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: Greece, an important crossroads for diversification of supplies and the opening of new natural gas routes in Europe, has further development potential as a hub in South-East Europe.
  • What’s Snam business?

    Snam is Europe’s leading operator in the construction and management of gas infrastructures and one of the major players in terms of invested capital for regulatory purposes (regulated asset base, or RAB). Snam is active in transport, regasification and storage of natural gas through three operating companies: Snam Rete Gas (transmission and dispatching), Gnl Italia (regasification) and Stogit (storage).
  • What’s Snam’s gas network extension?

    At 31 December 2019 the Snam transport system consists of 32,727 km of natural gas pipelines, with a diameter from 25 to 1,400 mm and a pressure between 0.5 and 75 bar. 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 9,727 km and the second to the Regional Gas Pipeline Network, for the remaining 23,000 km.
    Snam runs also 9 storage fields (through the subsidiary Stogit).
  • What are the main European peers for Snam?

    Snam operates in the regulated business of natural gas in Italy. Its 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.
    The 2016 year end RAB was equal to 19.4 billion euro. The estimated value of 2017 year end RAB is equal to 19.2 billion euro
  • 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:  fourth regulatory period. 4 years+2 years (transitory period). From January 2014 to December 2019.
    - Regasification: fourth regulatory period. 4 years+2 years (transitory period). From January 2014 to December 2019.
    Storage: fourth regulatory period. 4 years+1 year (transitory period). From January 2015 to December 2019. 
  • 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 the year 2019: 5.7% for transport; 6.8% for regasification; 6.7% for storage.

  • Does exist any incentive on new investments?

    The current regulation for the four businesses sets investment incentives in addition to the allowed remuneration rate (WACC) of invested capital. The extra return on the base remuneration and the related duration differ in relation to the different business and investment.


      Transport Storage Regasification


    5.7% year 2019



    6.7% year 2019

    6.8% year 2019





    Return on investments
    t-1 (from 2017 investments) to offset the regulatory time-lag

    Return on investments
    t-1 to offset the regulatory time-lag (from 2014)

    Return on investments
    t-1 (from 2017 investments) to offset the regulatory time-lag

    Transitional period (investments in 2018-2019):

    +1% for 12 years (Investments in new transportation capacity and with positive cost-benefit analysis)

    Current and transitional period:

    Withholding for 8 years of 20% of revenues in excess of revenue recognised resulting from insolvency procedures

    Transitional period (investments in 2018-2019):

    +1.5% for 12 years (Investments in new regasification capacity)

     * 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 (Dow Jones Sustainability, 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 May 2020 Snam S.p.A. share capital amounted to 2,735,670,475.56 euro, represented by 3,394,840,916 ordinary shares without indication of nominal value. According to the shareholder register and other available information, CDP Reti held 31% of the company’s share capital, Romano Minozzi 7.4%, Bank of Italy 1%, Snam held treasury shares for 3.7%.

  • Dividend policy

    Snam confirms its commitment to guarantee shareholders an attractive and sustainable remuneration and the payment of an interim dividend. The dividend growth is expected to be 5% per year up to 2022, confirming the previous target. Snam expects that for the year 2019 a total dividend of € 0.2376 per share may be distributed in 2020 (of which 40% as an advanced payment in January 2020, while the remaining 60% will be settled in June 2020).
  • 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 has forecast an increase in investments for the period 2019-2023, bringing them up to € 6.5 bn, approximately 14% more than the € 5.7 bn of the 2018-2022 plan. The growth is attributable both to the new energy transition businesses and to the increase in investments in replacements. In detail, € 5.3 bn of the investments in the plan concern the transportation network, € 0.8 bn refer to storage and regasification and € 0.4 bn to the new businesses linked to the energy transition.

    The development initiatives refer to the completion of the infrastructure to connect TAP to the national network, the completion of connections in the North-West to serve the local market and cross-border flows, the network in Sardinia and the start of the conversion of six compressor stations and storage plants in gas-electric hybrids. There are also plans to replace 1,000 km of pipelines over the period of the plan, with additional investments of € 400 mln compared to the previous plan: almost half of these works are currently already under construction or have received the VIA authorization.

    The plan also includes investments of € 140 mln in grid connections linked to the energy transition (CNG and biomethane plants), up from € 90 mln forecast in the previous plan.

  • What is the natural gas demand in Italy?

    The gas demand in Italy in 2019 was 74.34 billion cubic metres (+2.3% compared with 2018). The increase is mainly attributable to the higher consumption in the thermoelectric power generation sector (+10.1%) and benefited from the greater use of natural gas in the generation of electricity, the reduction in electricity imports and the
    smaller production from renewable sources as hydroelectric power generation has decreased, despite the growth in wind and solar power.
    The increase in consumption recorded in the thermoelectric sector was partly offset by lower consumption in the
    residential and tertiary sector (-2.1%) attributable to the weather and, to a lesser extent, the industrial sector (-1.4%).
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05 August 2016 - 16:45 CEST