Snam To Boost Gas Storage Capacity With New Acquisition

2024-07-26 02:22:21

(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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