Snam

Snam S.p.A.
Company typeSocietà per Azioni
BITSRG
ISINIT0003153415
IndustryGas industry
FoundedOctober 30, 1941 (1941-10-30)
Headquarters,
Key people
Monica de Virgiliis (Chairman)[1]
Stefano Venier (CEO)[1]
ServicesNatural gas transmission, storage and regasification
Revenue€3,875 million (2023)[2]
adjusted €1,477 million (2023)[2]
Group adjusted net profit: €1,168 million (2023)[2]
Total assets€33,525 million (2023)[2]
Total equity€7,680 million (2023)[2]
OwnerCDP Reti (31.4%)
Number of employees
3,798 (2023)[2]
SubsidiariesStogit
Snam Rete Gas
GNL Italia
Websitewww.snam.it

Snam S.p.A. is an Italian energy infrastructure company.[3]

As of 31 December 2023, it had a market capitalization of €15,611 million.[2] Snam was originally a subsidiary of Italian energy company Eni. It has since become an independent company, whose largest shareholder is CDP Reti, a holding company controlled by the Italian state. The utility operates in Italy and, through associated companies, in Albania (AGSCo), Austria (TAG, GCA), China (Snam Gas & Energy Services Beijing), France (Terēga), Greece (DESFA), the UAE (Adnoc Gas Pipelines) and the United Kingdom (Interconnector UK).[4] It is one of the main shareholders of the Trans Adriatic Pipeline (TAP). Snam is the main Italian operator for the transport and dispatching of natural gas in Italy, having almost all the transport infrastructures in Italy, with 32,727 km of gas pipelines in operation in high and medium pressure (approximately 94% of the entire transport) and over 41,000 km including international activities. First in Europe for natural gas storage capacity (over 20 billion cubic meters, including international activities), the company is also one of the main continental operators in regasification for a total pro quota capacity of approximately 8.5 billion cubic meters per year. [5] Snam is one of Europe's main regulated gas companies - leading Italy in gas transport and storage, while ranking third in regasification. Snam also aims to invest in new energy transition businesses to reduce environmental impact and decarbonisation: sustainable mobility (compressed – CNG – and liquefied – LNG – natural gas distributors, Small Scale LNG), energy efficiency, renewable gases such as biomethane and hydrogen. The company is listed on the FTSE MIB index of the Borsa Italiana since 6 December 2001.

History

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Snam was founded on 30 October 1941 in San Donato Milanese, Lombardy, with the name Società Nazionale Metanodotti.

On 1 June 2001, it changed its name to Snam Rete Gas. It has been traded on the Borsa Italiana since 6 December 2001.[5] On 1 January 2012, it was renamed with the original name of Snam.

In April 2019, Snam launched the first injection of a hydrogen and natural gas into the pipeline, the Europe's first commercial test of a hydrogen-methane blend in a high-pressure network.[6]

Corporate structure

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As of December 31, 2023, according to the 2023 Financial Report approved at the Snam Shareholders’ Meeting on May 7, 2024[7], the Group’s structure is as follows:

Transportation

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Companies involved in the transportation and dispatching of natural gas[7]:

  • Snam Rete Gas (100%)
  • Asset Company 2 Srl (100%)
    • Infrastrutture Trasporto Gas Spa (100%)
  • Enura Spa (55%), a joint venture between Snam and Sgi, established to develop the methane transportation infrastructure in Sardinia[8]

Storage

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  • Stogit Spa (100%), which manages 9 natural gas storage facilities in Italy (Brugherio, Bordolano, Cortemaggiore, Treste River, Minerbio, Ripalta, Sabbioncello, Sergnano, and Settala)[9]

Regasification[7]

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  • GNL Italia Spa (100%), the main operator in the regasification of liquefied natural gas (LNG), manages the Panigaglia Regasification Plant
  • Snam FRSU Italia Srl (100%), which manages the Italis LNG (formerly Golar Tundra, now operating under the Italian flag)[10] and BW Singapore floating regasification terminals (FSRU) acquired by Snam[11]
    • FSRU I Limited (100%)
    • Ravenna LNG Terminal Srl (100%)

Sustainable mobility

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  • Greenture Spa (100%), formerly Snam4Mobility until March 2023[12], promotes the decarbonization of land, sea, and rail transport, as well as off-grid industrial and civil users, through the development of infrastructure primarily supporting the use of Bio C-LNG (Compressed and Liquefied Natural Gas) and hydrogen
    • Cubogas (100%), which designs, develops, and produces compression technologies for natural gas, biomethane, and hydrogen, supporting the energy transition of industries[13][14]

