State Grid close to Italian power deal: Sources

Chinese utility State Grid is close to securing a deal to by a 35% share in a vehicle controlling Italy’s energy grids from Italian state bank Cassa Depositi e Prestiti, Reuters reported, citing unnamed sources. As part of an Italian privatisation drive to reduce public debt, CDP is trying to sell up to 49% of CDP Reti – the vehicle that controls gas grid Snam and, soon, power grid Terna. The sale of a 35% stake in CDP Reti to State Grid, the world’s biggest state utility, could be reached within days, according to a second source.