Italian energy group Eni could spin off its new retail and renewable energy business in 2022 and list a minority stake in it to fund the company’s energy transition, Reuters reported, citing sources close to the matter. Eni’s retail and renewable energy business include energy sales and renewable power generation. It is estimated to be worth about €10 billion ($11.8 billion). Last month, the company increased its climate ambitions, pledging to achieve carbon neutrality by 2050.
As part of these plans, Eni would merge its retail and energy businesses, making it one of the largest clean retail players in Europe. Eni has expected the business to be up and running by June 2021 and double its core earnings to €1 billion ($1.2 billion) by 2024. The sources added that Eni would likely spin off the merged business and list its 20-30% stake next year. However, there are other options, including merging or partnering with an existing company.
