After finally resolving the dispute over Kashagan (a fair result financially, although not a kind one for corporate reputations), Eni was able to move on to happier news today with its announcement of a $50m investment in to solar energy research at MIT.

Italian business leaders have long resented the fact that cloudy Germany has a much better-developed solar power sector than they do, so it is an obvious interest for a company looking for a future beyond its established strength in oil and gas.

This route is becoming a well-trodden path, with all the oil majors including BP and even ExxonMobil investing in R&D for alternative energy. The question one has to ask, though, is whether they will benefit very much from it in the end. History shows that it is hard to realise the full potential of a new business that competes directly against your traditional core activity. Just look at IBM and Xerox.

We have not yet found the Microsoft and Apple of the energy world, but somewhere, they are probably out there.