October 2026
Largest Energy Production Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Enel, Eni, ERG, Gas Plus and A.b.p. Nocivelli.
 | Enel is an Italian multinational electricity and gas utility headquartered in Rome and listed on the FTSE MIB index of Borsa Italiana. The group reports total capacity of 92.1 GW, a distribution grid of 1.9 million kilometres and 54.0 million customers worldwide. Its renewables business, Enel Green Power, operates a total capacity of 67 GW across wind, solar, geothermal, hydro and storage in Europe, the Americas, Africa, Asia and Oceania. Enel Grids runs the distribution networks that supply more than 69 million end users. The company was established as a public body in 1962. It has been an active buyer and seller of businesses, from US energy storage software to the 2022 exit from Russian generation and its 2023 agreement to sell its Romanian operations. | $10 | +2% | $103B | $202B | 2.7x | 10.0x | ||
| Eni is an Italian integrated energy company headquartered in Rome, founded in 1953 and listed on Borsa Italiana and the New York Stock Exchange. It has more than 30,000 employees in 68 countries and operates across oil and gas exploration and production, refining and marketing of oil products and biofuels, power generation and retail, renewable energy, and chemical and bio-based products. Its satellite model places businesses such as Plenitude, Enilive and Versalis in separate companies, some of which have admitted outside investors. Eni states a goal of net zero emissions by 2050. It reported 2025 revenue of EUR 82,151 million and an operating profit of EUR 5,010 million. Its venture arm Eni Next invests in energy transition start-ups. | $30 | +61% | $85B | $115B | 1.2x | 7.3x | ||
| ERG is an Italian renewable power producer based in Genoa that was founded in 1938 and is listed on the Milan stock exchange. It generates electricity from wind and solar plants and reported installed capacity of 3,974 MW at the end of 2025. The group is controlled with 62.53 percent by SQ Renewables, a holding in which the family office of the Garrone-Mondini family and IFM Investors, through its Net Zero Infrastructure Fund, agreed in 2022 to hold 35 percent. Chief executive Paolo Merli leads the group, whose industrial plan includes a geographic refocus on core markets such as Italy, the United Kingdom, France, Germany and the United States. It has grown by buying operating plants, among them seven Italian wind farms from EDP Renewables in 2022, a 75 percent US portfolio from Apex Clean Energy in 2024 and a 73 MW English wind portfolio in 2026, while selling its Swedish Furuby wind farm. | $25 | -3% | $3.6B | $6.2B | 7.4x | 12.1x | ||
| Gas Plus is an Italian natural gas company headquartered in Milan and listed on Euronext Milan. It produces natural gas and hydrocarbons in Italy and Romania, distributes gas through a network of 1,834 kilometres at the end of 2025 and sells methane to final customers. Exploration and production made up 65.4 percent of 2025 net sales, final gas distribution 24.4 percent and transport and distribution 6.6 percent. The group reported net sales of EUR 165.6 million and net income of EUR 19.8 million for 2025, and net profit of EUR 15.9 million for the first half of 2026. Us.Fin S.r.l., the vehicle of the Usberti family, holds 76.08 percent of the shares and Davide Usberti is chief executive. The Longanesi field in Italy started production in 2025. | $8 | -6% | $336M | $324M | 1.7x | 3.6x | ||
| A.b.p. Nocivelli, formally Azienda Bresciana Petroli Nocivelli, is an Italian infrastructure and construction group based in Brescia. It began in 1963 trading petroleum products and lubricants and later moved into methane gas distribution and then into public works. Today it provides integrated services for public works and civil building, with a focus on hospital project financing, where it holds long-term concession and service contracts. Through special purpose vehicles it holds minority stakes in public-private partnership projects, among them 24 percent of Catalyst Brescia. The company listed on Euronext Growth Milan in March 2021, and in September 2026 it announced plans to enter the data centre segment. | $6 | -24% | $192M | $116M | 1.2x | 6.1x | ||
| Median | $10 | -3% | $3.6B | $6.2B | 1.7x | 7.3x |
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