What Gaznat does

Gaznat SA is a privately held Swiss gas transmission and trading company founded on March 12, 1968, headquartered in Vevey, Canton of Vaud. It operates the only high-pressure natural gas transmission network of significant scale in Western Switzerland — a meshed infrastructure of more than 600 km of underground pipelines operating at 35-80 bar, including two pioneering underwater crossings of Lake Geneva at depths up to 300 meters. The company transports approximately 10,518 GWh per year, representing around 29.3% of Swiss gas consumption, and serves its nine shareholders — primarily regional utilities and municipalities led by Services Industriels de Genève (SIG) holding 37.51% and Commune de Lausanne at 26.89% — alongside industrial end-users and engineering clients. Gaznat is regulated by the Swiss Federal Pipeline Inspectorate and operates a Monitoring and Control Center (CSA) at Aigle.

The company's revenue model is multi-stream: usage-based transmission fees on its high-pressure pipeline network, transaction-based gas trading and portfolio optimization services (managing portfolios for seven of nine shareholders with EEX spot/intraday access since October 2022), renewable gas product sales (biomethane certificates, carbon offsetting, biogas investments), and professional engineering and infrastructure services for third parties. Sales volumes in 2025 were 9,124 GWh. Equinor supplies roughly 30% of volumes under contract through 2027. Subsidiaries include majority-owned Fingaz SA (66%, France-Switzerland transport financing, 7,830 GWh in 2025), Unigaz SA (60%, pipeline planning and operation, 4,923 GWh in 2025), and Petrosvibri SA, plus minority stakes in Swissgas SA, Gazmobile SA, Gas&Com SA, and Swiss Gas Invest SA.

Beyond traditional gas operations, Gaznat is positioning itself as a renewable-energy infrastructure platform. Its Innovation Lab at Aigle — winner of the 2026 Watt d'Or from the Swiss Federal Office of Energy — hosts the GreenGas Power-to-Gas project (99% CO2 conversion in a single pass via methanation plus graphene-membrane CO2 capture) and the SWITCH reversible solid oxide fuel cell system (targeting 65% CO2 reduction vs. conventional reforming). A CHF 400 million Lined Rock Cavern (LRC) underground gas storage project targeting 1.48 TWh is being developed with partners in Upper Valais for construction no earlier than 2027. Underpinning this is a CHF 5 million, seven-year framework research agreement with EPFL signed December 2024, supporting three project calls in CO2 capture, synthetic gas, hydrogen, and AI-for-energy, with the stated vision of CO2-neutral energy supply in Western Switzerland by 2050. Reported 2025 revenue was CHF 885.26 million (down 32% from the prior year due to lower European gas prices on stable volumes), with net profit of CHF 27.2 million, a 37% equity ratio, and approximately 64 employees.

Name

Gaznat

Legal name

Gaznat SA

Website

https://gaznat.ch

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

101–250 employees

Short description

Gaznat SA is a Swiss-regulated gas transmission utility operating a 600+ km high-pressure pipeline network across Western Switzerland, providing transportation, trading, portfolio optimization, and engineering services to nine regional utility and municipal shareholders, alongside renewable gas and Power-to-Gas innovation.

Ownership category

akta.pro rank

Product category

Natural Gas Transmission Infrastructure

NAICS

Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Natural Gas (48621), Natural Gas Distribution (22121), Natural Gas Distribution (2212)

SIC

Natural Gas Transmission (4922), Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Intrastate Natural Gas Transmission (TLAGACAB)

Keywords

• Natural gas transmission
• High-pressure pipeline infrastructure
• Gas trading services
• Renewable gas products
• Energy infrastructure operations

