The performance of the main indices of Borsa Italiana and the Irex Index
Listed renewables experienced a positive summer, with the Irex Index posting a 6.9% increase over the July–August period, closing at 21,652 points. This confirms the recovery phase following the strong growth in June (+12.8%), which had brought the Irex back to mid-December 2024 levels after months of decline.
The performance of the index, which tracks Italian pure renewable small-mid caps, slightly outpaced both the FTSE All-Share (+6%) and the FTSE Italia Energy (+6.5%), confirming the strong momentum of the energy sector on the stock market.
Among individual stocks, Ecosuntek (+13.5%) and Alerion (+13.2%) continued to lead the gains, benefiting respectively from the positive impact of a stock split and a new industrial plan. Meanwhile, Innovatec (-5.4%) and Iniziative Bresciane (-3.9%) extended the downward trend already seen in June. Innovatec appears to have been affected by a “sell the news” dynamic: a record spike triggered by a new EPC agreement was followed by heavy profit-taking, pushing the stock into negative territory. Iniziative Bresciane reported weak half-year results due to a decline in hydroelectric production, prompting analysts to lower their target price.
A comparison with major European indices shows mixed performance: Germany’s DAX (-0.03%) and France’s CAC (+0.5%) remained broadly stable, while Spain’s IBEX rose sharply (+6.75%).
In the energy markets, between June and August, Brent crude rose by 0.8% while WTI fell by 1.8%. Natural gas (TTF) declined more significantly (-3.0%), as did Italy’s PUN electricity price (-2.7%), reversing the sharp increase seen in June (+19.4%).
The international context remains complex. The IMF revised global growth upward to 3% for 2025, though still below pre-pandemic levels. The OECD confirms a gradual recovery driven by emerging economies but highlights risks related to trade tensions and economic fragility in certain regions.
Italy’s economy, after a boost in June, shows signs of weakness: GDP fell by 0.1% quarter-on-quarter in Q2, while industrial production rose in July (+0.4%). Employment saw a modest increase (+13,000 units in July), with the rate climbing to 62.8%. Inflation remained subdued at 1.7% in August (source: Istat). Domestic demand remains fragile, and exports are slowing, particularly to non-EU markets (source: Bank of Italy).
In this scenario, the outlook for Italy’s renewable energy sector remains tied to the implementation of support measures. Following the partial FER 2 auctions and the launch of the transitional FER X scheme, unresolved issues persist regarding the continuity of competitive procedures and the clarity of support mechanisms. Moreover, the results of the first FER X auction fell short of expectations. Bids totaled 11.8 GW compared to the 20.4 GW submitted in the initial phase. While photovoltaic offers exceeded the quota (10.1 GW vs. 8 GW), wind energy bids fell short (1.7 GW vs. 2.5 GW available). The launch of the “Energy Release” scheme for large consumers, approved by the European Commission in late June, marks a step forward but is not yet sufficient to dispel investor uncertainty.
Overall, July and August 2025 confirm the Irex’s recovery following June’s sharp rebound, supported by a less volatile energy environment and some policy measures, though still exposed to macroeconomic and regulatory uncertainties affecting the trajectory of Italy’s renewable energy sector.
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