March 25, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Telecom Italia acts to rein in energy costs By Reuters

1 min read

© Reuters. FILE PHOTO: The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi

MILAN (Reuters) – Telecom Italia (BIT:) said its domestic energy consumption was expected to be flat in 2023, with measures to curb consumption offsetting growing data centre infrastructure and network expansion.

In slides alongside a quarterly results presentation, TIM said its domestic energy costs were almost all hedged this year and hedged for around 75% for 2023.

Core profit at TIM fell 11% in the third quarter from a year earlier as shrinking domestic revenues outweighed cost cuts and the contribution from TIM’s Brazilian unit.