Mediobanca: Italy New Power Transmission Tariffs Are Positive

Italian investment bank Mediobanca SpA (MB.MI) said Monday that the weekend's final electricity transport and distribution tariffs published by the regulator are positive overall.

The new tariffs cover the 2012-2015 period.

The regulatory outcome offers "visible" signs of improvement from the earlier consultation document, said a bank analyst.

Mediobanca notes as positives the higher transport and distribution allowed returns, which now climb to 7.4% and 7.6%, respectively. The bank also is positive on a correction mechanism that allows the regulator to consider in two years a revision of the returns if the macroeconomic scenario doesn't improve.

On the negative side, Mediobanca wrote in a note that the new "Robin Hood" tax hitting utilities is only partially compensated.

Mediobanca said it expects positive share price reaction to the new tariffs, especially by Terna SpA (TRN.MI) and Enel SpA (ENEL.MI).

At 1452 GMT, Terna shares had gained 5.4% at EUR2.74, while Enel had added 2.3% at EUR3.22. Italy's benchmark FTSE Mib Index had climbed 2.2%.

-By Liam Moloney, Dow Jones Newswires; [phone]; [e-mail]