SNAM S.P.A. energy to inspire the world
1H 2023 Consolidated Results
July 27th, 2023
1H 2023 key highlights
GAS MARKET
- 1H 2023 Italian gas demand stood at 32.7 bcm (-16.4% YoY(1))
- Average TTF at €44/MWh in H1 2023 (-55% yoy) with high volatility
- Decline in volumes from North offset by LNG (+20% yoy) and lower demand (-16%)
world | REGULATION AND POLICY |
the | • Fully amortized assets incentives approved for |
2023-24 | |
inspire | |
• 2023/24 transport and LNG tariffs approved | |
to | • Integrated national energy and climate plan |
(PNIEC) confirms the relevance of security of | |
energy | |
supply, the role of gas and green gases | |
• Maximization of biomethane: 6bcm target by 2030 | |
• Relevance of H2 also via import | |
• CCS opportunity to reach decarbonization targets |
FINANCIAL HIGHLIGHTS
- €1,221m Adj. EBITDA (+5.7% yoy)
- €621m Adj. Net profit (-3.9%yoy) (2)
- €734m of Investments (-23%yoy)
- €14.6 bn Net Debt (€11.9 bn in FY 2022)
- S&P rating BBB+ affirmed in June 2023
ASSOCIATES' PORTFOLIO
- De Nora:
- Capital gain on ABB
- Successful IPO of Nucera
- Desfa wacc updated for next regulatory period (2024-27)at 7.85%
2
1. Non weather adjusted. 2. Net profit Reported at €698m (+1.7% y-o-y).
1H 2023 key achievements
SECURITY OF SUPPLY
- Golar Tundra started operations in July in Piombino
- Storage level ca 87%
- Adriatic Line recognized as strategic infrastructure
- Several projects submitted for the allocation of Repower EU funds
ENERGY TRANSITION
- Political support to South H2 Corridor reiterated
-
H2 readiness: 1,513 km of pipelines certified by RINA
(+750 km vs FY 2022) - dCarbonX obtained Bains gas storage licence
- De Nora Italy Hydrogen Technologies signed €32m public funding to finance the Gigafactory Project
SUSTAINABILITY
- 37% of Capex Taxonomy aligned and 56% of Capex SDGs aligned
- Sustainable Finance at ca 75%
- Methane emissions -32% vs H1 2022
- Inclusion in CDP "A List"
- Employee engagement index at 84%
- Certifications:
- UNI ISO 37001:2016 for anti-corruption system
- UNI/PdR 125:2022 for gender equality
- Climate advocacy position and Tax transparency framework published
- Snaminnova Open Innovation program
- Investors engagement post AGM
energy to inspire the world
3
Strategic Plan tracking
Transport
Storage
• Output based incentives on fully depreciated assets approved
- Adriatic Line approved, eligible for RePower EU funds and deemed strategic infrastructure
- Progressing on replacements, H2 readiness roadmap and leak detection and repair program
• South H2 corridor developments, project filed for PCI
- Reverse flow and flexibility services offered to the system
- Progressing on permitting on over-pressure on some storage facilities and performance upgrade
energy to inspire the world
LNG
Energy Transition Platform
- Piombino FSRU in operating on time and authorization for relocation after 3Y filed
- Preliminary works for Ravenna Terminal started
- Panigaglia truckloading project approved
• Biomethane: execution of the acquisition pipeline and successful auctions for assets upgrade
- Decarbonization projects:
• H2: IdrogeMo (Modena H2 valley)
- CCS: progressing on pilot CCS project in Ravenna
• Energy efficiency: strong delivery on deep renovation projects while repositioning the portfolio
Progress and delivery on schedule of key Strategic Plan milestones | 4 |
1H 2023 gas demand and flows
Italian gas demand 1H 2023
Gas flows 1H 2023
-16.4%
39,160
32,722 | ||||
Buildings | 16,448 | |||
13,726 | -16.5% | |||
the world | Industry | 6,485 | ||
5,660 | -12.7% | |||
Thermoelectric | 15,442 | 12,472 | -19.2% | |
inspire | ||||
Others | 785 | 863 | ||
to | 1H 2022 | 1H 2023 | ||
energy | ||||
Passo Gries
Panigaglia
(100% Snam)
Livorno OLT
Piombino
LNG volumes up by 1.3 bcm yoy
Flattish
import from Mazara del Vallo
southern routes
Tarvisio
Rovigo Adriatic LNG
Gela
Volumes from north down by
6.6 bcm yoy
TAP
Gas demand decline driven by |
mild weather and weak thermoelectric production
Decline in volumes from North offset by LNG and lower demand
5
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Disclaimer
SNAM S.p.A. published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 12:29:18 UTC.
