Italian Utilities, Natural Monopolies and Financial Unbundling

Francesco Sperandini

L'industria, 2012, issue 4, 663-674

Abstract: The attention in Italy of listed firms, financial analysts and the press is stressing the relevance of the level of debt in distribution (water, gas, electricity) operators. The aim of this article is to highlight that the reduction of the debt normally comes with the underinvestment in infrastructure, so that it could put at risk the long term concessions that permit distribution operators to manage the network, because of lack of compliance. The paper focuses then another risk: to see the distribution operator's net working capital to finance the other businesses of the parent company.

Keywords: Local Public Utilities; Natural Monopolies; Distribution Operators; Underinvestment Risk; Unbundling (search for similar items in EconPapers)
Date: 2012
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