Snam has signed a binding agreement to acquire 100% of Edison Stoccaggio from Edison for an amount of approximately EUR 560 million[1]. The agreement, reached at the end of the process started by Edison last October and continued with Snam on an exclusive basis from February, also envisages an earn-out that may be paid by Snam to Edison in the event of a positive outcome to the ongoing administrative dispute concerning the revenues recognised in recent years for the activities of San Potito e Cotignola site. The transaction is expected to be finalised by the first quarter of 2025, upon obtaining the necessary authorisations under the applicable antitrust and golden power regulations.

Edison Stoccaggio contributes to the security of Italy’s energy system through three natural gas storage facilities, located in Cellino (Teramo), Collalto (Treviso) and San Potito e Cotignola (Ravenna), with a total capacity of about 1.1 billion cubic metres per year.

"Storage facilities play a key role in the security of the Italian and European gas system. This transaction will strengthen Snam's industrial set-up in the sector by integrating the assets within our management model, to the benefit of the country’s system's energy resilience" commented Stefano Venier, Snam CEO.

Edison Stoccaggio has an estimated calendar RAB of about EUR 500 million, and an estimated EBITDA of about EUR 52 million as of 31 December 2024. The operation can be financed with the Group's own means, also by leveraging the Group's financial flexibility; in this regard, the so-called hybrid financing instruments are under assessment, in order to maximise net profit contributions while maintaining the current financial flexibility. A positive impact on net profit of 1.5% - 2.0% is expected, already starting from the year of completion.

Once the transaction is finalised, the Snam Group's total gas storage capacity will be approximately 18 billion cubic metres, corresponding to more than 17% of the entire European gas storage capacity, including the strategic reserve of 4.5 billion cubic metres.

As a result of the acquisition of Edison Stoccaggio, the number of storage sites in operation owned by the Snam Group will rise to 12, located mainly in central and northern Italy, close to the Country's main consumption hubs. In particular, in addition to the Cellino, Collalto and San Potito e Cotignola sites, just taken over from Edison, the Snam Group owns the Brugherio (Milan), Settala (Milan), Sergnano (Cremona), Ripalta (Cremona), Bordolano (Cremona), Cortemaggiore (Piacenza), Sabbioncello (Ferrara), Minerbio (Bologna) and Fiume Treste (Chieti) sites.

To date, the filling level of Italian storage facilities is over 86%, against a European average of around 83%. Snam has already allocated 100% of its commercial capacity for the coming winter season, for a total volume of just under 12.5 billion cubic metres, plus the strategic reserve.

[1] This consideration was calculated on the basis of a so-called locked box mechanism on 30 June 2023. A ticking fee with an average rate of about 3% will accrue on the consideration, which will be paid by Snam following the closing of the transaction.

About Snam

Snam is one of the world’s leading energy infrastructure operators and ranks among Italy’s largest listed companies, by market capitalization. Through a sustainable and technologically advanced network, Snam guarantees the security of supply and is a key enabler in the energy transition. Through its international footprint Snam operates in Albania (AGSCo), Austria (TAG, GCA), France (Teréga), Greece (DESFA), Italy, UAE (ADNOC Gas Pipelines) and UK (Interconnector UK) and has recently started activities in China and India. Snam is also one of the leading shareholders in TAP (Trans Adriatic Pipeline).
Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.

About Edison

Edison is the oldest energy company in Europe, with more than 135 years of records, and is one of the leading operators in Italy with activities in the procurement, production and sale of power and natural gas and in energy and environmental services. The company is at the forefront of the energy transition challenge, through the development of renewable and low-carbon generation, energy efficiency services and sustainable mobility, in full agreement with the National Integrated Energy and Climate Plan (PNIEC) and the objectives defined by the European Green Deal. Edison has a highly flexible and efficient power generation park, consisting of 200 power plants including hydroelectric, wind, solar and highly efficient gas-fired combined-cycle thermoelectric plants. The Group's total net installed capacity is 6.5 GW. Today it operates in Italy and Europe, employing over 4,000 people.