Energy transition

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  • Bioenerys Srl (100%), formerly Snam4Environment until November 2022[15], focuses on promoting the development of biogas infrastructure and its use across the Italian territory, fostering the circular economy[16]
    • Bioenerys Agri (100%), formerly IES Biogas, active in the design, construction, maintenance, and assistance of biogas and biomethane production plants from agricultural and agro-industrial waste[17]
    • Bioenerys Ambiente (100%), formerly Renerwaste, one of Italy’s leading companies in managing biogas and biomethane production plants for the energy recovery of the biodegradable waste[17]
  • Renovit Spa (60.05%), a certified B Corp since 2022 and a benefit company since 2023[18], is the Italian platform initiated by Snam and CDP Equity to promote the energy efficiency of companies, condominiums, tertiary sector, and public administration, and to foster Italy’s sustainable development and energy transition[19]
    • TEP Energy Solution Srl (100%), active since 2006, is an energy service company specializing in the industrial sector and the energy requalification and seismic improvement of residential buildings and those used in the tertiary sector[20]
    • Evolve Spa (70%), established in 1999, is one of Italy’s first energy service companies, specializing in integrated energy services for private and public residential buildings and those used in the tertiary sector[20]
    • Renovit Public Solutions Spa (70%), one of Italy’s leading operators in integrated energy services and technological multiservice, or global service, for public entities, public and private healthcare facilities, and the tertiary sector[20]
    • Renovit Consorzio Stabile, composed of the operational companies of the Renovit Group, TEP Energy Solution, Renovit Public Solutions, and Evolve, integrating the technical and financial suitability requirements of the consortia[20]
  • Asset Company 10 Srl (100%), which holds a 21.59% stake in Industrie De Nora, a company involved in the development of decarbonization services, particularly in the hydrogen sector[21][22]

Urban forestry

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  • Arbolia (100%), a benefit company created by Snam and Cassa Depositi e Prestiti in 2020, with Snam becoming the sole shareholder in 2023. It is active in developing green areas in cities and territories across Italy[23]

Operations

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In Italy, Snam is responsible for natural gas transportation,dispatching and storage as well as regasification of liquefied natural gas (LNG). Snam's assets include:[24]

  • Transmission network: 32,767 km;
  • Compressor stations: 13;
  • Points of entry into the national network for imported gas: 9;
  • m3 of total storage capacity: 17 bmc;
  • Regasification terminal: 1.

Investments:

  • Vision to 2030: 23 billion euros of investment opportunities in the 2021-2030 period in three growth areas (energy networks, energy storage and green energy projects).[25]

Peers/competitors:

  • Terna Group - the main electricity grid owner in Italy, responsible for high voltage electricity transmission and dispatching nationwide
  • Enagás - Technical Manager of the Spanish gas System and the main carrier of natural gas
  • Red Eléctrica de España (REE): manages the Spanish transmission grid and acts as sole transmission agent; it is also the System Operator
  • National Grid (UK): operates in the regulated businesses of transmission and distribution of electricity and gas mainly in the United Kingdom and northeastern United States

Market share:[26]

Business Data Market position (Italy) Market share (Italy)
Transport 32,762 km of gas pipelines 1st > 90%
Storage 12,000 million m3 of storage capacity, strategic storage excluded 1st > 90%
Regasification > 3.5 BCM of regasification capacity of the terminal 3rd > 20%

Shareholders structure

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As of June 2023[27]
Shareholder Stake
CDP Reti 31.4%
Romano Minozzi 7.5%
Banca d'Italia 1.4%
Other shareholders 59.7%

Board of directors

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Appointed by the Shareholders' Meeting in April 2022

As of June 2023[27]
Role Name and surname
Chairman Monica de Virgiliis [1]
Chief Executive Officer Stefano Venier [1]
Director Massimo Bergami
Director Laura Cavatorta
Director Augusta Iannini
Director Piero Manzoni
Director Rita Rolli
Director Qinjing Shen
Director Alessandro Tonetti

