Q2 2019 Snam SpA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to today's Snam's 2019 Half Year Results Conference Call.
(Operator Instructions) I must advise you that this conference is being recorded today, Thursday, the 1st of August, 2019. I would now like to hand the conference over to your speaker today, CEO, Marco Alverà . Please go ahead, sir.
Thank you. Ladies and gentlemen, good afternoon and welcome to Snam's 2019 Interim Results Presentation. Looking first at the scenario, the outlook for gas infrastructure continues to improve. Gas prices are down in the last 12 months, touching a low of EUR 10.5 per megawatt hour in June, which is 50% down year-on-year. This was also driven by the oversupply European LNG markets.
This decline, together with a quick increase of CO2 costs of also about 50% in the first half, has made coal-to-gas switching increasingly convenient in many European countries. Lower gas prices heading into the summer season have also opened summer/winter
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