BAKU, Azerbaijan, November 10. Total revenues of Italian Snam company, excluding energy costs, reached 2,809 million euros in the first 9 months of 2023, marking a substantial increase of 409 million euros, equivalent to a 17 percent growth, compared to the same period in 2022, Trend reports via the company.
One of the key contributors to Snam's positive performance was the significant upswing in revenues from the energy transition business, amounting to 286 million euros, showcasing an impressive surge of 63.6 percent. This boost was primarily attributed to the expansion of energy efficiency operations, particularly in the residential sector.
The gas infrastructure business also demonstrated noteworthy dynamics, with regulated revenues experiencing a rise of 146 million euros, a growth of 7.8 percent. However, non-regulated revenues witnessed a decrease of 23 million euros, reflecting a notable contraction of 29.1 percent. This decline was associated with a reduction in positive one-off effects in comparison to the corresponding period in 2022.
Breaking down the increase in regulated revenues, it was primarily fueled by several factors. Notably, there was an uptick in revenues linked to the Regulatory Asset Base (RAB) growth, contributing 59 million euros, including the impact of reduced input-based incentives. Additionally, output-based incentives granted for the sustained operation of fully depreciated transport assets and flexibility services provided to users contributed 84 million euros.
Other contributing factors included the recognition of revenues associated with increased regassification volumes in 2022 and the first nine months of 2023, totaling 18 million euros. Furthermore, revenues connected with the initiation of operations at the Piombino terminal played a role in this positive financial trend.
However, these gains were mitigated by a decline in volumes of transported gas by 23 million euros, attributed to milder weather conditions during the first nine months of 2023 compared to the same period in 2022. Additionally, the implementation of gas demand containment measures also influenced this decrease.
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