Headquarters

HQ city

Vevey

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Gas transportation and transmission: Gaznat operates a high-pressure transmission network of approximately 600 km that transports gas throughout Western Switzerland. Revenue is generated through transmission fees for gas transportation services.
2. Gas trading and portfolio optimization: Trading team manages natural gas and renewable energy supplies, buying on European markets through medium/long-term contracts and spot/forward purchases. Gaznat optimizes gas portfolios for seven of its nine shareholders and offers renewable products such as biomethane certificates, carbon offsetting, and biogas investments.
3. Energy product sales: Since 2017, Gaznat markets energy products tailored to partners' needs including biomethane, carbon offsetting, and biogas investments. Sales volumes of 9,124 GWh in 2025 with 29.3% of Swiss gas consumption.
4. Engineering and infrastructure services: Gaznat offers engineering services for third parties, including construction of delivery stations for distribution network operators or industrial sites. Gaznat acts as prime contractor from specification definition through coordination of work to final testing and delivery.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Gaznat operates a high-pressure natural gas transmission network spanning over 600 km across Western Switzerland, transporting natural gas and renewable gases from European entry points to regional distribution networks and industrial customers. The company provides gas trading and portfolio optimization services for its utility shareholders, operates an Innovation Lab for testing renewable gas technologies including Power-to-Gas and CO2 capture, and is developing underground rock cavity storage to ensure security of supply.

Product overview

Gaznat offers a unified portfolio of natural gas infrastructure and energy services centered on its high-pressure transmission network spanning over 600 km across Western Switzerland. The core offerings include Gaznat Négoce for trading and portfolio management, the High-Pressure Gas Network for transport and delivery, and the Innovation Lab platform for testing emerging technologies. Supporting products include Power-to-Gas installations for synthetic methane production, Rock Cavity Gas Storage (LRC) for seasonal energy reserves, and Renewable Gas Products including biomethane certificates. Services encompass network monitoring and control, infrastructure development, and market price analysis. The company operates from administrative headquarters in Vevey and a surveillance center in Aigle, with approximately 64 employees managing operations, trading, and innovation activities.

Differentiator

Problem solved

Functional benefit

Brands

• Innovation Lab: A platform dedicated to testing new energy technologies in a semi-industrial environment, focusing on power-to-gas, decarbonization, and renewable gas storage. Winner of the 2026 Watt d'Or award.
• GreenGas
• Power-to-Gas

Products and services

• Gaznat Négoce (Gas Trading Services) Gas trading and portfolio management services for Western Switzerland, combining supply from European markets with market monitoring, hedging, and integration of renewable products such as biomethane certificates and carbon offsetting. Serves the company's utility shareholders.
• High-Pressure Gas Network Transport and delivery of natural gas through over 600 km of high-pressure underground pipelines (35-65 bar normal operating pressure, up to 80 bar maximum), including underwater pipelines in Lake Geneva, compressor stations, customs posts, isolating stations, and delivery stations. Connects European entry points (Germany, France, Italy) to regional distribution networks.
• Rock Cavity Gas Storage (LRC) Underground gas storage project using Lined Rock Cavern (LRC) technology. Involves excavating cavities in rock, lining with steel casing for watertightness, and storing gas compressed at approximately 300 bar for seasonal storage and security of supply. Can store natural gas and renewable gases such as hydrogen or synthetic methane.
• Power-to-Gas Installation Methanation technology converting renewable electricity into hydrogen by electrolysis, then combining hydrogen with CO2 to produce synthetic methane (syngas) for injection into gas networks. Achieves over 99% CO2 conversion rate. Industrial-scale 225 kW reactor under development.
• Innovation Lab Innovation platform at Aigle for testing new energy technologies in a semi-industrial environment. Focuses on power-to-gas, decarbonization, carbon capture, and renewable gas storage. Houses projects including GreenGas and SWITCH (reversible fuel cell system). Winner of the 2026 Watt d'Or award for energy technologies.
• Renewable Gas Products Biomethane certificates, carbon offsetting, and biogas investments. Includes import contracts for European biomethane and long-term contracts with European production facilities. Renewable gas reached 4.9% of delivered mix in 2025, up 47% from 2024.
• Gas Portfolio Optimization Portfolio optimization services for shareholders including market monitoring, hedging strategies, and integration of renewable products. Currently serving seven of Gaznat's nine shareholders.
• Market Price Reports Annual and periodic market price reports analyzing and commenting on natural gas and renewable gas pricing trends, produced by Gaznat Négoce teams for shareholders, partners, and the public.
• Network Monitoring and Control 24/7 surveillance of high-pressure network using sensors, automated alerts, and real-time data transmission from the Centre de Conduite et de Surveillance (CSA) in Aigle. Detects incidents immediately, controls valves remotely, and ensures network integrity.
• Infrastructure Development Services Engineering services including construction of new gas pipelines, delivery station construction or conversion, and network adaptation work. Also offers engineering services for third parties as prime contractor from specification definition through coordination of work to final testing and delivery.

