Agici Finanza d’Impresa is a company offering research and advisory services, which specialises in utility, infrastructure and energy efficiency.

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Utility & Infrastructure

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Table of Contents
AGICI
RESEARCH
ADVISORY
PUBLISHING
HIGHER EDUCATION

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Agici
Agici Finanza d’Impresa is a company offering research and advisory services,
which specialises in utility, infrastructure and energy efficiency.
Since 1985, Agici has been working in collaboration with companies and
organizations, as well as local, national, and international governments, and other
institutions. Its main goal is to recommend policies and to implement projects
that aim at creating value for specific firms or the entire country.
The team’s approach is based on a sound theoretical background and on an
extensive empirical knowledge of managerial, financial and economic issues.
This guarantees flexibility to the clients’ needs and customized solutions.
Agici created a wide network of national and international partners thanks to
the highly appreciated competences and the many years’ experience of its
team.
Agici professionals gained experience and expertise in many private and
public sectors including:
• Water, Waste, Power, and Gas Utilities;
• Renewables;
• Infrastructure;
• Internet/Broadband Networks;
• Energy efficiency.

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Team
Prof. Andrea Gilardoni
Founder and President of Agici Finanza d’Impresa, Prof. Gilardoni teaches economics and
management at Bocconi University, where he was the director of the Master programme in Public
Utilities. He has been active in the utility/infrastructure sectors for many years now. Gilardoni has served
in the board of various companies in these industries. He has been the Chairman of AMSA of Milan and
the Minister for Infrastructure and Mobility of the Lombardy Government. He is the author of over 150
publications and has founded “Management delle Utilities e delle Infrastrutture”, which is in Italy a leading
Quarterly Journal.
Marco Carta
Director of Utility and Renewables R&A
Stefano Clerici
Director of Infrastructure and Energy Efficiency R&A
Alessandra Garzarella Coordinator of CNF Observatory
Tommaso Perelli Coordinator of OIR Observatory
Valeria Panza Coordinator of Marketing and Communication

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Four Research & Advisory Units
The four Research & Advisory Units (R&A Units) are dedicated to developing Agici’s presence in their respective areas of competence.
Thanks to high quality and continuing Research, each Unit extends its offer to a wider range of activities, which include Advisory
and Higher Education. Easy Solutions is an innovative approach designed to provide smart and qualified consultancy services for
companies and institutions in order to solve relevant strategic challenges. Higher Education is often performed behind closed-doors
through seminars addressed to top-level managers and professionals on topics related to research. Discussion about the matter and
professional free talk opportunity are essential features of the meetings.
EASY SOLUTIONS
ADVISORY
Observatory on
Alliances and Strategies
in the Pan-European Utility Market
RESEARCH
HIGHER EDUCATION
CONFERENCES,
SEMINARS
EASY SOLUTIONS
ADVISORY
RESEARCH
HIGHER EDUCATION
CONFERENCES,
SEMINARS
Observatory on the
Cost of Non Action
Quality Project Lab
EASY SOLUTIONS
ADVISORY
RESEARCH
HIGHER EDUCATION
CONFERENCES,
SEMINARS
ESEFC
Research Center on
Energy Efficiency
EASY SOLUTIONS
ADVISORY
RESEARCH
HIGHER EDUCATION
CONFERENCES,
SEMINARS
OIR
Observatory on
the International Renewables
Industry and Finance
RESEARCH & ADVISORY UNIT
UTILITIES
RESEARCH & ADVISORY UNIT
INFRASTRUCTURES
RESEARCH & ADVISORY UNIT
RENEWABLES
RESEARCH & ADVISORY UNIT
ENERGY EFFICIENCY

