Italy's Eni takes bite of French gas retail market

Italian energy company ENI will sell gas in France with the hope of becoming one of the biggest operators in the country, according to a company statement. Until now the company has operated in France under the Altergas name selling gas to an industrial client base at wholesale prices. ENI began ramping up its presence in the French retail market on Oct 1 and intends to add 500,000 new clients to its portfolio. Though the company officially entered into the French gas market in 2003, by 2011 it had become the second largest supplier of gas in the country, with a market share of 14%. Chief Operating Office Umberto Vergine told a press conference in Paris that the gas and power company ''could become one of the major player in this sector of the market''. Mauro Fanfoni CEO of the French subsidiary of Eni Gas & Power said that the company aims to increase profits from around 800 million euro in 2011 to 1.2 billion euro in 2016, and to raise ENI's market share in the private usage sector to 5-6%. Present market share under 'Altergas' stands at 1.6%. The move is in line with a wider re-branding strategy aimed at regrouping ENI activities in all countries under one name.