Snam S.p.A. (OTCPK:SNMRF) Q2 2022 Earnings Conference Call July 27, 2022 9:00 AM ET
Company Participants
Stefano Venier - Chief Executive Officer
Conference Call Participants
Javier Suarez - Mediobanca
James Brand - Deutsche Bank
Chris Laybutt - Morgan Stanley
Bartek Kubicki - Societe Generale
Stefano Gamberini - Equita SIM
Emanuele Oggioni - Kepler Cheuvreux
Mafalda Pombeiro - Goldman Sachs
Operator
Good afternoon. This is the Chorus Call Conference operator. Welcome and thank you for joining the Snam First Half 2022 Consolidated Results Conference Call. [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. Ladies and gentlemen, good afternoon and welcome to the Snam’s first half results presentation. Let me apologize first for my voice, but I am just back from the COVID and therefore, my voice is pretty down in these days.
So, let me turn on Page 1st. In the first half of the year, the energy landscape has been dominated by the conflict between Russia and Ukraine. This has reshaped the policy priorities with increased focus on supply, security and affordability. This new context implies a greater need for infrastructure and services, a strong focus on interconnecting energy markets and acceleration of energy transition ambitions. Snam, was then Europe’s largest gas infrastructure operator and a leader on decarbonized gas, has a key role to play in this context. With its strong balance sheet, disciplined investment approach and unparalleled execution capabilities, it can deliver the investments needed to cope with the new scenario.
Taking a closer look at the first half of the year, the market context continued to be extremely volatile characterized by escalating geopolitical risk, high energy prices and rising inflation and interest rates. The energy crisis has had several policy
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