Edison takes on Shah Deniz gas supply contract
Edison has agreed to acquire Gas Natural Vendita Italia from Gas Natural Fenosa for Eu192.8 million ($228 million).
MILAN, Italy – Edison has agreed to acquire Gas Natural Vendita Italia (GNVI) from Gas Natural Fenosa for Eu192.8 million ($228 million).
GNVI supplied gas and electricity last year to 420,000 residential and 14,000 SME users in Italy.
Under the agreement, Edison will also assume an 11-TWh long-term gas supply contract from theShah Deniz II development project in the Azeri sector of the Caspian Sea.
Gas imports from the project are set to begin in 2020 following the completion of theTrans Adriatic Pipeline (TAP).
Total consideration payable for the gas supply contract is Eu30 million ($35.5 million), starting from 2021 subject to the first delivery of gas to Italy through the TAP pipeline.