The Italian gas group Snam has announced its acquisition Edison Stoccaggio from the Italian subsidiary of France’s EDF Edison for approximately €560m. Edison owned three gas storage sites in Italy through its subsidiary, with a total capacity of natural gas storage of about 1.1 bcm/year. The transaction is expected to be completed within the first quarter of 2025, once it receives approval and authorisation by the relevant authorities.
With this acquisition, Snam will reach a total capacity of about 18 bcm (including 4.5 bcm of strategic reserves), i.e., over 17% of the entire EU gas storage capacity, over a total of 12 storage sites in operation located mainly in central and northern Italy. The sale agreement is in line with Edison’s strategic plan to 2030, which targets the development of renewable capacities while maintaining Italy’s security of gas supply through the development of green gas.