FAQ Institutionals


  • What is the background of Snam?

    Snam Rete Gas (now Snam) was set up on 15 November 2000. On 1 July 2001 the company became operational, with the name of Snam Rete Gas and received the natural gas transport and dispatching and the liquefied natural gas regasification lines of business from eni S.p.A. Snam shares have been listed on the Italian stock market since 6 December 2001. On 30 June 2009, the company bought the entire share capital of Italgas, Italy's leading natural gas distributor, and Stogit, the country's biggest operator in the natural gas storage sector. On 5 December 2011, the Snam Ordinary and Extraordinary Shareholders’ Meeting authorised the transfer of the gas transmission, dispatching and metering business to the subsidiary company Snam Trasporto (100%) and approved, with effect from 1 January 2012, the change of its company name from “Snam Rete Gas” to “Snam.” Starting from 1 January 2012, Snam Trasporto has been renamed Snam Rete Gas. At 15 October 2012 eni S.p.A. has completed the sale of 30% of the voting share capital of Snam to Cassa Depositi e Prestiti (“CDP”). In early 2012 Snam signed a strategic alliance with Fluxys; in a 50/50 joint venture with the Belgian operator it acquired a 31.5% equity stake in the Interconnector UK, the subsea pipeline between the UK and Belgium, providing a link between the UK and the most important continental gas trading places; the two companies have also acquired from eni the 51% of Interconnector Zeebrugge Terminal and the 10% of Huberator. Confirming the key role that the Company aims to play on the international arena, at the beginning of 2013 Snam has taken part, through a 45% stake, in a consortium together with EdF (20%) and GIC (35%), the Singapore sovereign fund, for the acquisition of the assets of TIGF (now Teréga), the player, owned by Total, which owns and manages a transport pipeline of 5,000 km and two storage sites in the southwest of France. On December 2014 Snam completed the acquisition of the stake (84.47%) held by CDP GAS in Trans Austria Gasleitung GmbH (TAG), the largest import pipeline bringing Russian gas from Austria/Slovak border to Italy, which represents a strategic opportunity to establish reverse flow capability to Southern Germany and Eastern Europe. Snam's international development continued in 2015 with the acquisition of a 20% stake in Trans Adriatic Pipeline AG (TAP), the company responsible for developing the pipeline that will run from the Turkey-Greece border to Italy along the Southern Corridor, enabling gas produced in Azerbaijan to reach European markets through the italian infrastructure.
    It has been completed, effective as of 7 November 2016, the separation of Snam from the natural gas distribution business (Italgas). In December 2016 Snam, in a consortium with Allianz, completed the purchase from OMV of 49% of Gas Connect Austria: given its strategic Central European location GCA also fulfills an important transportation function for several other adjacent markets.
    In 2018 it was completed the acquire from Fluxys and Snam of the 33.5% stake owned by Caisse de dépôt et placement du Québec (CDPQ) in Interconnector UK, the bi-directional pipeline linking the United Kingdom into Belgium and the Continent; and the consortium consisting of Snam (60%), Enagás (20%) and Fluxys (20%) completed the acquisition of a 66% stake in DESFA, the Greek national operator in the natural gas infrastructure sector, for a consideration equal to € 535 million. In July 2020 Snam, in consortium with 5 international investment funds, has completed the acquisition of 49% of ADNOC Gas Pipeline from The Abu Dhabi National Oil Company (ADNOC): ADNOC gas pipeline holds, for a period of 20 years, the management rights for 38 pipelines in the United Arab Emirates, at approximately 10.1 billion dollars. The transaction - one of the most important ever registered in the global energy infrastructure sector and the first acquisition undertaken by Snam outside of Europe – is for Snam an important investment opportunity in strategic infrastructure, with the potential for future collaborations in the energy transition in the Gulf area.


  • What’s Snam business?

    Snam is one of the world's leading energy infrastructure operators and one of the largest Italian listed companies in terms of market capitalization. The company's sustainable and technologically advanced network guarantees security of supply and promotes development in the territories, while also contributing to promote the energy transition. The company has the most extensive transmission network among European peers (over 41,000 km including international activities) and greatest natural gas storage capacity (ca. 20 billion cubic meters, including international activities). It is also one of the main regasification operators in Europe, an activity it carries out through its Panigaglia terminal and its stakes in the Livorno (OLT) and Rovigo (Adriatic LNG) plants in Italy and in the Revithoussa (DESFA) plant in Greece, with a total pro rata regasification capacity of around 8.5 billion cubic metres per year.
  • What’s Snam’s gas network extension?

