Key facts
- Italgas plans to invest $14.8 billion by 2032.
- The investment will focus on developing AI-backed smart and flexible gas networks.
- The plan aims to boost energy security and integrate renewable gases like hydrogen and biomethane.
- Significant portions are allocated to Italian infrastructure and Greek expansion.
- The company has also earmarked funds for potential mergers and acquisitions.
Italian gas distributor Italgas has announced a new strategic plan, "Lead. Innovate. In a changing world," detailing investments of 13 billion euros ($14.8 billion) through 2032. This represents a 14.6% increase compared to its previous plan, signaling an acceleration in the company's digital transformation and network modernization efforts.
The core of the investment strategy centers on leveraging Artificial Intelligence to create smarter, more flexible, and resilient gas networks. A substantial portion, 8.3 billion euros ($9.5 billion), will be directed towards developing and digitizing gas infrastructures within Italy, a 4.0% increase from the prior plan. Additionally, 1.0 billion euros ($1.14 billion) is allocated for expansion and network development in Greece.
Italgas aims to enhance energy security and facilitate the integration of renewable gases, such as hydrogen, biomethane, and synthetic methane, into the existing infrastructure. The rollout of smart meters is a key component of this strategy. The company is also setting aside 500 million euros ($570 million) for potential merger and acquisition activities within the gas distribution sector.
Paolo Gallo, CEO of Italgas, emphasized that AI is integral to the company's operating model and the new plan, with "agents" already driving efficiencies and improving service quality. He stated that the investments will make the network smarter, more widespread, and flexible, preparing it to accommodate green molecules and support an energy system facing international instability and commodity market volatility.