REF-E has been supporting DSOs, investors and utility companies throughout tender procedures for awarding of the gas distribution service. REF-E can support operators by constantly updating its M&A and gas distributors databases, analyzing corporate financial statements, reviewing regulation, developing market scenarios after the tenders based on a set of proxies (level of fragmentation, size, presence of Post Letta municipalities, strategic interest for national players), and exchanging views with stakeholders and institutions. Through all these activities, REF-E is able to:

• carry out regulatory due diligence for industrial and financial investors
• evaluate regulatory risk
• support investment decisions and business plans’ elaboration
• provide expert advice in antitrust proceedings related to M&A operations
• analyze the level of potential competition in each ATEM and elaborate possible market scenarios after the tenders
• support DSOs to communicate tariff data to the AEEGSI and to check the level of RAB
• organize training courses for DSOs covering topics such as tariff regulation, strategic analysis and business plans’ elaboration

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