Snam To Boost Gas Storage Capacity With New Acquisition
Date
7/26/2024 2:22:21 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 26. Italian Snam company
has signed a binding agreement to acquire Edison Stoccaggio from
Edison for approximately 560 million euros, Trend reports via the
company.
The transaction is expected to be finalized by the first quarter
of 2025, pending necessary antitrust and golden power
authorizations.
Edison Stoccaggio operates three natural gas storage facilities
in Italy, located in Cellino (Teramo), Collalto (Treviso), and San
Potito e Cotignola (Ravenna). These facilities contribute to
Italy's energy security with a combined storage capacity of about
1.1 billion cubic meters per year.
Once the transaction is complete, Snam Group's total gas storage
capacity will reach approximately 18 billion cubic meters. This
capacity will account for more than 17 percent of the entire
European gas storage capacity, including a strategic reserve of 4.5
billion cubic meters.
The acquisition will increase the number of Snam Group's
operational storage sites to 12.
Currently, the filling level of Italian storage facilities
stands at over 86 percent, compared to the European average of
around 83 percent. Snam has already allocated 100 pecent of its
commercial capacity for the coming winter season, totaling just
under 12.5 billion cubic meters, plus the strategic reserve.
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