HERA SPA is the second multi-service group in Italy. It was born from the first significant merger of public services companies in Emilia Romagna. It got official listing on the 26th of June 2003 and its working control is owned by public corporations. It operates in the energy, water and environmental sectors with 5,000 employees and 2,200,000 users in the Provinces of Bologna, Ravenna, Rimini, Forlì-Cesena and Ferrara. Hera is structured in a leading group and six territorial operative companies entirely controlled by the leading group. Its organizational model is based on aggregation by sharing, which allows bigger dimensions, balanced structure in terms of business portfolio, risk minimizing and creates strong links with the territory. The innovation in its business and organizational model represents the first Italian experience in the realization of a public services industry.