BAKU, Azerbaijan, March 18. Revenues of Italian Snam company from new businesses amounted to 400 million euros in 2021, 208 million euros up compared to the 2020 financial year, Trend reports with reference to the company.
The increase was due to the positive contribution from energy efficiency activities driven by the strong development in the residential sector as well as the contribution from Mieci and Evolve, two companies that entered Snam’s scope of consolidation at the end of 2020.
International activities of Snam Global Solutions recorded a slowdown compared to the same period of 2020 due to travel restrictions relating to COVID-19 pandemic and the strong contribution, in 2020, from an important contract for the entry into operations of TAP.
Total revenues for the 2021 financial year amounted to 3,297 million euros, an increase of 527 million euros (+19 percent compared to the 2020 financial year) and include the variable charges to cover energy costs , equal to 311 million euros (60 million euros in 2020), an increase mainly due to the significant rise in gas prices recorded in the second half of 2021. Net of these effects, total revenues amounted to 2,986 million euros, posted an increase of 276 million euros (+10.2 percent), due to the higher regulated revenues and the higher new businesses revenues relating, more specifically, to energy efficiency. The release of previous financial items also resulted in an increase in revenues (+17 million euros).
Net of variable charges to cover energy costs, regulated revenues amounted to 2,558 million euros, 70 million euros up (+2.8 percent compared to FY 2020), determined by: (i) the increase in the RAB transport base (+48 million euros, including the effect of the minor “input based” incentives); (ii) the greater volumes of gas transported (+5 million euros) following the gradual recovery of production activities as well as higher consumption due to colder weather conditions recorded in April and May. With regards to revenues for “output based” services, the increase recorded in the storage sector due to the expansion of services offered, was offset by a reduction in the transport sector.
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