Snam S.p.A. is Italy’s natural gas transmission system operator, responsible for managing the country’s main high‑pressure pipeline network that transports gas from entry points to distributors, industry, and power plants, and also active in storage, LNG, and hydrogen.
As of 31 December 2023, it had a market capitalization of €15,611 million. Snam was originally a subsidiary of Italian energy company Eni. It has since become an independent company, whose largest shareholder is CDP Reti, a holding company controlled by the Italian state. The utility operates in Italy and, through associated companies, in Austria (TAG, GCA), France (Terēga), Greece (DESFA), the UAE (Adnoc Gas Pipelines) and the United Kingdom (Interconnector UK and dCarbonX Limited). It is one of the main shareholders of the Trans Adriatic Pipeline (TAP). Snam is the main Italian operator for the transport and dispatching of natural gas in Italy, having almost all the transport infrastructures in Italy, with 32,862 km of gas pipelines in operation in high and medium pressure (approximately 94% of the entire transport) and around 38,000 km including international activities. First in Europe for natural gas storage capacity (around 17 billion cubic meters, including international activities), the company is also one of the main continental operators in regasification for a total pro quota capacity of approximately 13.5 billion cubic meters per year.
Snam is one of Europe's main regulated gas companies - leading Italy in gas transport and storage, while ranking third in regasification. Snam also aims to invest in new energy transition businesses to reduce environmental impact and decarbonisation: sustainable mobility (compressed – CNG – and liquefied – LNG – natural gas distributors, Small Scale LNG), energy efficiency, renewable gases such as biomethane and hydrogen. The company is listed on the FTSE MIB index of the Borsa Italiana since 6 December 2001.
Snam ensures the security of supplies and promotes the energy transition through investments in green gases (biomethane and hydrogen), energy efficiency, and CCS (Carbon capture and storage) technology. Additionally, the company creates new green areas through a benefit corporation focused on urban forestry projects.
Snam also aims to reduce direct greenhouse gas emissions by 25% by 2027, 40% by 2030, and 50% by 2032, with the goal of achieving carbon neutrality (100%) by 2040, compensating for emissions that cannot be eliminated through offsetting projects and involving subsidiaries and suppliers. Snam pursues net zero for all emissions (including indirect ones) by 2050. The Group is also working to reduce natural gas emissions from its assets: in 2023, Snam achieved a 55% reduction compared to 2015 and has set a target of 64% by 2027. The company’s business model is based on sustainable growth, transparency, talent and diversity development, and the social protection and development of local areas.
History Snam was founded on 30 October 1941 in San Donato Milanese, Lombardy, with the name Società Nazionale Metanodotti, with participation from Ente Nazionale Metano (Agip), Regie Terme di Salsomaggiore, and Società Anonima Utilizzazione e Ricerca Gas Idrocarburati (SURGI). The objectives were the construction of methane pipelines, and the distribution and sale of gas. During wartime, methane became crucial for Italy, leading to the construction of the first methane pipeline bringing gas from the wells in Salsomaggiore (Parma) to Lodi and Milan.
With the Italian law of February 10, 1953, nr. 136, at the time of the establishment of ENI, the impact of methane production in the Po Valley remained significant, making the exclusive reserve on the exploration and cultivation of hydrocarbons granted to the state company in that area highly relevant. This was due to both the economic and industrial value of methane production in the Po Valley and its symbolic significance to the public. To protect the Italian state’s subsurface resources, AGIP had received exclusive rights to the area’s resources by virtue of an outdated mining law.
Structured into functional subholdings (AGIP mineraria for oil and methane exploration and distribution; AGIP for refining and selling petroleum products and methane; SNAM, Società NAzionale Metanodotti, for the transportation system; ANIC, for coordinating chemical activities), the ENI group was thus able to finance its growth through the sale of natural gas (methane rent), also stimulating the Italian economy by providing low-cost energy.
In 1955, Snam Montaggi was established, incorporating SAIP in 1957 and becoming Saipem. In 1956, Snam Progetti (later Snamprogetti) was founded for designing large onshore plants. In 2006, Saipem acquired all Snamprogetti shares from Eni.
In 1961, the construction of two methane pipelines in central and southern Italy began. The first transported gas discovered in the province of Chieti to Terni and Rome, and the second transported methane extracted in Basilicata to the coast of Puglia. Within ten years, the gas transportation network reached a national scale with an extension of 8,000 kilometers. In 1974, gas from the Siberian fields arrived in Sergnano (Cremona), and the same year saw the start of an 830-kilometer pipeline importing gas from the Groeningen field (Netherlands). By 1980, Snam’s gas pipelines reached a total length of nearly 15,000 kilometers.
In 1983, the Transmed pipeline was completed, capable of transporting Algerian gas through the Mediterranean and Italy, from Sicily to Lombardy, over a total length of more than 2,400 kilometers.
On 1 June 2001, following the European directive for the liberalization of the gas market, Snam separated its non-transport activities and changed its name to Snam Rete Gas. On July 27, 2001, GNL Italia was established, wholly owned by the company. Snam Rete Gas has been traded on the Borsa Italiana since 6 December 2001. On 1 January 2012, it was renamed with the original name of Snam.
