Exclusive: EDF delays Edison stake sale to 2027 as Hormuz crisis drags on, sources say

• Edison, Italy's second-largest gas importer, was previously valued at €7 billion to €10 billion ($8-11.6 billion), but the ongoing LNG supply disruptions may significantly affect its valuation
• Edison's Qatar supplier notified the company of cancelled LNG cargoes with force majeure extended to mid-August, impacting a long-term contract for 6.4 billion cubic metres of gas annually
• EDF advisers are revising Edison's business plan to account for LNG disruptions, with potential investor discussions possibly restarting from September 2026

Summary: EDF Delays Edison Stake Sale to 2027 Amid Hormuz Crisis

French utility EDF has postponed the sale of a stake in its Italian subsidiary Edison until 2027, citing ongoing disruptions to liquefied natural gas (LNG) supplies caused by the Strait of Hormuz crisis, according to sources with direct knowledge.

Key Details

EDF had begun working with advisers in 2026 to explore options for Edison, including selling a minority stake to a financial partner or pursuing an initial public offering. The French energy giant sought to raise capital for investments in its nuclear reactor fleet.

Edison, Italy's second-largest gas importer, has been significantly impacted by Middle East energy flow disruptions and changes to Italy's regulatory framework. The company holds a long-term contract with QatarEnergy to supply 6.4 billion cubic meters of gas annually to Italy. QatarEnergy recently notified Edison of multiple LNG cargo cancellations, extending force majeure provisions through mid-August.

Financial Implications

Edison's valuation was estimated between €7 billion to €10 billion ($8 billion to $11.6 billion) in 2026. However, EDF advisers are now revising Edison's business plan to account for LNG supply disruptions.

Discussions with potential investors may resume in September 2027, though any transaction will proceed only if the Middle East crisis doesn't significantly impact Edison's valuation.

Market Context

The delay underscores the broader impact of the Hormuz crisis on European energy markets and highlights the vulnerability of major gas importers to Middle Eastern supply chain disruptions. The postponement also affects EDF's fundraising timeline for its critical nuclear infrastructure investments.