The transformation of Milan’s City Energy Enterprise in a Leading National Industry Group

By looking at the A2A case history, this paper seeks to understand to what extent the original objectives of privatisation and liberalisation of local public services and energy markets have been achieved. It explores the underlying reasons of the public ownership and how this materializes in the enterprise’s business choices and conflicts with commercial interests. The study also looks at the sustainability of this hybrid model that pushed the enterprise towards riskier industrial operations and an increased exposure to the international financial markets, while keeping the commitment to providing quality public services in the local jurisdictions in which it has traditionally operated.