Bernstein Identifies Three European Utilities Benefiting from Greece's Energy Transition
Snam Rete, Italgas, and Metlen are highlighted as key beneficiaries of Greece's shift towards renewable energy. This transition creates significant growth opportunities linked to gas infrastructure expansion and LNG capacity developments.

Snam Rete's involvement in Greece stems from a 35.6% stake in DESFA, enabling it to benefit from rising LNG imports and gas transport infrastructure expansion. The investment case for Snam Rete is tied to Greece's evolution as a regional gas hub, supported by new FSRUs and increased demand for flexible gas supply.
Italgas, through its majority stake in Enaon, is crucial to the expansion of Greece's gas distribution network, with a projected average annual growth of 6% in the regulatory asset base, reaching approximately 1.3 billion euros by 2031. Metlen's integrated approach in gas generation and renewable energy aligns with Greece's changing energy landscape, enhancing its capacity utilization and supporting long-term growth through enhanced trade volumes. The role of Greece as an LNG and gas trading hub is expected to strengthen regional trading activities.




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