BAKU, Azerbaijan, May 12. The total revenues of Italian Snam company net of energy costs amounted to 808 million euros in the first quarter of 2022, up 104 million euros (+14.8 percent) on the same period of 2021, Trend reports with reference to the company.
The increase is attributable to the growth of our energy transition businesses (+ 63 million euros), notably energy efficiency activities, and the regulated businesses (+41 million euros), due in part to one-off income connected with the sale of past years gas inventories owned by Snam, despite the adverse effect of the reduction of the WACC.
Regulated revenues net of energy costs amounted to 631 million euros, a slight decrease (-3 million euros, or -0.5%) compared with the first quarter of 2021. This reflected the effects of the revision of the WACC starting from January 1 st, 2022.
These effects (a reduction of 32 million euros overall, of which 25 million euros related to the transport sector and 7 million euros to the storage sector) were partially offset: (i) by an increase in the RAB for transport (+10 million euros, including the effect of lower “input-based” incentives); (ii) an increase in volumes of gas transported (+8 million euros) due to the recovery in domestic consumption and the growth in exports; and (iii) an increase in revenues from “output-based” services (+7 million euros).
Revenues from energy transition businesses amounted to 127 million euros, an increase of 63 million euros compared with the first quarter of 2021, due to the positive contribution of energy efficiency activities, which were driven by strong growth in the residential sector.
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