JOINT STATEMENT

Acciaierie Venete S.p.A. and DXT Commodities S.A. (DXT) announce the structuring of a 5 year Power Purchase Agreement (PPA), concerning the power produced by a new unsubsidized photovoltaic power plant to be built and managed in Italy. The plant is currently under construction and is expected to inject the first kilowatt hour into the grid by the end of this year. The electricity fed into the grid by the renewable power plant will be managed by DXT and will be delivered to Acciaierie Venete’s factories. The power will be purchased at a fixed price and will be used by Acciaierie Venete to cover itself from the risk of possible hikes in the power prices.

Upon signing the contract, Giorgio Zuccaro (Chief Operating Officer of Acciaierie Venete Group) declared: “With the aim to ensure a greater efficiency in the use of energy resources, we started a long time ago developing tools to track and manage consumption, the risks associated to Group’s energy procurement and ways to improve both our energy performance and the associated costs. Energy sustainability and the ambitious decarbonisation targets set globally have motivated us to tackle new and ambitious challenges such as concluding this long term PPA, which we managed to conclude thanks to a very professional and flexible partner such as DXT Commodities, capable of understanding and accommodating our requirements.”

On the deal Mattia Giussani (Senior Power Originator of DXT Commodities) also added: “It is important to highlight how the interest on long term power purchase agreements is increasingly raising within the Italian industrial sector and this will definitely provide a boost to the construction of new renewable plants both in Italy and elsewhere. Bringing together renewable production and consumption is a complex task, but it enables an effective risk allocation and ensures a well-balanced structure that can withstand the test of time. We owe this success to Acciaierie Venete, who worked with us very effectively since the very beginning to reach this ambitious goal.”

Acciaierie Venete S.p.A.  is one of the main players in the European market for long quality steel products (wire rod, square and round bars) with a production capacity of 1,800,000 tons per year and approximately 1,400 employees. Steel is produced in Padua, Sarezzo (BS) and Borgo Valsugana (TN), transformed into finished products in Padua, Sarezzo, Mura (BS), Dolcè (VR), Odolo (BS) and Buja (UD) and, for some applications, worked further in Modena and Idro (BS).

DXT Commodities S.A. is a Swiss trader operating internationally and specialized in energy commodities. As market leader in the off-take of renewable power in Italy, managing more than 7 GWh of power volumes, DXT is the benchmark for the most important renewable power producers, who seek a well-structured trader capable of providing bespoke quality services. Thanks to a strong team of analysts and traders, as well as the use of sophisticated technologies developed in-house, DXT effectively optimizes the value of both power and guarantees of origin generated by renewable power plants.