latter, almost doubling the amount of ordinary shares (from 787 million in 2002 to roughly 1.5 billion). 

Thanks to the synergies extracted from these mergers, they have always created value for shareholders, who have benefitted from a progressive and more than proportional increase in profits per share.

Hera’s strong point in these mergers has always been its inclusive governance, which has favoured the entrance within the Group of public shareholders located in areas bordering those previously served.

Transactions involving acquisitions have mainly been carried out in free-market sectors (energy sales and waste management), following a rationale aimed at reinforcing the asset portfolio, and have been finalised with cash.

Making the most of economies of scale, broadening markets, boosting investments and evolving the management of activities towards increasingly sustainable and inclusive approaches: these are the drivers of the internal growth that represents the most important factor underlying growth in result.

Page update 17 February 2021

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