Italian energy infrastructure company Snam said that it has commenced exclusive talks with Edison regarding the acquisition of 100% of Edison Stoccaggio.
Edison Stoccaggio contributes to the security of Italy’s energy system as an operator of natural gas storage facilities in the country.
The talks between Snam and Edison follow a competitive bidding process for the midstream subsidiary, which commenced in October 2023.
Edison Stoccaggio has three natural gas storage facilities, which are located in Cellino in Teramo, Collalto in Treviso, and San Potito e Cotignola in Ravenna.
Put together, these facilities have a total storage capacity of approximately one billion cubic metres per year. The amount of gas that can be potentially supplied per day by the three facilities, is a combined 8.85 million cubic metres.
Snam stated: “The market will be duly informed about the possible conclusion of the negotiations.”
Last December, Reuters reported that Edison`s gas storage assets had garnered interest from four Italian and international entities.
The potential transaction was projected to exceed €600m, the publication wrote, based on information provided by two sources knowledgeable about the situation.
According to the sources, Italian gas distribution firm Ascopiave, Australian infrastructure group Macquarie, Czech energy firm EPH, and Snam had submitted non-binding offers for Edison`s storage business at that time.
Edison Stoccaggio was established by Edison in August 2004 with a primary focus on developing and overseeing gas storage operations.
The Collalto storage field, originally constructed in 1994 and upgraded in 2011, has a storage capacity of approximately 600 million cubic meters of natural gas and comprises 17 active wells.
The San Potito and Cotignola field, finalised in May 2013, has a storage capacity of around 400 million cubic meters of natural gas and features 11 active wells.
Established in 1984, the Cellino storage field underwent enhancements in 2010, offering a storage capacity of roughly 120 million cubic meters of natural gas and comprising five active wells.
