BAKU, Azerbaijan, May 16. Total investments of Italian Snam company surged to 462 million euros, marking a substantial 47.5% uptick compared to the same period last year, Trend reports via the company.
This surge primarily stemmed from increased investments in the gas infrastructure sector, notably directed towards the upgrading of the Ravenna and Piombino terminals. Impressively, 55% of these investments were aligned with the Sustainable Development Goals, while 34% adhered to the European Taxonomy.
Breaking down the investment figures by segment, 319 million euros were allocated to the transportation segment, reflecting a notable 50.0% increase from the previous year's 213 million euros. Additionally, 46 million euros were channeled into the storage segment, slightly up from 41 million euros in Q1 2023, while the Regasification segment saw investments of 82 million euros, nearly doubling from 39 million euros in the same quarter last year. However, investments in the energy transition business saw a slight dip, amounting to 10 million euros compared to 17 million euros in Q1 2023.
On the earnings front, Snam reported an EBITDA of 703 million euros for the first quarter of 2024, marking a significant increase of 106 million euros or 17.8% from the same period in 2023. This growth was primarily attributed to the gas infrastructure business, which witnessed a substantial uptick of 128 million euros or 22.3% in regulated revenues. However, this increase was partially offset by higher fixed costs resulting from the commissioning of the FSRU plant in Piombino.
Despite the overall positive performance, there was a decrease in the contribution from the energy transition business, with a shortfall of 22 million euros. This decline was particularly evident in energy efficiency, attributed to the closure of most construction sites for energy efficiency projects in the residential sector at the end of 2023.
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