Q3 2022 Snam SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Snam 9 Months 2022 Consolidated Results Conference Call. (Operator Instructions).
At this time, I would like to turn the conference over to Mr. Stefano Venier, CEO of Snam. Please go ahead, sir.
Ladies and gentlemen, good afternoon, and welcome to Snam 9 months results presentation.
Page 1, gas prices, volatility continued with peaks during August, September, followed by a sharp decline from October on the back of mild winter -- mild weather, sorry, the end of EU storage infilling campaign and recession fears. Italian demand was down 3% in 9 months, driven by decline of residential demand by minus 5%, due to mild weather and a drop by 9% in industrial demand due to high prices, while thermoelectric sector was up 3% as effect of low hydro production.
Exports to Northern Europe continued reaching 2.7 bcm, confirming Italy's role as a transport hub. Q3 demand was down by 7% year-on-year,
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