BAKU, Azerbaijan, March 21. Italy’s energy giant Snam increased its total investments to 2.875 billion euros in 2024, marking a 31% rise compared to 2023 (2.194 billion euros), Trend reports.
The investment surge was primarily driven by gas infrastructure projects, particularly progress on the Ravenna LNG facility and its integration into the gas transportation network. Additionally, the first phase of the Adriatic Backbone project, a key initiative under RepowerEU, contributed to the increase.
Snam maintained a strong focus on sustainability, with 65% of total investments supporting the UN Sustainable Development Goals (SDGs) and 31% aligning with EU Taxonomy standards.
Breakdown of Investments by Sector
Technical investments reached 2.912 billion euros, a 64.1% increase (+1.138 billion euros) compared to 2023. These were distributed as follows:
Transport: 1.924 billion euros (up from 1.139 billion euros in
2023)
Regasification: 488 million euros (up from 256 million euros)
Storage: 269 million euros (up from 225 million euros)
Investments in energy transition businesses also saw a notable increase, reaching 167 million euros (up 31.5% from 127 million euros in 2023). This growth was driven by the biomethane conversion of agricultural plants and the Ravenna Carbon Capture and Storage (CCS) project.
Meanwhile, Snam's Tariff Regulated Asset Base (RAB) rose to 23.7 billion euros, reflecting a 5.8% increase compared to 2023, primarily due to investments in transport and storage infrastructure.
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