LNG (liquefied natural gas) is natural gas cooled until it becomes liquid, so that it can travel by ship. For an Italian business it is not a commodity to buy, except in special cases: it is the reason why the gas price in the contract depends more and more on what happens far from Europe. In 2025 just over a third of the gas imported into Italy arrived by ship (ARERA, the Italian energy regulator).
From the field to the grid
In its liquid state gas occupies a volume about 600 times smaller (Snam). LNG carriers load it at the liquefaction plants of exporting countries and unload it at a regasification terminal, where it returns to a gaseous state through heat exchange and enters the transmission network. A terminal can be onshore, out at sea or on a moored vessel (FSRU, Floating Storage and Regasification Unit).
The Italian terminals operating in October 2026
| Terminal | Where | Type | Capacity (bcm/year) | In operation since |
|---|---|---|---|---|
| Panigaglia | Porto Venere (La Spezia) | Onshore | 3.5 | 1971 |
| Adriatic LNG | Off Porto Viro (Rovigo) | Offshore | 9.5 | 2009 |
| FSRU Toscana (OLT) | Offshore between Livorno and Pisa | FSRU | 5 | 2013 |
| Italis LNG | Port of Piombino (Livorno) | FSRU | 5 | 2023 |
| BW Singapore | Off Ravenna | FSRU | 5 | 2025 |
In total about 28 billion cubic metres a year (Snam, page updated in July 2026). The Snam group directly operates Panigaglia, Livorno, Piombino and Ravenna and holds 30% of Adriatic LNG, which is 70% controlled by VTTI. Two capacities have changed recently: that of Livorno, authorised to rise from 3.75 to 5 billion in 2023, and that of Adriatic LNG, which went from 9 to 9.5 in 2025.
The authorisation for the Piombino vessel provided for its transfer to another site by 2026. Decree-Law no. 32 of 11 March 2026 (article 9, paragraph 5) allows regasification plants whose authorisation expires by 31 December 2026, and for which an extension or a new authorisation was requested by 30 June 2026, to continue operating until the procedure is concluded.
How much LNG weighs on Italian imports
According to ARERA, on data from the Ministry of Environment and Energy Security, in 2025 Italy imported 61.6 billion cubic metres of gas. LNG rose from 14.7 to 21.2 billion (+44%): just over a third of the total, against about a quarter in 2024. The United States, Qatar and Algeria together supplied 88% of the LNG; 9.8 billion cubic metres came from the United States, almost double the previous year. Cargoes from Trinidad and Tobago, Equatorial Guinea and Nigeria also grew.
Taking pipelines and ships together, Italy's top supplier in 2025 remained Algeria (36.1%), followed by Azerbaijan (16.2%) and the United States (15.9%).
What changes for prices
An LNG cargo goes where it is paid most. Europe competes with Asia for the same ships and ARERA notes a strong correlation between European and Asian prices. More LNG means more suppliers and less dependence on a single pipeline, but also a price exposed to distant events: in the first quarter of 2026 the tensions in the Persian Gulf and the critical situation along the Strait of Hormuz put pressure on the availability of spot cargoes and made European prices react.
For a business: what to look at
- In the contract and on the invoice: LNG does not appear. Its effect passes through the indices to which the price is linked, PSV and TTF, whose values are on the Market indices page.
- The decisions it affects: how much of consumption to leave at a variable price. With a market tied to LNG, swings arrive faster: it is a reason to set price risk management rules before they are needed.
- For sites not connected to the grid: LNG can be delivered by tanker truck. At Panigaglia the truck loading service has been active since June 2025 (Snam).
- Typical mistakes: thinking that more regasification terminals automatically mean lower prices; confusing security of supply with price stability; reading news about a single terminal as if it moved the cost of your own contract.
How these dynamics enter supply conditions is one of the topics of our gas consulting for businesses.
To assess how exposed your contract is to the market, IPGS ENERGY is available: Request a conversation.
Sources
- Snam — Rigassificatori onshore e FSRU (accessed 10 October 2026)
- Snam — L'Italis LNG a Piombino (accessed 10 October 2026)
- Snam — La BW Singapore a Ravenna (accessed 10 October 2026)
- ARERA — Relazione Annuale, Stato dei servizi 2025, volume 1 (accessed 10 October 2026)
- Normattiva — Decreto-legge 11 marzo 2026, n. 32, articolo 9 (accessed 10 October 2026)
Informational content by IPGS ENERGY. Information is reviewed as of the stated update date and does not replace a contractual, tax or regulatory assessment specific to an individual business.
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