European gas pipeline group Snam is planning €23 billion ($26 billion) of investments over the next nine years in an effort to prepare its network for the energy transition, Reuters reports.
The company will spend around €3 billion ($3.4 billion) alone to repurpose 2,700 kilometers of network that will transport green hydrogen from Africa and Italy to high-energy demand regions such as Germany. Work will start on the first phase of the initiative in 2025 and is expected to be completed before 2030.
The company also looks to spend €12 billion ($14 billion) to upgrade its domestic grid by 2030, and as much as €5 billion ($5.7 billion) on energy storage during the same period.
