Italy's Snam picks advisers ahead of Edison's gas storage sale - sources

Rothschild & Co SCA

09/06/2023 17:23

MILAN, June 9 (Reuters) - Italian gas grid operator Snam
 SRG.MI  has picked Rothschild & Co. and Societe Generale to
advise on a potential purchase of Edison's  EDNn.MI  gas storage
assets, two sources close to the matter said on Friday.
    EDF's  EDF.PA  Italian subsidiary Edison recently said it
was considering options for its storage business, adding its
three sites would have a value in excess of 500 million euros
($538 million).
    Snam and Rothschild declined to comment. 
    Last month, Edison picked Lazard and Intesa Sanpaolo to
advise on the future of its storage business, the sources said.
    Edison was not available to comment.
    State-controlled Snam, which already manages the bulk of
Italy's gas storage, recently expressed its interest in the
facilities of Edison, which are geographically close to some of
its existing depots.
    The energy crisis triggered by Russia's invasion of Ukraine
showed last year how large gas storage facilities allow a
country to build an energy buffer to face potential consumption
peaks during the winter.
    Edison's gas storage business posted core earnings of around
50 million euros last year. The business has a regulated asset
base (RAB) of around 500 million euros, according to the sources
commenting on unpublished figures.
    Other potential investors include some infrastructure funds
and industrial players, the sources said.
($1 = 0.9287 euros)

 (Reporting by Francesca Landini;Editing by Elaine Hardcastle)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437;
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