Snam confirms 2022 guidance, aims to boost Italy’s gas storage

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MILAN, Nov 10 (Reuters) – Italian gas grid operator Snam on Thursday confirmed its guidance for full-year net profit after reporting a 10% rise in nine-month revenue to 2.4 billion euros ($2.41 billion).

The state-controlled group said that after securing the go-ahead for setting up two new LNG terminals it planned to boost Italy’s gas storage and transportation infrastructure.

The new floating LNG terminals and investments in the gas infrastructure are part of a broader effort by the Italian government to replace dwindling Russian gas supplies and keep a lid on energy costs.

Snam reported an adjusted net profit of 932 million euros between January and September, nearly flat year-on-year as the good performance of its associates compensated for a lower rate of return on investments in regulated infrastructure.

Net profit for this year is still projected to be at least 1.13 billion euros, the group said.

“With the receipt of authorisation to begin operation of our regasification vessels, we take the first step in the remodelling of our national energy security, which will soon have to be accompanied by the expansion of transport and storage infrastructure,” Snam CEO Stefano Venier said.

Venier said the group also aimed to play a key role in Italy’s acceleration of the energy transition.

Snam, which manages Italy’s gas grid as well as the bulk of its gas storage, has recently secured the approval to set up a floating storage and regasification unit (FSRU) in the Tuscan port of Piombino in the spring, and to build a second FSRU offshore Ravenna in 2024.

($1 = 0.9979 euros)

(Reporting by Francesca Landini; editing by Agnieszka Flak and Jane Merriman)

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