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M&A
Observatory on Alliances and Strategies in the Pan-European Utility Market
UTILITIES The National Report. It evaluates the growth
policies of the Italian leading gas, power,
waste, and water utilities.
The International Report. It analyses and
compares the competitive strategies and the
M&A deals of the 40 European leaders in the
Gas & Power Industry.
Working Papers. They focus on the strategic
issues affecting the energy world, such as
the global gas market, the cost of renewable
energy or the role played by the grids in the
new era of sustainable electrical energy.
The Observatory was founded in 2001 by Agici and, then, mainly developed in
cooperation with Accenture. Its original purpose was to monitor how the Italian Utility
Industry gathered and rearranged itself following the liberalisation plan schedule.
After 2004, the mission was extended to include Europe.
Today, the Observatory’s activity focuses on alliances and mergers, but also on
the most relevant strategic issues that the companies operating in the gas, power,
waste, and water sectors must face.
Yearly results are presented and discussed during an annual conference, which,
over the years, has become a key event in the industry.
STUDIES

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CNF
Observatory on the Cost of Non-Action
INFRASTRUCTURES
Annual Report. In-depth analysis of the Italian
infrastructure-related issues that measures the
cost of non acting in several industries.
Project’s CNF. Study of the socio-economic
impact on the cost of not building specific
infrastructures or plants.
Benefits of Having Done. It measures the
benefits stemming from the implementation of
specific infrastructure.
Regional CNF. It estimates the cost of not
building infrastructures at regional level both in
Italy and abroad.
International CNF. Strategic analysis of the
opportunities for Italian companies in the
global infrastructure markets.
The Observatory is part of the Infrastructure R&A Unit. It assesses the economic, social,
and environmental impact caused by construction delays on infrastructure projects both
in Italy and abroad. The methodology, developed by Agici researchers, is based on the
Cost-Benefit Analysis. The CNF’s primary focus is on infrastructural projects related to
energy, waste, transport, telecommunication and water.
Objectives:
• To analyze the reason and disseminate information about the causes that may
delay or prevent the construction of infrastructures in Italy.
• To measure the costs of such delays affecting the country.
• To suggest solutions to unlock the country’s infrastructures development.
STUDIES

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QPLab
The Quality Project Lab (QPLab) is a new section within the infrastructure R&A Unit. Its
purpose is to develop models and proposals aimed at designing and properly managing “Quality
Projects” in the field of public works and infrastructure. “Quality Projects” are those financially
sustainable infrastructures that are expected to be useful for the territory, and are achievable
following predetermined times and costs. The QPLab covers two aspects:
• Research, which explores the key factors and the elements of risk through the in-depth
analysis that describe the history of construction of a public work or an infrastructure.
• Easy Solutions, which applies a methodical approach to identify and manage the risks related to the process of realisation of projects on
request of our partners/customers.
The activity and knowledge of QPLab are based on a 10 years empirical research and are aimed at identifying and solving the main critical aspects
affecting the field of infrastructure.
INFRASTRUCTURES
Sector Report. Analysis of the most relevant
issues in specific public works and
infrastructural areas (energy, transport, water,
waste, telecommunication).
Case Studies. Detailed analysis of a public
work or an infrastructure tthrough its history of
construction.
Monographic Studies. Specific analysis of the
main key factors in the field of public works
and infrastructure.
STUDIES
Quality Project Lab

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OIR
International Observatory on the Renewables Industry and Finance
RENEWABLES Annual Report. A document representing
the in-depth study that examines
the most relevant trends and issues
related to renewables in Italy and on an
international basis.
Country Reports. Country-specific studies on
roles, market, and potential of the renewable
energy sector.
Dedicated Research. Customized research
services on specific domestic and
international projects.
OIR was established in 2008 in collaboration with GSE. It monitors and analyzes the
industry value-chain of the renewable energy sector in Italy and on an international
basis. It aims at developing a comprehensive view of the industrial issues, innovation,
and finance. OIR also submits development-oriented solutions and proposals
addressed to the representative of decision making in public policy.
The outputs of the researches are discussed both during public workshops and
closed-door seminars (which access is limited to the Observatory Partners) by the
representatives of the top management of the leading companies.
STUDIES

