The sharp increase in the price of energy commodities experienced in the third quarter of 2022 and the WACC cut made by the Regulator starting from January did not prevent Hera from achieving growth at the consolidated EBITDA level in the first nine months of 2022. 

A policy of well-balanced diversification of the businesses in the portfolio and careful management of the risk profile enabled Hera to achieve sound operating performance even in an unfavourable scenario. Therefore, Hera could keep executing its investment plan, while also seizing additional opportunities through the purchase of significant quantities of gas in storage that guarantee the security of supply to customers for the current thermal year at predefined conditions.

Despite the rebound that started in the second decade of October, equity markets are still currently bearish, while showing significant losses compared to their levels at the beginning of the year. The general picture remains dominated by deep geopolitical tensions, a particularly severe energy crisis in Europe – where a coordinated reaction among the various EU countries has been lacking – and restrictive monetary policies which, although aimed at slowing inflation, make the profile of economic growth uncertain.