Sustainability

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Snam's approach to sustainability is based on Shared Value, a concept elaborated by Michael E. Porter in collaboration with Mark R. Kramer that explores the link between a company and its environment and their mutual interdependence.[28] In order to create Shared Value, Snam promotes sustainable development and ESG (environmental, social, and corporate governance) factors integration along its transport, dispatchment, regasification, storage and distribution process. Snam adopts an ESG Committee, made up of independent members of the board with advisory function on the link between corporate performance and environmental, social and governance factors.[29]

In 2009 the company joined the United Nations Global Compact[30] and since 2006 has published a sustainability report in accordance with the Global Reporting Initiative's guidelines.[31] Since 2015 Snam also has published an Integrated Report, inspired by International Integrated Report Council (IIRC) principles, inside the Annual Report, and since 2018 Snam has published the Non Financial Statement according Italian Dlgs. 254 still inside Annual Report. Moreover, Snam has adhered to the Task Force on Climate-related Financial Disclosures (TCFD) in 2018 and published its first document about Climate change, “Snam for the future”.

Snam operates within the reference framework of the United Nations Universal Declaration of Human Rights, the Fundamental Conventions of the ILO and the OECD Guidelines on Multinational Enterprises.

Its commitment towards the environment focuses on the reduction of greenhouse gas emissions and safeguarding biodiversity. Among its social initiatives, Snam partners with Legambiente and Federparchi and, in 2012, joined the Sodalitas Foundation, which seeks to build bridges between the entrepreneurial world in Italy and the non-profit sector.

In 2017 Snam established its corporate foundation – Fondazione Snam - with the aim of contributing to the social, cultural and economic growth of areas affected by Snam's activities or marked by social inequality.[32]

See also

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References

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  1. ^ a b c d "Borsa Italiana Website". Retrieved 27 April 2022.
  2. ^ a b c d e f g "Snam - Annual Report 2023" (PDF).
  3. ^ "Accenture and Snam: Launch of a Collaboration in IOT Technologies For the Innovation and Sustainability of Energy Networks".
  4. ^ "Reuters - Italy's Snam plans to unblock France-Spain gas bottleneck". Reuters. 10 June 2015. Archived from the original on December 24, 2015. Retrieved 19 August 2016.
  5. ^ a b "Snam profile".
  6. ^ "The CEO Who Wants Italy to Love Hydrogen Power". Bloomberg.com. 10 October 2019.
  7. ^ a b c "Snam Shareholders' Meeting: 2023 financial statements approved".
  8. ^ "Nasce Enura per metano in Sardegna - Notizie - Ansa.it".
  9. ^ "Storage sites".
  10. ^ "Floating LNG Terminal Golar Tundra now under Italian flag and new name: Italis LNG".
  11. ^ "Obiettivi - FSRU Italia".
  12. ^ "Snam4Mobility cambia nome e diventa Greenture, confermando il suo focus sui fuel sostenibili (compreso l'idrogeno) - HydroNews".
  13. ^ "CuboGas (gruppo Snam) debutta nel settore dell'idrogeno con il suo primo compressore idraulico per H2 - HydroNews".
  14. ^ "Cubogas lancia il nuovo compressore a idrogeno H2 BVTN Vertical Compressor - Hydrogen-news.it".
  15. ^ "Snam4Environment diventa BioEnerys".
  16. ^ "Snam4Environment rileva 5 impianti per la produzione di biometano".
  17. ^ a b "Biomethane".
  18. ^ "Renovit S.p.A. Certified B Corporation".
  19. ^ "Renovit, the Italian platform for energy efficiency and sustainable innovation".
  20. ^ a b c d "Renovit's Companies".
  21. ^ "De Nora: conclusa vendita 11,5 mln azioni Snam e famiglia fondatrice a 17,08 euro - Il Sole 24 ORE".
  22. ^ "Who we are. De Nora".
  23. ^ "Snam: acquisisce 49% Arbolia da Cdp, diventa azionista unico - Green & Blue - Ansa.it".
  24. ^ "Annual Report 2021" (PDF). Snam.
  25. ^ "Borsa Italiana".
  26. ^ "Market share". Snam.
  27. ^ a b "Shareholder". BorsaItaliana.
  28. ^ Porter, Michael E.; Kramer, Mark R. (January 2011). "Article: Creating Shared Value - Harvard Business Review". Harvard Business Review.
  29. ^ "Comitato sui temi ambientali" (in Italian). 16 May 2019.
  30. ^ "United Nations Global Compact".
  31. ^ "Global Reporting Initiative".
  32. ^ "Fondazione Snam". 31 July 2019.
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