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Snam Reports Higher Q1 LNG, Pipeline Gas Volumes; Investments Jump

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Snam reported Q1 earnings Wednesday, showing total gas injections of 16.31 billion cubic meters for Q1, up from 15.22 bcm a year earlier.

Pipeline gas imports were 10.29 bcm for the quarter ended March 31, up from 9.81 bcm a year earlier, while national gas production fell to 0.71 bcm from 0.88 bcm.

Gas inflows through Mazara del Vallo increased to 5.59 bcm in the first quarter from 5.42 bcm a year earlier, Snam said.

Passo Gries gas inflows increased to 1.80 bcm in the first quarter from 1.50 bcm a year earlier, while Melendugno volumes rose to 2.42 bcm from 2.34 bcm.

The company reported LNG inflows of 5.31 bcm for the quarter ended March 31, up from 4.53 bcm in the year-ago period.

The company imported 2.32 bcm through Adriatic LNG in Q1, up from 2.26 bcm a year earlier, while Piombino LNG volumes rose to 1.11 bcm from 1.05 bcm.

The company reported OLT LNG volumes of 1.12 bcm for the quarter, up from 1.08 bcm in the year-ago period.

Snam said Italian gas demand reached 21.83 bcm in the quarter, compared with 21.72 bcm a year earlier, as thermoelectric demand increased to 7.13 bcm from 7.01 bcm.

Snam advanced the Adriatic Line Phase 1 project to 80% completion during the quarter.

The company raised Q1 investments to 991 million euros ($1.16 billion) from 361 million euros a year earlier.

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