We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni Launches 30% Power & Gas Discount Amid Rising Energy Costs
Read MoreHide Full Article
Key Takeaways
Eni will cut household electricity and gas rates by 30% for customers who sign up by Oct. 24.
Plenitude's fixed-price rates will be locked for two years, with dual-service savings near 200 a year.
Eni will absorb part of higher procurement costs, while price caps also apply at Enilive fuel stations.
Eni S.p.A. (E - Free Report) , an Italian integrated energy company, announced it will offer a 30% discount on electricity and natural gas rates for households, a move intended to support households amid rising energy costs. The company will offer the discount on electricity and gas sold through its retail arm, Plenitude, to customers from Oct. 1, provided they sign up by Oct. 24. The discount applies to Plenitude’s fixed-price offerings, and the discounted prices will be locked in for two years.
Per Eni’s estimates, the households opting for both services could save around €200 per year. By offering these discounted rates, Eni is trying to provide some relief to Italian consumers as rising energy costs continue to pressure households. In fact, Eni’s initiatives are also helping the government ease the financial burden on households as energy costs continue to rise amid the ongoing conflict in the Middle East. The company highlighted that, under this offer, Eni has decided not to immediately pass higher energy procurement costs to customers. Rather, Eni will absorb at least part of the recent increase in its own costs.
Notably, these efforts are part of the “Eni for Italy” initiative, a broader set of measures taken by Eni to reduce the burden of rising energy costs on Italian households. Previously, Eni had announced price caps at its Enilive fuel stations, limiting the prices charged to consumers for diesel and gasoline. This move may lead to reduced margins for a while but could help Eni attract new customers and enhance customer retention and loyalty. The discounted prices offered by Eni may also force rival utility companies to respond with their own discounts, triggering greater price competition in Italy’s competitive retail energy market.
PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, including Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that the refineries can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It refines and markets oil products and gas, as well as engages in marketing and sales activities.
View the Zacks #1 Rank List
Image: Shutterstock
Eni Launches 30% Power & Gas Discount Amid Rising Energy Costs
Key Takeaways
Eni S.p.A. (E - Free Report) , an Italian integrated energy company, announced it will offer a 30% discount on electricity and natural gas rates for households, a move intended to support households amid rising energy costs. The company will offer the discount on electricity and gas sold through its retail arm, Plenitude, to customers from Oct. 1, provided they sign up by Oct. 24. The discount applies to Plenitude’s fixed-price offerings, and the discounted prices will be locked in for two years.
Per Eni’s estimates, the households opting for both services could save around €200 per year. By offering these discounted rates, Eni is trying to provide some relief to Italian consumers as rising energy costs continue to pressure households. In fact, Eni’s initiatives are also helping the government ease the financial burden on households as energy costs continue to rise amid the ongoing conflict in the Middle East. The company highlighted that, under this offer, Eni has decided not to immediately pass higher energy procurement costs to customers. Rather, Eni will absorb at least part of the recent increase in its own costs.
Notably, these efforts are part of the “Eni for Italy” initiative, a broader set of measures taken by Eni to reduce the burden of rising energy costs on Italian households. Previously, Eni had announced price caps at its Enilive fuel stations, limiting the prices charged to consumers for diesel and gasoline. This move may lead to reduced margins for a while but could help Eni attract new customers and enhance customer retention and loyalty. The discounted prices offered by Eni may also force rival utility companies to respond with their own discounts, triggering greater price competition in Italy’s competitive retail energy market.
E’s Zacks Rank & Other Key Picks
E currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are PBF Energy (PBF - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While PBF Energy and Valero sport a Zacks Rank #1 each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, including Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that the refineries can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It refines and markets oil products and gas, as well as engages in marketing and sales activities.