Outlook

The main management guidelines provide for business growth through the creation of major new gas infrastructure in Italy and the assessment of strategically important opportunities for foreign expansion, to increase infrastructure interconnection and the flexibility of gas flows in Europe.

Gas demand

On the basis of information currently available, natural gas demand on the Italian market at the end of 2014 is expected to be down on 2013, in temperature-adjusted terms, mainly due to reduced consumption in the thermoelectric sector.

Investments

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

Efficiency

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