    At 31 December 2020 the Snam transport system consists of 32,647 km of natural gas pipelines. Eleven compression stations dedicated to line pressure service are part of the network, along with gas regulation, reduction and mixing plants and other plants necessary for the transport and dispatching of gas. In accordance with resolution no. 120/01 ("Definition of criteria for the determination of rates for natural gas transport and dispatch and for the use of LNG terminals and the reservation of capacity"), the Snam natural gas pipelines have been divided into two parts: the first attributed to the National Gas Pipeline Network, for 9,649 km and the second to the Regional Gas Pipeline Network, for the remaining 22,998 km.
    Snam runs also 9 storage fields (through the subsidiary Stogit).
  • What are the main European peers for Snam?

    Snam's main competitors in the regulated business of gas and electricity in Italy and in Europe, according to the financial community, are:
    -  Terna (Italy): main owner and operator of the National Transmission Network of electric energy at high voltage.
    -  Enagas (Spain): energy operator horizontally integrated, leader in transport and storage of natural gas and regasification of liquefied natural gas in Spain and System Operator on all the national network.
    -  REE (Spain): operator of the continental electric network, insular and extra-insular. It is also the System Operator.
    -  National Grid (UK): operates in the regulated businesses of transmission and distribution of electricity and gas mainly in UK and north-east United States . It was founded by the merger of National Grid Group and Lattice Group.
    On the basis of the regulated nature of the activity, the following English utilities operating in the water sector are also considered as peers: United Utilities e Severn Trent.


  • What does RAB stand for?

    RAB represents the Net Asset value, calculated by the Italian Authority (AEEGSI) for the calculation of reference revenues. 

  • What is the Regulatory period?

    Period of time (usually four years) for which criteria are defined for setting tariffs for transporting and dispatching natural gas and for regasification of liquefied natural gas.
    Transportation:  2020-2023 5th regulatory period (4 years)
    - Regasification: 2020-2023 5th regulatory period (4 years).
    Storage: 2020-2025 5th regulatory period (6 years). 
  • What is the rate of return?

    The WACC ((Weighted avarage cost of capital) indicates the remuneration of the invested capital as recognised by the Italian Authority at the beginning of every regulatory period.

  • What is the rate of return for the different three businesses?

    The Italian Authority recognize to Snam a rate of return on net invested capital for 5th period: 5.7% (years 2020-2021) for transport; 6.8% (years 2020-2021) for regasification; 6.7% (years 2020-2021) for storage.

  • Does exist any incentive on new investments?

      Transport Storage Regasification

    Pre-tax WACC*

    5th period:
    5.7% 2020-2021
    LIC return with WACC 5.3%

    5th period:
    6.7% 2020-2021
    Excluding LIC

    5th period:
    6.8% 2020-2021
    Excluding LIC





    Transitional period(investments in 2019): +1% for 12 years (investments in new capacity for transport and with cost analysis positive benefits)

    Return on investments t-1 to off set time-lag regulatory

    Transitional period: withholding for 8 years of 20% of greater revenues compared with revenues recognized resulting from bids on new additional capacity

    Return on investments t-1 to off set time-lag regulatory

    Transitional period(investments in 2019): +1.5% for 12 years(investments in new capacity of regasification)

    Return on investments t-1 to off set time-lag regulatory

    5th period (investments in the period by 2022): +1.5% for 10 years(investments in new capacity for transport and with cost analysis benefits >1.5)

    5th period: withholding of 50% of revenues from tenders short-term. Possible optional upgrading of the percentage, following guarantee % reduction on revenues

    5th period: withholding of 40% of revenues from flexibility services (hedging revenues not subject to guarantee factor)

     * The duration of the WACC regulatory period is set at six years (2016-2021), and a mechanism is provided for updating the rate at mid-period according to the prevailing situation.





  • On which Stock Exchange Snam share are listed?