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CESEF
Research Center on Energy Efficiency
ENERGY EFFICIENCY Annual Report. It examines the key issues
to energy efficiency in Italy and on an
international basis. The research focuses on
the business model and the financial issues
of the company.
Focus Group. It refers to meetings that aim
at investigating specific strategic issues
concerning energy efficiency (i.e: finance,
regulations, technology, etc.)
Ad-hoc Projects. Analysis of specific
sub-sectors, projects and technologies
(monographic studies, Case Study, Cost
Benefit Analysis, Country reports, etc.).
Today, energy efficiency is a key component in the fields of energy and environmental
public policy. It allows countries to face the trilemma: energy security, energy
affordability and competitiveness, and environmental sustainability.
CESEF was established in 2013, and it focuses on the key issues for the industry
in a global and independent perspective. It develops a comprehensive view on the
following matters: players’ strategy , technology development, end-user benefits,
financial instruments, impact on the industry and the countries.
Yet, the Center gives opinions on public policies relating to the industry, and submits
proposals to the policy makers.
STUDIES

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Easy Solutions
Our offer is carried out over 4 steps:
1. Preliminary meeting to frame the key management issues.
2. Drafting of a Report that identifies a set of strategic options by sug-
gesting what best fits each specific business case.
3. Presentation of the Report and discussion about
the recommended solutions.
4. Follow-up activies.
Easy Solutions include:
• Successful strategies and business model in the utilities,
renewables and energy efficiency sectors.
• Cost Benefit Analisys for individual infrastructures.
• Benchmark analisys with selected competitors in specific sectors.
• Research of industrial or financial qualified partners.
• Access to our database, plenty of historical and perspectival
financial data, filtered according to specific needs.
• Other customized solutions.
The consulting activity by Agici encompasses Easy Solutions: a new advisory service. It is designed to provide quick and not expensive
results, as well as to offer the know-how to approach relevant, strategic issues and to face urgent, competitive challenges.

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Agici Partners
Being a partner of one or more Agici
R&A Units offers several advantages:
• To become a part of a highly
qualified network;
• To develop synergies and direct
access to policy makers;
• To exploit Agici’s advanced and
qualified studies and databases;
• To take advantage of the
Observatories’ media coverage;
• To attend influential events on
the matters related to Utility,
Infrastructure, and Energy Efficiency.
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Media Coverage
A Selection of our partners
RÉFÉRENCES COULEUR
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Higher Education
From our perspective, Higher Education is closely linked to the research activity. Agici organizes several annual high profile seminars
and conferences to discuss the results obtained from the studies and researches carried out in the field. There are two kinds of event:
• Open-door, they are typically organised to illustrate and debate the Annual Reports drafted by the R&A Units. The aim is to
disseminate the results obtained through research projects carried out via media channels such as newspapers, the Internet, and
television.
• Closed-doors, they are mainly dedicated to Agici partners and other selected guests. The objective is to discuss the key
challenges for the top-level managers – working in fields such as industry, finance, and government – in a controlled
environment.
We organize tailor-made initiatives at the request of some of our partners.

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Agici Publishing
Agici Publishing was established in 2011 and specializes in publishing books on different topics related to Utility and Infrastructure.
ANNUALREPORTSJOURNAL
BOOKS

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Quarterly Journal
Management delle Utilities e delle Infrastrutture
Public services and infrastructures are essential aspects from an economic
and social perspective. These sectors have a profound impact both on the
competitive strength or nations and people’s quality of life.
The Journal is conceived as a tool that helps the development and the
dissemination of managerial systems and techniques applicable to public
services and infrastructures. It allows also a better understanding of the
industries dynamics, the corporate strategies, and the national policies.
The fields considered for the purpose mainly demonstrate industrial
relevance, and they include: Gas, Power, Water, Waste, ICT; Public Transport,
Infrastructure and Mobility, etc.
For further information:
www.rivista-utilities.com

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Contacts
Agici Finanza d’Impresa
Address:
Via Brentano, 2
20121 Milano Italy
Phone: + 39 02 5455801
Fax: + 39 02 54118532
Mail: agici@agici.it
Web:
www.agici.it
publishing.agici.it
www.costidelnonfare.it
For further information, please contact:
Utilities and
Renewables: marco.carta@agici.it
Infrastructures and
Energy Efficiency: stefano.clerici@agici.it