A2A focuses on long term plan, shares in European utility sector comparison

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-28, 14:28.

A2A (IT0001233417) sets its sights firmly on a 2030 horizon with a multi-year investment program in grids, renewables and circular economy businesses. The Milan-listed utility is part of a European peer group that includes Enel and Engie on major venues such as Borsa Italiana and Euronext.

What A2A plans to 2030

In its latest strategic plan update, A2A targets around 24 billion euros of cumulative investments between 2021 and 2030, with a strong focus on energy transition assets and infrastructure, according to its published long term plan. The A2A long term plan allocates roughly half of the capex to renewable generation and flexibility, including hydro, solar and storage projects.

The company also underscores its role in urban services such as district heating, waste-to-energy and smart networks, giving it diversified exposure beyond pure power generation. Management highlights the goal of supporting Italy’s decarbonization and circular economy objectives under EU energy and climate policy.

Position in the European utility peer group

Within the European utilities sector, A2A competes and cooperates with larger groups like Enel and Engie, which follow similar decarbonization and network investment strategies across EU markets. Recent sector commentary from outlets such as Reuters points to robust investment needs in grids and flexibility assets to integrate renewables. A Reuters report on Enel grid investments illustrates the broader trend of rising regulated asset bases in European power networks.

For investors, A2A’s smaller scale relative to Enel or Engie is offset by its regional concentration in Lombardy and northern Italy, where energy demand, industrial activity and waste management needs are high. This regional focus provides a concentrated cash flow base but also ties performance closely to Italian regulation and local economic conditions.

How A2A makes its money

A2A generates revenue across several business lines, including electricity generation, networks and environmental services, according to its corporate profile. The group operates power plants in Italy, with a mix of hydro, gas and waste-to-energy facilities, and runs electricity and gas distribution networks in key regions. It also manages waste collection, treatment and recycling, as well as district heating systems in cities such as Milan, Brescia and Bergamo.

Where the A2A shares trade

The A2A shares (IT0001233417) trade on Borsa Italiana in Milan, with the last verified price information available from Italian exchange data providers in euros.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own research and consider their individual financial situation before making investment decisions.