Outlook

Management’s priorities are to expand the Group’s business by constructing significant new gas infrastructure in Italy and assessing strategic growth opportunities in Europe.

Gas demand

Demand for natural gas on the Italian market in 2014 is expected to remain at 2013 levels.

Investments

2014 will see Snam pursue its infrastructure development investments, fostering organic growth in results and profitability, whilst respecting the Group’s financial commitments.

The priorities for the various business segments are as follows:

Transportation and Regasification

• make the Italian gas transportation system safer and more flexible, and satisfy the need to diversify sources in the medium-to-long term, including by developing interconnection points;
• continue to improve the quality of the transportation service;
• develop the gas balancing market.

Storage

• improve the overall safety and flexibility of the system by increasing the storage and delivery and injection point capacity;
• optimise balancing and promote the liquidity of the gas system in Italy.

Distribution

• selectively manage the portfolio of concessions in order to maximise profitability;
• continue to improve the level of safety, reliability and quality of the service;
• continue to encourage the rising number of end users.

Efficiency

Snam confirms its commitment to maximising the creation of value through both operating efficiency and an efficient capital structure.