Italy's gas grid operator snam plans 14 billion euro investment through 2030

Snam Announces €14 Billion Investment Plan for Gas Network by 2030

Snam's Strategic Investment and Financial Outlook

Overview of the Investment Plan

March 5 (Reuters) - Italy's Snam plans to invest 14 billion euros ($16 billion) in the next five years, focusing on its gas infrastructure, including storage assets and liquefied natural gas terminals, it said in a strategy published on Thursday.

Leadership and Asset Management

CEO Agostino Scornajenchi's Vision

Under its new CEO Agostino Scornajenchi, the gas grid operator sees divestment of non‑core assets worth 1.6 billion euros and potential selective acquisitions worth 1.2 billion.

Addressing Global Energy Challenges

    "We are pragmatically addressing the challenges of the current global context, with energy demand expected to grow in the medium to long term and gas to continue to play a central role," Scornajenchi said in a statement.

Financial Performance and Projections

2023 Financial Results

Snam reported a 10.3% rise in adjusted full-year net profit to 1.42 billion euros ($1.65 billion), in line with its previously announced guidance, as it showed resilience in regulated activities and discipline in its financial structure.    The state-controlled group forecast a profit of around 1.45 billion euros for 2026. Net income is expected to grow on average 4.5% each year until 2030 as part of its new strategic plan.

Dividend Proposal

It also proposed a dividend of 0.3021 euro per share to be paid from last year's earnings.

Exchange Rate Information

($1 = 0.8621 euros)

Reporting Credits

(Reporting by Mirko Miorelli in Gdansk, Francesca Landini in Milan; Editing by Emelia Sithole-Matarise)