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The Board of Directors of ERG S.p.A. approves the Interim Management Report at 30 September 2020

Third quarter of 2020
  • Consolidated adjusted1 EBITDA: €99 million, €107 million in the third quarter of 2019
  • Adjusted Group net result: €9 million, €7 million in the third quarter of 2019
Nine months of 2020
  • Consolidated adjusted EBITDA: €362 million, €380 million in the 9 months of 2019.
  • Adjusted Group net result: €79 million, €75 million in the 9 months of 2019
  • COVID-19 Emergency – Business continuity guaranteed also during the third quarter both in Italy and abroad, in full observance of health and safety conditions and with a close and constant monitoring as regards the correct application of anti-COVID safety protocols. Recourse to smart working encouraged again during this phase.
  • Quarterly results – Slight falloff in EBITDA, penalised by the prolonged adverse water conditions, the lower wind power production outside of Italy and the downturn in energy prices. The smaller quantity of energy efficiency certificates produced for the CCGT plant also had an impact, only partly offset by the improved wind conditions in Italy. Growth in net profit both as regards the quarter and for the 9 months.
  • ESG (Environmental, Social, Governance) - Vigeo Eiris, one of the leading international ESG rating agencies, affirmed ERG's Advanced rating, the maximum score in its evaluation scale, and recently assigned to the company top position in the global ranking of best firms for reporting the business impact of Climate Change.
  • Development – The power capacity under construction outside of Italy rises to 360 MW following the recent acquisition of an authorised 24.5 MW project in Poland and the overall 55 MW increase in authorised capacity for two wind farms in the United Kingdom. A framework agreement has been drawn up with Vestas for the supply of wind turbines with a potential capacity of 790 MW to be used for repowering and for greenfield projects in France and the UK. As regards Italy, the Simplification Decree introduced the possibility to take part in auctions also for repowering projects, surpassing the 2013 Spalma Incentivi (spreading incentives) Decree.
  • Green Bond issuance – Under the 2 billion Euro EMTN (Euro Medium Term Notes) Programme, the second 500 million Euro Green Bond has been placed, at extremely favourable conditions and with requests corresponding to 6 times the amount of notes offered on the part of investors of high standing with a broad geographical diversification.
  • 2020 Guidance – The forecast announced during the previous quarter is confirmed, indicating EBITDA within a range of between 480 and 500 million Euro, investments between 150-180 million Euro, and net financial debt between 1,350 and 1,430 million Euro.
Genoa, 11 November 2020 – At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report at 30 September 2020.

Consolidated adjusted financial results:

3rd Quarter

Performance highlights (million Euro)

Nine months



Var. %




Var. %


















Group net result









Net financial debt (million Euro)








Luca Bettonte, ERG's Chief Executive Officer, commented: "In a market situation still penalised by the effects of COVID-19, the quarter's operating results show a limited downturn, with a growth in net profit, also thanks to the reduced cost of debt following the issuance of Green Bonds and simultaneous liability management transactions.

Compared to a year ago, EBITDA reflects a negative perimeter effect, due to the full consolidation of the wind farms acquired in Germany during the third quarter of 2019, and the discontinued production of white certificates for one of the two CCGT modules. Without these effects, the results for the quarter would have been essentially in line with 2019, owing to the greater contribution from Italian wind and solar power and despite the falloff in hydroelectric power due to the prolonged lack of water availability in Central Italy.

It is worth noting the major contribution from hedging transactions carried out with regard to the price scenario.
In view of the results for the quarter and the positive trend recorded in October, we confirm our guidance figures, while increasing our development potential outside of Italy and noting with great satisfaction the positive evolution of repowering regulations in Italy."

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1 In order to facilitate the understanding of business performance, the financial results are shown excluding significant income components of a non-recurring nature (special items): these results are indicated using the term  "adjusted". For a definition of the indicators and reconciliation of the amounts in question, reference is made to the specific section of this Press Release "Alternative Performance Indicators"

2 The ratio of total net financial debt (including project financing) to net invested capital

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