Snam completes the acquisition of Edison Stoccaggio
Published by Ellie Brosnan,
Editorial Assistant
Global Hydrogen Review,
Snam further strengthens its industrial footprint in natural gas storage, a key element for energy security, reaching a total capacity of approximately 18 billion m3 (including 4.5 billion m3 of strategic reserve), which corresponds to more than 17% of European storage capacity through this transaction.
Snam, through its subsidiary Stogit, has completed the acquisition of 100% of Edison Stoccaggio's share capital from Edison, for an amount of approximately €565 million, including the adjustments provided by the sale and purchase agreement and the relevant ticking fee.
The finalisation of the transaction follows the signing on 25 July 2024 of the sale and purchase agreement made, and obtaining the necessary authorisations under the applicable antitrust and golden power regulations.
"In a scenario that remains fragile and complex, we are adding an important element along the pathway to strengthen the systemic approach to Italy's energy security. Through this and other initiatives, we aim to provide the Italian and European system with additional elements of solidity and security that are necessary for better market balance and increased competitiveness," commented Stefano Venier, CEO of Snam.
Edison Stoccaggio, which will operate as Stogit Adriatica following the acquisition by Stogit, has an estimated calendar RAB of approximately €520 million and EBITDA of approximately €52 million as of 31 December 2024.
The transaction, financed by Snam through the issue of a hybrid bond in September 2024, will positively contribute to the group's net profit in a range between 1.5 - 2% as early as 2025, and its effects have already been incorporated in Snam's 2025 - 2029 strategic plan.
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 m3/y, including about 140 million m3 of strategic reserve, a system peak contribution up to 8.4 million m3/d, and to date has a residual storage capacity of over 28%, including the strategic reserve. Overall, the Italian storage system has a fill rate of approximately 50%.
As a result of the transaction, the number of operating storage sites owned by the Snam will rise from 9 to 12, located mainly in central and northern Italy, close to the Country's main consumption hubs.
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/10032025/snam-completes-the-acquisition-of-edison-stoccaggio/
You might also like
Mabanaft plans hydrogen refuelling station for trucks and heavy goods vehicles
Energy company Mabanaft has announced plans for hydrogen refuelling station for trucks and heavy goods vehicles in Lübeck, Germany.