REF-E

Energy Market Researchref-e.com

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

Energy market analysis
Electricity market forecasting
Gas market research
Energy sector consulting
Regulatory energy analysis

Where REF-E is headquartered

Location

Headquarters

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 offering

Core 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 profile

Segments1 record

Ideal customer profiles1 record

REF-E technology and API

Technology

Technology 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 signal

Partnerships

One partnership is on record.

MBS Consulting S.p.A.coreOthersREFe 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 assessment

Emerging 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 financial estimates

Financial estimate

Revenue estimate

Valuation estimate

REF-E leadership team

Management profile

Number of profiles

REF-E funding detail

Funding detail

Funding 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 investment

M&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?

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.