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Mergers: Commission clears the creation of a joint venture by Eni and CDP Equity

17/02/2020 | Economy | 

 Press release European Commission

Daily News 14 / 02 / 2020

The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture called GreenIT by Eni S.p.A. (“Eni”) and CDP Equity S.p.A. (“CDP Equity”), controlled by Cassa Depositi e Prestiti Group (“CDP”), all of Italy. 

GreenIT will be active in Italy in the production and wholesale supply of electricity from renewable sources. Both Eni and CDP are active in the value chain for electricity supply in Italy, where their activities overlap in the market for the generation and wholesale supply of electricity. 

In addition, CDP controls Terna S.p.A. (“Terna”), which is active in the market for the transmission and distribution of electricity in Italy, where it operates in conditions of natural and legal monopoly. 

The Commission concluded that the proposed transaction would raise no competition concerns given the very limited horizontal overlap between the activities of the companies. As regards the vertical relationship between generation and transmission of electricity, the Commission found that Terna lacks the ability and incentives to discriminate competing electricity generators. The transaction was examined under the normal merger review procedure. 

More information is available on the Commission's competition website, in the public case register under the case number M.9709.

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