Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Snam confirms guidance after rise in first quarter sales

Published On :

Snam confirms guidance after rise in first quarter sales

MILAN (Reuters) – Italian gas grid operator Snam on Thursday confirmed its targets for this year after reporting a 13% year-on-year rise in revenue for the first quarter.

Sales between January and March rose to 912 million euros ($1 billion) driven by the group’s regulated business, the company said.

Adjusted core earnings rose 1.5% to 597 million euros in the period thanks to the growth in the group’s energy transition business.

Gas demand in Italy in the first quarter of 2023 amounted to 20.5 billion cubic metres (bcm), down 19% year-on-year due to lower consumption in all sectors that Snam operates in.

Snam said the most recent estimates on the evolution in gas demand in Italy for 2023 were in line with 2022, when the country consumed 69 bcm.

The group, which also manages the bulk of Italy’s gas storage facilities, said the country was in good shape ahead of a winter season in which imports from Russia were expected to fall further.

We face the coming winter with a much stronger and more resilient energy system thanks to storage facilities that are still 65% full,” Snam CEO Stefano Venier said in a statement.

The group is completing work on its new liquefied natural (LNG) gas terminal in the Tuscan port of Piombino, which is expected to start commercial operations by the end of this month.

($1 = 0.9084 euros)

 

(Reporting by Francesca Landini Editing by Alvise Armellini and Mark Potter)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts