Snam eyes 23 bln euro investments to speed green drive – Reuters

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Italian gas group Snam logo is seen outside its office in Rome, Italy, June 4, 2020. REUTERS/Guglielmo Mangiapane

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  • To start work on first leg of hydrogen backbone in 2025
  • Tests show its gas storage sites can hold 100% hydrogen
  • Core earnings to grow 6-8% 2022-2030
  • To cut emissions of associate companies by 46% by 2030

MILAN, Nov 29 (Reuters) – Europe’s biggest gas pipeline group Snam (SRG.MI) has pencilled in 23 billion euros ($26 billion) of investments over the next nine years to ready its network for hydrogen and the energy transition.

The company said it was looking to spend around 3 billion euros to re-purpose 2,700 km of network to transport green hydrogen from Africa and the south of Italy northwards to high-energy demand regions like Germany.

Work will start on the first leg of the hydrogen …….


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