Edison

Edison S.p.A. is an Italian electricity and gas company founded in 1884 and run from Milan. It is Italy's second-largest power producer, at roughly 15 per cent of national output, and it both generates electricity and sells natural gas to Italian customers. Electricite de France holds 99.4 per cent of it, having completed the buyout in 2012 and taken the company off the Milan stock exchange. It has no connection to the American inventor of the same surname.

Its exposure to this conflict runs through gas rather than power. Edison is one of the European buyers of Qatari Liquefied Natural Gas, which reaches it by SEA through the Adriatic LNG terminal off the north-east Italian coast. A long-term contract with a single Gulf supplier is an asset while the gas sails and a liability while it does not.

Italy is the European Union's most gas-exposed large economy, so a suspended Qatari contract does not stay a corporate matter. Rome watches these deliveries, and EDF's ownership means the cost reaches a French state-controlled balance sheet as well as Italian customers.