Edison (company)

Source: Wikipedia, the free encyclopedia.
This article is about the Italian company. For the type of company, see
Edison General Electric. For the several unified New York City utilities, see Consolidated Edison. For other uses, see Edison (disambiguation)
.
Edison S.p.A.
Électricité de France (99.4%)
Websitewww.edison.it

Edison S.p.A. is an Italian

Electricité de France
in 2012. Edison employs more than 5,000 people in Europe, North Africa, and the Middle East. The chairman of the board is Luc Rémont (CEO of EDF) and the chief executive officer is Nicola Monti.

History

Early history (1884-1966)

Founded in 1884 by

Montedison, the largest chemical company in the country.[6]

Montedison era (1966-2001)

Montedison initially was doing well, dominating about 80% of the national chemical market and 15% of the

European Community market, but the 1973 oil crisis proved disastrous for the company that was forced to seek state intervention to avoid bankruptcy; by the mid 1970s, the Italian state came to own about 17% of Montedison, becoming its largest single shareholder, but its effective control was even greater as state-owned banks held shares. The company became increasingly an arm of state social policy, and employment goals were favored over profits.[7]

In 1980, Mario Schimberni became chairman and negotiated the sale of the state-owned shares to

Gemina, a consortium of banks and private companies, to free Montedison from government interference. Through a rigorous cost-cutting plan and joint ventures with Mitsui and Hercules Inc., Schimberni transformed the money-losing manufacturer of commodity chemicals and plastics into a profitable, diversified holding company.[8]

In 1985, Raul Gardini, an agribusiness tycoon, started buying into Montedison, and by 1987, he came to own 40% of the company's shares, thus taking over the company and forcing Schimberni to leave. Gardini wanted to reorganize and integrate the company into his sugar and fertilizer empire, but the debt burden he incurred during the takeover rapidly brought Montedison to the threshold of bankruptcy, forcing Gardini to seek state aid. In 1988, a new joint venture was formed with Eni, called Enimont, in which both companies had 40% of the shares, while 20% was sold on the market. In 1990, Eni bought all of Montedison's shares in Enimont, and Montedison withdrew from the chemical sector to pursue a role as an energy company.[9]

In 1991, Montedison revived the name Edison to rebrand SELM, a spin-off company into which all its energy assets had been put in 1978.[10] In 1999, the Bersani decree liberalized the Italian energy market and reintroduced competition in the electric market, and later the Letta decree opened up the natural gas market, allowing Edison to begin supplying electricity to eligible customers and expanding its downstream presence in the natural gas sector.[11]

As Edison S.p.A. (2002-present)

In 2001, a successful hostile bid to acquire Montedison (that controlled Edison as a subsidiary) was launched by Italenergia SpA, a consortium set up by

delisted it from Milan stock exchange.[12]

Operations

LNG Adriatic regassification terminal, Rovigo
Off-shore platform Vega, Pozzallo

Edison's primary activities are production and distribution of electricity and natural gas. Edison and its subsidiaries operate across Europe, Africa, and the Middle East.[13][14][15]

Edison is the second-largest power producer in Italy (about 15% of national output) and in Greece (about 12% of national output).

Greece–Italy pipeline project.[17]

Hydrocarbon operations include exploration, production, and distribution of natural gas and crude oil. As of 2010, Edison owned 80 hydrocarbons concessions and permits with hydrocarbons reserves of 52.8×10^9 m3 (1.86×10^12 cu ft).[18]

Financial results

In million € 2014 2013 2012 2011 2010 2009 2008
Gross revenue 12,325 12,335 12,014 12,097 10,446 8,867 10,064
EBITDA 814 1,009 1,103 1,003 1,369 1,471 1,643
Net revenue 40 96 81 871 21 240 346

[19][20][21][22]

The company's controlling shareholder is

Electricité de France with 99.4% of the capital.[23][15]

On July 19, 2016, the company launched a whistleblowing platform available to its employees to collect information about wrongdoing and fight internal corruption.[24][25]

References

  1. ^ a b c d e "Economic and financial figures". Retrieved 3 February 2020.
  2. ISBN 9781138186590
    .
  3. ISBN 0898756707
    .
  4. ISBN 9780141931678
    .
  5. ^ "Montedison S.p.A. - Company Profile, Information, Business Description, History, Background Information on Montedison S.p.A." www.referenceforbusiness.com. Retrieved 25 October 2017.
  6. ISBN 0312163592
    .
  7. ISBN 0743254465
    .
  8. ISBN 0743254465
    .
  9. ISBN 978-1-405-12520-8
    .
  10. ^ "Montedison now set on more practical, less grandiose course". Independent Chemical Information Service. 7 July 1991. Retrieved 4 February 2020.
  11. S2CID 214234584
    . Retrieved 3 February 2020.
  12. ISBN 9780199658312
    .
  13. ^ a b "Who'S Who Sutter'S International Red Series". Retrieved 25 October 2017.[permanent dead link]
  14. ^ "Fact sheet on Edison's activities in the hydrocarbons sector". Archived from the original on 2014-07-14. Retrieved 25 October 2017.
  15. ^ a b "Quote Not Found - Wall Street Journal". quotes.wsj.com. Retrieved 25 October 2017.
  16. ^ "Who we are". Edison. Retrieved 25 April 2013.
  17. ^ "Interconnection Turkey Greece Italy (ITGI) Pipeline - Hydrocarbons Technology". Retrieved 25 October 2017.
  18. ^ "Hydrocarbons business" (PDF). Edison. Retrieved 25 April 2013.[permanent dead link]
  19. ^ http://www.edison.it/financial_statement_2011/attachments/it/Bilancio_Annuale_2011.pdf[permanent dead link]
  20. ^ "Edison: utile netto 2013 sale a 96 milioni di euro". Firstonline. Retrieved 25 October 2017.
  21. ^ "Highlights". Archived from the original on 2016-03-24. Retrieved 25 October 2017.
  22. ^ "Archivi dei bilanci e delle relazioni infra-annuali – Edison". Archived from the original on 4 March 2016. Retrieved 25 October 2017.
  23. ^ "Capitale e azionariato - Edison". Archived from the original on 2014-04-24. Retrieved 25 October 2017.
  24. ^ "Announcement of the whistleblowing platform". Edison. Retrieved 23 July 2016.
  25. ^ "Policy Whistleblowing Edison" (PDF). Edison. Archived from the original (PDF) on 2016-08-11. Retrieved 23 July 2016.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Edison_(company)&oldid=1197950251"