Snam S.p.A. (SNMRF) Q1 2023 Earnings Call Transcript

Snam S.p.A Q1 2023 Earnings Conference Call May 11, 2023 4:00 AM ET

Company Participants

Francesca Pezzoli - Head of Investor Relations
Stefano Venier - Chief Executive Officer
Luca Passa - Chief Financial Officer

Conference Call Participants

Javier Suarez - Mediobanca
Emanuele Oggioni - Kepler Cheuvreux
Stefano Gamberini - Equita
Davide Candela - Intesa Sanpaolo
Bartlomiej Kubicki - Societe Generale

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Snam First Quarter 2023 Consolidated 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 Ms. Francesca Pezzoli, Head of Investor Relations. Please go ahead, ma'am.

Francesca Pezzoli

Good morning, ladies and gentlemen, and welcome to Snam Q1 2023 consolidated results. Today presentation will be hosted by our Snam’s CEO, Stefano Venier and by our CFO, Luca Passa. During the presentation, Stefano will provide you an overview of the results and the key highlights of the period, Luca will walk you through the financial performance, then back to Stefano for closing remarks, and finally the Q&A session.

And now let me handover to Stefano.

Stefano Venier

Good morning, ladies and gentlemen, also my side. I'm on slide two to start the presentation. Volatility continued in Q1. Gas demand declined by nearly 20% while gas prices experienced some stabilization, 46% below previous year level but still nearly two times pre-energy crisis level. Gas flows continue to be impacted by the geopolitical situation and the volume decline from North was offset by a 35% increase of LNG import and lower demand. On the regulatory front, we had two new array resolutions; the first number 139, that's the criteria for gas transportation and metering services, in the six regulatory period, that goes from ’24 to ’27. More importantly, it