What is the status of the governance pact between Italy's CDP and China's State Grid regarding Italy's energy network assets?

The governance pact between Italy's Cassa Depositi e Prestiti (CDP) and China's State Grid Corporation of China is set to renew automatically at the end of November, as neither party exercised the option to terminate it six months prior to expiry; the pact governs their relationship in CDP Reti, which holds significant stakes in Italy's key energy infrastructure operators — Terna, Snam, and Italgas.

Why are Italian and German officials concerned about State Grid's involvement in Italy's energy sector?

Italian and German officials are concerned because State Grid’s 35% stake in CDP Reti — which owns 31.4% of Snam, 29.0% of Terna, and ~26% of Italgas — makes it an indirect investor in critical European energy assets; this concern intensified when Germany’s economy ministry blocked Snam’s planned acquisition of a German gas transmission firm due to State Grid’s indirect ownership, highlighting fears that Chinese state influence could hinder strategic energy decisions and expansion plans in Europe.

Italy's CDP and China's State Grid Set to Renew Governance Pact in Italy Energy Network

Jun 1, 2026

Italian state lender CDP and China's State Grid will automatically renew their governance pact over Italy's key energy networks despite political concerns over Beijing's influence. The agreement impacts control over major grid operators Terna, Snam, and Italgas amidst ongoing geopolitical tensions.

reuters

2026-06-01

Italy's CDP and China's State Grid Set to Renew Governance Pact in Italy Energy Network

Italy's CDP and China's State Grid Set to Renew Governance Pact in Italy Energy Network

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