Investments tripled in 2025 (+191% year-on-year), with 32% concentrated on photovoltaics, with prospects significantly above average also in 2026. The strategies of the major energy companies emerge from the latest research on the electricity and gas sales sector to end users by Cerved Rating Agency.
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The analysis – which complements the recent «Credit Outlook 2026: mid-year review» on the trend of default probability of Italian companies by 2027 – is based on a panel of companies accounting for 45% of electricity sales volumes and 34% of gas volumes (excluding the top 10 operators).
The data reveals an ecosystem of companies more resilient than when the energy crisis broke out in 2022 with the war in Ukraine: the investments made and those planned to secure themselves and diversify supply sources improve the financial position of the companies. And the recent US-Iran conflict did not raise the price of gas as much as that of oil.
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These elements have allowed the companies in the panel to recover margins: the post-war crisis in Ukraine was a wave for the entire sector, a path that for many companies pushed an internal restructuring that today shows its results.
The diversification of supplies and the change in revenue terms (for example through monthly billing) have increased working capital and allowed many entities to borrow again, and the increase in cash flows has improved the net financial position, reducing risk compared to a few years ago.
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