On February 12, 2009, Snam Rete Gas S.p.A. acquired 100% of Italgas S.p.A. from Eni S.p.A. for 3.07 billion euros, and 100% of Stoccaggi Gas Italia S.p.A. for 1.65 billion euros. Payment was made through a capital increase of 3.5 billion euros and a 1.3-billion-euro loan. The transaction closed in July 2009, creating a group with a gas transportation network of 31,500 kilometers, a gas distribution network of 58,000 kilometers, and a storage capacity of 14 billion cubic meters, including 5 billion cubic meters of strategic reserve.
Starting January 1, 2012, the name changed from Snam Rete Gas to Snam S.p.A., and in compliance with European directives, the transportation business was transferred to the new wholly owned subsidiary Snam Rete Gas S.p.A. The company changed its logo, abandoning Eni’s six-legged dog and adopting a logo similar to the original from the 1940s.
In April 2019, Snam launched the first injection of a hydrogen and natural gas into the pipeline, the Europe's first commercial test of a hydrogen-methane blend in a high-pressure network.
In April 2023, Snam received a 300-million-euro loan from Cassa Depositi e Prestiti (CDP) for the construction of the Adriatic Backbone, a gas pipeline under construction to increase the transportation capacity at entry points in Southern Italy. Phase 1 of the project is among the works financed under the RepowerEU Plan.
In May 2024, Snam received a 200-million-euro ESG-linked loan from Cassa Depositi e Prestiti (CDP). The operation is dedicated to the reconstruction of the Ravenna-Chieti gas pipeline and strengthens the infrastructure for transporting natural gas from Southern to Northern Italy. In a perspective of energy security and decarbonization, it will also be compatible with hydrogen transport. The gas pipeline, whose main line will be completed by 2026, will be interconnected with the Adriatic Backbone currently under construction.
The 200-million-euro ESG-linked loan contributes to achieving Snam’s sustainable finance target of 85% by 2027.
In May 2024, during the presentation of the first-quarter financial results, Snam revised upward its 2024 guidance for EBITDA and net profit, increasing the financial targets for 2024 and anticipating the goals set by the 2023-2027 Industrial Plan by one year.
In March 2026, the company presented its 2026-2030 Industrial Plan, including €14 billion in investments for transport, storage, and regasification infrastructure and the Ravenna CCS (carbon capture and storage) project. The 2025 financial results reported a net income of €1.42 billion and an EBITDA of €2.96 billion.
Italgas partial spin-off Starting November 7, 2016, following the partial proportional spin-off of Snam S.p.A., with the transfer of 86.5% of the stake held in Italgas Reti S.p.A. to its shareholders, Italgas S.p.A. was re-listed on the stock exchange after 13 years. From 2018, Snam’s brand identity was renewed, with a new logo and values accompanying the company in new projects such as the construction of infrastructure for stable and secure energy supplies and the development of gas as a renewable source. The renewed brand marked the transition towards the concept of landscape and environmental responsibility.
In 2024, Snam also proposed a new ambition statement (“Energy infrastructure for a sustainable future”) highlighting new sustainability goals, including reducing emissions to achieve carbon neutrality by 2040 and “Net Zero” by 2050.
Corporate structure As of December 31, 2023, according to the 2023 Financial Report approved at the Snam Shareholders’ Meeting on May 7, 2024, the Group’s structure is as follows:
Transportation Companies involved in the transportation and dispatching of natural gas: Snam Rete Gas (100%) Asset Company 2 Srl (100%) Infrastrutture Trasporto Gas Spa (100%) Enura Spa (55%), a joint venture between Snam and Sgi, established to develop the methane transportation infrastructure in Sardinia
Storage Stogit Spa (100%), which manages 9 natural gas storage facilities in Italy (Brugherio, Bordolano, Cortemaggiore, Treste River, Minerbio, Ripalta, Sabbioncello, Sergnano, and Settala)
Regasification Source: GNL Italia Spa (100%), the main operator in the regasification of liquefied natural gas (LNG), manages the Panigaglia Regasification Plant Snam FRSU Italia Srl (100%), which manages the Italis LNG (formerly Golar Tundra, now operating under the Italian flag) and BW Singapore floating regasification terminals (FSRU) acquired by Snam FSRU I Limited (100%) Ravenna LNG Terminal Srl (100%)
Sustainable mobility Greenture Spa (100%), formerly Snam4Mobility until March 2023, promotes the decarbonization of land, sea, and rail transport, as well as off-grid industrial and civil users, through the development of infrastructure primarily supporting the use of Bio C-LNG (Compressed and Liquefied Natural Gas) and hydrogen Cubogas (100%), which designs, develops, and produces compression technologies for natural gas, biomethane, and hydrogen, supporting the energy transition of industries
Energy transition Bioenerys Srl (100%), formerly Snam4Environment until November 2022, focuses on promoting the development of biogas infrastructure and its use across the Italian territory, fostering the circular economy Bioenerys Agri (100%), formerly IES Biogas, active in the design, construction, maintenance, and assistance of biogas and biomethane production plants from agricultural and agro-industrial waste Bioenerys Ambiente (100%), formerly Renerwaste, one of Italy’s leading companies in managing biogas and biomethane production plants for the energy recovery of the biodegradable waste