SNAM reports €932 million net profit in first nine months

SNAM Group reported net profit of €932 million in the first nine months and forecasting at least €1.13bn in guidance for this year.

The group said the profit was in line with expectations, reflecting the soundness of the gas infrastructure business and good performance of associates. Total revenues rose 10.3% year-on-year to €2,400 million.

Capital expenditure rose 2% to €883 million with net debt standing at €12,945 million.

Stefano Venier, CEO, said performance in the first nine months confirms the soundness of the group’s action even in an environment clouded by uncertainty.

He said, “The strong performance of our entire Italian business despite the reduction in regulated rates in the gas segment, the contribution of our foreign associates and the new businesses connected with the energy transition have contributed to the stability of our profits and enable us to confirm the Group’s guidance on net profit for 2022 as a whole.

“Moreover, with 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 and an acceleration of initiatives for the transition.

“This is the only way we can transform the current crisis into an opportunity for the construction of our future energy paradigm.”

The level of gas stocks managed by Stogit, a wholly-owned subsidiary of Snam, has reached 95.2%, for a total of 11.2 bcm of natural gas, in addition to the 4.5 bcm of strategic reserves. The national energy system will also have access to an additional 1.1 bcm held in the storage facilities of other operators.

Venier said the focus is on optimising winter supplies and creating the conditions, including with the support of FSRUs, for next summer’s campaign, when it will also be necessary to replace the some 2 bcm of Russian gas stored this year.

Authorisation has been granted for the installation of FSRUs at Piombino and Ravenna and the acquisition of nine new biomethane plants was recently completed, bringing the company’s portfolio to a total capacity of 32MW among operational and under construction plants.

IES Biogas, a subsidiary of Snam4Environment, bought five agricultural biogas plants with 1MWe capacity in Veneto and Friuli-Venezia Giulia. The plants are located in the provinces of Udine, Pordenone, Venice and Padua.

The goal of the acquisition, whose total value is about €30 million, is to convert the five agricultural biogas plants (which currently produce electricity) to biomethane, reaching the production capacity of about 500 Sm3/h each.

By valourising zootechnical waste, agricultural waste and second-harvest crops, the plants will produce more than 22 million Sm3 per year of biomethane when fully operational.

Three of the plants will be connected to the national gas grid for direct feed-in of bioCNG, while the other two will be equipped with a liquefaction plant for the production of bioGNL (liquid natural gas) intended to supply heavy vehicle fleets for freight distribution.

The operation follows the acquisition last month by IES Biogas of four biogas plants for a total of about 4 MWe in Ostellato, in the Ferrara countryside, to convert to biomethane, and feed into the grid about 11 million Sm3 per year of biomethane from about 160,000 tonnes of livestock manure, agricultural waste and agri-food by-products from the sugar production chain.

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