REF-E
REF-E is an Italian energy market research and consulting firm operating as the dedicated energy portal of MBS Consulting S.p.A. (within Cerved Group). It sells subscription-based newsletters, forecasts, and scenario analyses on Italian and European electricity, gas, and renewables markets to energy producers, traders, and utilities.
- Company typePrivate
- Founded1999
- HeadquartersMilano Marittima, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
What REF-E does
REF-E (REFe – Ricerca e consulenza per i mercati energetici) is a Milan-based Italian energy market research and consulting practice that operates as the dedicated energy portal of MBS Consulting S.p.A., itself directed and coordinated by Cerved Group S.p.A., a large Italian data and credit information conglomerate. The firm provides subscription-based analytical content covering Italian and European electricity, natural gas, renewables, hydrogen, CO2, and energy policy markets to energy producers, traders, utilities, aggregators, energy-intensive industries, and financial institutions. Its core analytical asset is Elfo++, a proprietary simulation model self-described as Italy's leading electricity and gas market forecasting tool.
The company's product portfolio consists of four subscription-gated content lines: the monthly Osservatorio Energia newsletter analyzing energy sector transformations; the quadrimestral Market Outlook publication, which delivers electricity and gas price and volume forecasts built on the Elfo++ model; ongoing Reports providing continuous Italian and European market price and volume data; and quarterly Italian Electricity Market Scenarios covering supply-demand balances and renewable expansion. Access is gated behind a login, with subscription inquiries handled via direct email contact ([email protected]) under a quote-based annual billing model — pricing is not publicly disclosed. The firm operates from headquarters at Piazza Sant'Eufemia 8 in Milan, with additional contact offices at Piazza Diaz 6 in Milan and Via del Corso 52 in Rome, and maintains an active monthly publication cadence evidenced by newsletter content dated as recently as June 2026. No public API, SDK, or integration endpoints are offered, and no AI/ML capabilities are disclosed in the product stack.
REF-E firmographics
Firmographics- Name
- REF-E
- Legal name
- MBS Consulting S.p.A.
- Website
- https://ref-e.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- REF-E is an Italian energy market research and consulting firm operating as the dedicated energy portal of MBS Consulting S.p.A. (within Cerved Group). It sells subscription-based newsletters, forecasts, and scenario analyses on Italian and European electricity, gas, and renewables markets to energy producers, traders, and utilities.
- Ownership category
- akta.pro rank
REF-E industry classification
Industry- Product category
- Energy Market Research
- NAICS
- Management Consulting Services (54161), Environmental Consulting Services (541620), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- ESG/Sustainable Investment Advisory (FSAEAAAJ)
- akta.pro secondary industry
- I-REC Trading & Issuance Support (EUAGAFAC)
Keywords
Where REF-E is headquartered
LocationHeadquarters
- HQ city
- Milano Marittima
- HQ country
- Italy
- HQ region
- Europe
Offices3 records
Markets served
REF-E business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Subscription-based publication access: Subscription model for accessing newsletters, market outlook reports, and scenario analyses on Italian and European energy markets. Multiple publication types including monthly Newsletter, quadrimestral Market Outlook, and Reports covering Italian and European prices and volumes.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Subscription-based access to publications |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
REF-E product offering
Product offeringCore offering
REF-E (Ricerca e consulenza per i mercati energetici) is a research and consulting firm dedicated to energy market analysis for Italian and European electricity and gas markets. The firm delivers subscription-based publications — including the monthly newsletter Osservatorio Energia, a quarterly Market Outlook, ongoing price/volume Reports, and Italian Electricity Market Scenarios — built on its proprietary Elfo++ simulation model.
Product overview
REF-E (Ricerca e consulenza per i mercati energetici) is a consulting and research firm specializing in energy market analysis for the Italian and European markets. The company operates as a subscription-based content platform offering a portfolio of analytical products including the Osservatorio Energia newsletter (monthly energy sector analysis), the Market Outlook (quarterly electricity and gas price forecasts based on the proprietary Elfo++ simulation model), Reports (continuous price and volume data), and Italian Electricity Market Scenarios (quarterly scenario planning). The company is directed and coordinated by Cerved Group S.p.A. and provides consulting services to clients in all sectors of the energy industry.
Differentiator
Problem solved
Functional benefit
Products and services
- Osservatorio Energia Monthly newsletter providing ongoing analysis and commentary on Italian and European energy market developments for energy industry professionals.
- Market Outlook Quarterly publication delivering forward-looking forecasts of price and volume scenarios for the Italian energy market.
- Reports Ongoing analytical reports covering price, volume, and structural developments in Italian and European energy markets.
