Italian gas grid operator Snam will retain its 40.5 percent holding in France’s Terega while it reviews other assets in its portfolio, CEO Agostino Scornajenchi said today. He called the Terega position a solid dividend payer and said Snam will present a new industrial plan by March.
Strategy and portfolio review
Scornajenchi’s comments signal continuity in Snam’s cross-border pipeline strategy even as the company evaluates non-core businesses. The CEO framed Terega as an income contributor during a broader portfolio checkup and tied the decision to Snam’s upcoming plan for 2026 and beyond, due by March 2026.
German approval for OGE stake
Snam also wants a minority stake in Germany’s Open Grid Europe to strengthen north-south gas and future hydrogen links. Management expects a decision from Germany’s economy ministry by November 17, and has indicated it could walk away if clearance does not arrive by mid-November.
Shareholder moves around Terega
Terega is France’s second-largest gas transmission operator. Alongside Snam, current investors include Singapore’s GIC with about 32 percent, plus EDF and Crédit Agricole with smaller stakes. Spain’s Enagás has been in talks to buy GIC’s 32 percent, a deal reported at roughly 600 million euros and implying a multibillion-euro enterprise value.
Financial context
Snam last week raised full-year guidance after nine-month results showed adjusted EBITDA up 6.6 percent to about 2.23 billion euros and net income up 10 percent to roughly 1.1 billion euros. Management also outlined funding options for the potential OGE purchase and progress on selling the biomethane unit, valued around 560 million euros.
Why this update matters for energy transition investors
Keeping the Terega stake preserves cash flow and France exposure while Snam pursues corridor assets that could be repurposed for hydrogen. Any Enagás entry would add an Iberian partner to Terega’s cap table, potentially aligning with the planned H2Med network between Portugal, Spain, France, and Germany.
