Snam S.p.A. (OTCPK:SNMRF) Q1 2022 Earnings Conference Call May 12, 2022 9:00 AM ET
Company Participants
Stefano Venier - CEO
Alessandra Pasini - CFO
Conference Call Participants
Harry Wyburd - Bank of America
Javier Suarez - Mediobanca
Roberto Ranieri - Intesa Sanpaolo
Bartlomiej Kubicki - Societe Generale
Stefano Gamberini - Equita
Jose Ruiz - Barclays
Operator
Welcome and thank you for joining the Snam First Quarter 2022 Financial Results Conference Call.
As a reminder all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Stefano Venier, CEO of Snam. Please go ahead, sir.
Stefano Venier
Thank you. Good afternoon and welcome. I am here with Alessandra and the ER [ph] team. Let me introduce myself first. I am Stefano Venier, I am being appointed as Snam's CEO on April 27 and therefore I am the office since couple of weeks I would say.
As some of you know, I've spent my -- the last eight years as CEO of Hera Group, Italian multi-utility, but I am being in this industry since 12 years. I've to say that I began my journey at Snam at a specific time in which we must consolidate our energy security while at the same time, continuing to pursue the energy transition. Snam is ideally placed to contribute to addressing both those challenges and deliver sustainable growth.
I'll give you my brief update on quarter's key highlights and then I'll leave the floor to Alessandra for a detailed analysis of our results. On Page Two, in terms of the market context, we are obviously in extraordinary situation with consuming gas demand growth, high prices, and rising inflation. Gas demand was at 1.3%, mainly owning to lower hydro production in the power
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