- Italian Electricity Market Scenarios Scenario-based analysis of the Italian electricity market, supported by the proprietary Elfo++ simulation model, for strategic decision-making.
- Elfo++ Simulation Model Proprietary simulation model described as a market-leading tool for forecasting and scenario analysis of the Italian electricity market, underpinning REF-E's research publications.
Companies that use REF-E
Customer profileSegments1 record
Ideal customer profiles1 record
REF-E technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
REF-E partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- MBS Consulting S.p.A.coreREFe is the energy market portal of MBS Consulting S.p.A. REFe serves as the dedicated portal for energy market analyses, while MBS Consulting provides broader consulting services. MBS Consulting is directed and coordinated by Cerved Group S.p.A.
Scale indicators1 record
Recent moves4 records
Expansion highlights4 records
REF-E competitors and assessment
Company assessmentEmerging players
- Vortexa: Vortexa delivers real-time energy and freight market intelligence via subscription analytics platforms. Comparable to REF-E for its energy market data subscription approach, with a modern tech-enabled data delivery style.
- Kpler: Kpler provides real-time data and analytics for energy and commodity markets, with subscription-based delivery. Comparable to REF-E for its energy market data subscription business model, with an emerging-technology angle on data delivery.
Direct peers
- BloombergNEF: BloombergNEF provides subscription-based research on energy transition, renewables, and commodity markets. Comparable to REF-E in its research subscription model and renewables/climate focus.
- Energy Aspects: Energy Aspects provides subscription-based research and analysis across global oil, gas, power, and renewables markets. Directly comparable to REF-E in its market analyst subscription model.
- Argus Media: Argus publishes subscription-based price benchmarks, market analysis, and forecasts for global energy and commodity markets. Comparable to REF-E for its B2B subscription model and energy market intelligence offerings.
- ICIS (part of RELX): ICIS provides energy and commodity market intelligence via subscription services, including price assessments and market outlook reports. Directly comparable to REF-E for its energy market subscription intelligence business.
- Rystad Energy: Rystad Energy provides subscription-based research, data, and analytics for global energy markets including renewables and conventional energy. Directly comparable to REF-E for its subscription analytics and forecasting offering.
- Wood Mackenzie: Wood Mackenzie provides subscription-based research and consulting on global energy, renewables, and commodity markets. Directly comparable to REF-E in its B2B research and consulting model focused on energy market analytics.
Broad incumbents
- S&P Global Commodity Insights: S&P Global's energy and commodities division delivers B2B subscription research, price benchmarks, and forecasts across global energy markets. Comparable to REF-E in its subscription-based energy market intelligence model, but at much larger global scale and breadth.
Others
- MBS Consulting S.p.A. MBS Consulting is the parent legal entity and broader consulting arm that hosts REF-E as its energy market practice. REF-E operates as the dedicated energy research portal of MBS Consulting, sharing the consulting parent.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
REF-E social profiles
Digital presenceREF-E financial estimates
Financial estimateRevenue estimate
Valuation estimate
REF-E leadership team
Management profileNumber of profiles
REF-E funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
REF-E M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about REF-E
What does REF-E do?
REF-E (Ricerca e consulenza per i mercati energetici) is a research and consulting firm dedicated to energy market analysis for Italian and European electricity and gas markets. The firm delivers subscription-based publications — including the monthly newsletter Osservatorio Energia, a quarterly Market Outlook, ongoing price/volume Reports, and Italian Electricity Market Scenarios — built on its proprietary Elfo++ simulation model.
Is REF-E a public or private company?
REF-E is a private company. It is classified as corporate owned and is currently operating.
When was REF-E founded?
REF-E was founded in 1999. It employs 11 to 50 people.
Where is REF-E based?
REF-E is headquartered in Milano Marittima, Italy, in the Europe region.
How does REF-E make money?
One revenue line is on record: subscription-based publication access.
Who are REF-E's main competitors?
Emerging players on record are Vortexa and Kpler. Direct peers are BloombergNEF, Energy Aspects, Argus Media, ICIS (part of RELX), Rystad Energy and Wood Mackenzie. S&P Global Commodity Insights is listed as a broad incumbent. MBS Consulting S.p.A. is listed as an others.
Does REF-E have an API?
No public API is recorded for REF-E.
What industry is REF-E in?
REF-E's product category is Energy Market Research. Its primary akta.pro industry code is FSAEAAAJ, ESG/Sustainable Investment Advisory, with a secondary code of EUAGAFAC, I-REC Trading & Issuance Support. Its NAICS code is 54161 and its SIC code is 6282.