    Snam shares have been listed on the Italian Stock Exchange since 6 December 2001. On March 18th, 2002, the company's shares were listed on the MIB30 index (today FTSE MIB). The Snam stock is also included in the leading international indexes (STOXX Europe 600, STOXX Europe Utilities) and increased its presence in the main international Sustainability Indices (FTSE4Good, Stoxx Global ESG Leaders, ECPI, MSCI, United Nations Global Compact 100, Vigeo and Ethibel).
  • Which is the identification number of Snam shares?

    All the shares listed on the Italian Stock Exchange are marked by an alphanumeric code with international validity. This code is an ISIN (International Securities Identification Number). For Snam shares the ISIN code is IT0003153415. Shares are also identified with an abbreviation (or ticker), which varies according to the market: the abbreviation for Snam shares listed on the Italian Stock Exchange is Snam. According to the different financial agencies (Reuters, Bloomberg), the suffix of the abbreviation can change, according to the following terms:

    Agency Snam abbreviation
    Reuters SRG.MI
    Bloomberg SRG IM

  • Which is your shareholding structure?

    At September 2021 Snam S.p.A. share capital amounted to 2,735,670,475.56 euro, represented by 3,360,857,809 ordinary shares without indication of nominal value. According to the shareholder register and other available information, CDP Reti held 31.4% of the company’s share capital, Romano Minozzi 7.5%, Bank of Italy 1.4%, Snam held treasury shares for 2.7%.

  • Dividend policy

    Snam confirms its commitment to guarantee to shareholders an attractive and sustainable remuneration and the payment of an interim dividend. The growth of the dividend per share of 5% until 2022 is confirmed, with a further minimum growth of 2.5% in the period 2023-2024. Snam expects that for the 2020 financial year, a total dividend of € 0.2495 per share will be distributed in 2021 (of which 40% as an interim payment in January 2021, while the remaining 60% in balance with payment in June).
  • What is the taxation on dividend?

    Dividends, distributed by Snam S.p.A to shareholders of ordinary shares, are paid and taxed by the intermediary, applying a withholding tax, as follows:
     dividends received by Italian residents, for tax purposes, are taxed by a withholding tax of 26%, since July 1st 2014.
     dividends received by non-Italian residents are taxed by a withholding tax of 26%. In order to avoid the double taxation, Double Tax Treaties between Italy and the States of residence of foreign shareholders may provide, upon request by the tax payer, the right to be refunded by the source country of any paid tax, in case it exceeds the amount established by the agreement, or, sometimes, the right to have the expected benefit immediately applied, already when the tax is deducted.
    For any further information, visit the website of Italian Fiscal Revenue www.agenziaentrate.gov.it.


  • What’s Snam capex plan?

    Snam’s new capex plan envisages an increase in investments of almost € 1 billion compared to the € 6.5 billion of the 2019-2023 plan, bringing them to approximately € 7.4 billion in the 2020-2024 period. The growth is attributable both to the core business of regulated infrastructures (€ 6.7 bn in investments) and to the new activities of the energy transition (over € 0.7 bn in investments, almost doubled compared to the previous plan). 50% of the investments in the plan is dedicated to a “hydrogen-ready” infrastructure (replacement and development of new assets with hydrogen-ready standards). Most of the investments envisaged in the plan are aimed at decarbonisation to achieve the carbon neutrality goal by 2040 and seize the opportunities offered by the energy transition. Approximately 40% of the plan investments are aligned to the European taxonomy criteria under finalisation.
  • What is the natural gas demand in Italy?

    The gas demand in Italy in 2020 was 71.30 billion cubic metres, showing a significant drop with respect to 2019 (-4.3%), due a decline in withdrawals in all consumption sectors. More specifically, the drop in gas demand is attributable: to lower consumption in the thermoelectric sector (-5.5%), following the decrease in electricity demand due to the lockdown measures implemented to contain Covid-19, in particular during the months from May to June, as well as the increase in photovoltaic production, partially compensated for by a significant drop in imports of electricity and a reduction in hydroelectric and wind production; to lower consumption in the industrial sector (-5.3%), due to a 12% reduction in industrial production with respect to 2019, intensified by the closure of various productive activities during the lockdown (March/April), followed by a slow recovery in industrial production which has not yet returned to pre-Covid levels. Additionally, the reduction in gas demand was affected by lower consumption in the residential and tertiary sector (-2.6%), essentially due to a progressive increase in energy efficiency measures and modernisation of heating systems with higher efficiency hot water heaters.
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24 May 2021 - 09:56 CEST