Gas company Snam and power grid operator Terna will start cooperating on possible synergies between their networks after signing a Memorandum of Understanding, the two companies said on Friday.

According to the agreement, Snam and Terna will develop shared Italian and European energy scenarios when preparing their 10-year investment plans.

The cooperation will also support Snam's plans to convert gas compression and storage plants into gas-electric plants.

The two companies added that the convergence measures would provide more flexibility for the services they offer while reducing environmental impact.