Bernstein has flagged Snam, Italgas and Metlen as key companies likely to gain from Greece's accelerating move from a lignite-dependent power mix to one dominated by renewables and flexible gas. The report links growth prospects for these utilities to enlarged LNG handling capacity, new gas infrastructure and sustained investment in local networks - trends the analyst firm says create multi-year opportunities.
Snam
Snam's exposure to Greece stems principally from its 35.6% holding in DESFA. Bernstein notes that this stake positions Snam to capture upside from increasing LNG imports, an expansion of gas transmission infrastructure and rising cross-border re-export activity. The analysis further highlights DESFA's planned inclusion in Snam's FY26-FY30 core associates portfolio, a step the firm interprets as a deeper strategic alignment and a potential precursor to additional consolidation moves.
The company's investment thesis, as described in the note, is linked to Greece's potential development into a regional gas hub. That view rests on three interrelated elements cited by Bernstein: the arrival of new FSRUs, stronger interconnections with neighbouring systems and growing demand for flexible gas resources to complement variable renewable generation.
Italgas
Italgas' connection to the Greek market is through its majority ownership of Enaon, which the report identifies as central to Greece's gas distribution network expansion. Bernstein forecasts regulatory asset base growth for the Greek distribution sector at a 6% compound annual growth rate to about 1.3 billion by FY31, supported by network extensions, new customer connections and sustained regulation-backed capital expenditure.
Bernstein projects Enaon's EBITDA to climb to 0.18 billion, which Bernstein indicates would represent roughly 6.5% of group EBITDA and underline Greece's status as a meaningful contributor to Italgas' non-domestic growth profile.
Metlen
Metlen is characterized in the note as having integrated exposure across gas-fired power generation, renewable assets, energy supply and gas trading. Bernstein highlights that Metlen's gas-fired plants operate with relatively high load factors, and that additions to renewables capacity alongside growth in the supply market underpin longer-term expansion potential.
The research also emphasizes Metlen's positioning to benefit from Greece's expanding role as an LNG and gas trading hub. Enhanced import capacity and stronger interconnections are cited as enablers for higher wholesale gas volumes and deeper regional trading activity - areas where Metlen could expand its commercial footprint.
Bottom line
Bernstein frames Snam, Italgas and Metlen as utilities with structural exposure to the infrastructure and market changes accompanying Greece's pivot from lignite to a renewables-led system. The analyst note connects ownership stakes, distribution network expansion and integrated generation and trading capabilities to the companies' growth narratives.