BAKU, Azerbaijan, May 15. In the first quarter of 2023, total investments of Italian Snam company amounted to 313 million euros, with an increase of 4.7 percent from the first quarter of the previous year, Trend reports with reference to the company.
Snam report reveals that of these, 46 percent and 30 percent are aligned to Sustainable Developments Goals and the EU Taxonomy respectively.
“Of this amount, 308 million euros were related to technical investments, +85 million euros compared to the first quarter of 2022 (+38.1 percent) and they mainly related to the transportation (213 million euros), storage (41 million euros) and regasification (39 million euros) segments, while investments in the energy transition businesses reached 12 million euros,” the report reads.
The company’s net income from equity investments amounted to 74 million euros, down by 5 million euros (-6.3 percent) compared to the first quarter of 2022.
“The decrease is particularly attributable to the Austrian associate TAG as a result of lower transported gas volumes in line with expectations, and to Interconnector Limited where a solid operating performance is expected in 2023, although the company’s exceeding of the regulatory cap in 2023 does not benefit from the recovery of underperformance related to previous years. These effects were largely offset by the increased contribution from Greek associate DESFA, due to increased flows from the LNG terminal and exports to Bulgaria and by the entry into the scope of operations of the joint venture SeaCorridor. As of January 10th 2023, the acquisition of a 49.9 percent of the equity interest in SeaCorridor, relating to the TTPC and TMPC pipelines, was successfully finalized. The integration of this stake will help rebalance the asset portfolio in line with the changed situation of gas flows from Russia,” reads the report.
Snam’s net financial expenses stood at 42 million euros, up by 13 million euros compared with the first quarter of 2022.
“The increase was particularly due to higher expenses related to net financial debt mainly relating to the higher average cost of debt, which was equal to approximately 1.5 percent in the first quarter of 2023 compared to 0.9 percent in the corresponding period of 2022. The increase in the average cost of debt can mostly be attributed to the changed interest rate scenario in the period between the two quarters being compared.”