Quantifiable outcome

• 99% CO2 conversion rate in methanation reactor
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

15 partnerships are on record, tiered core and supporting.

• EPFL (École Polytechnique Fédérale de Lausanne)coreStrategic or Co-development Partner · 1 December 2024Long-standing strategic partnership to develop a cluster of expertise around development of new sources of liquid and gaseous renewable energy. New 7-year framework agreement signed December 2024 with budget of CHF 5 million supporting three calls for projects (2025-2027). Focus areas: CO2 capture, storage and utilization, synthetic gas production, energy storage, impact of molecules on pipe materials, AI in energy.
• InnosuissesupportingStrategic or Co-development PartnerSupported the Power-to-Gas pilot project at Sion's pressure reduction and metering station. Innosuisse is the Swiss Innovation Agency promoting научно-исследовательскую деятельность.
• EPFL Valais WalliscoreTechnology or IntegrationDeveloped the methanation reactor and Power-to-Gas system in EPFL Valais Wallis laboratories, in close collaboration with Gaznat.
• GRZ TechnologiessupportingTechnology or IntegrationPartner specialized in hydrogen technology. Supporting Gaznat's development toward industrial-scale Power-to-Gas production with 225 kW reactor (20x more powerful than pilot).
• Gazoduc SAcoreStrategic or Co-development PartnerPartner in rock cavity storage project in Upper Valais. Gaznat holds 9.67% of Gazoduc SA which holds 9.67% ownership. Project aims to develop underground LRC storage at Oberwald in Grimsel region.
• Holdinova SAcoreStrategic or Co-development PartnerPartner in rock cavity storage project. Holdinova holds 15.56% of Gaznat shares. Involved in deep geothermal Petrosvibri project for hydrocarbon exploration in Switzerland.
• Paul Scherrer Institute (PSI)supportingStrategic or Co-development PartnerConducted study on technical and commercial aspects of gas storage under SWEET/SURE program. Demonstrated benefits of large-scale gas storage for Swiss energy system integration with climate objectives.
• SolydErasupportingTechnology or IntegrationTechnology company specialized in energy technologies and hydrogen management. Partner in SWITCH project developing reversible solid oxide fuel cell system at Innovation Lab.
• HyGearsupportingTechnology or IntegrationSpecialized in energy technologies and hydrogen management. Assembled the SWITCH system (two 40-foot containers) in Arnhem, Netherlands for Innovation Lab installation.
• EquinorcoreChannel Partner/ Reseller/ DistributorSupply contract since 2022 securing 30% of Gaznat's supplies until 2027, in compliance with strictest environmental standards. Part of diversified supply strategy alongside spot market purchases.
• Fingaz SAcoreStrategic or Co-development PartnerGaznat holds 66% of Fingaz SA. Fingaz finances gas storage and transport facilities between Switzerland and France. Transported 7,830 GWh in 2025 with peak hourly flow of 1,988 MW.
• Unigaz SAcoreStrategic or Co-development PartnerGaznat holds 60% of Unigaz SA. Studies, constructs, and operates transmission pipelines serving the Swiss Plateau and Western Switzerland. Transported 4,923 GWh in 2025.
• Gas&Com SAsupportingStrategic or Co-development PartnerGaznat holds 33.3% of Gas&Com SA. Operates fiber-optic network covering all of Switzerland, providing bandwidth and telecommunication services.
• Gazmobile SAsupportingStrategic or Co-development PartnerGaznat holds 29.5% of Gazmobile SA. Promotes natural gas/biogas as vehicle fuel in Switzerland. Supports drivers and distributors in acquiring vehicles and building refilling stations.
• Swissgas SAsupportingStrategic or Co-development PartnerGaznat holds 25.98% of Swissgas SA. Operates high-pressure pipeline network and manages gas transmission. Focuses on role as nationally important company for Swiss gas infrastructure.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Enagás: Spanish TSO and LNG terminal operator. Comparable in regulated transmission plus push toward renewable gases and hydrogen infrastructure, providing a strategic roadmap for Gaznat's transition plans.
• Snam: Italy's primary gas transmission operator and one of Europe's largest TSOs. While much larger, Snam pursues similar transmission-plus-hydrogen-transition strategy relevant to Gaznat's LRC and Power-to-Gas initiatives.

Direct peers

• Swissgas SA: Swiss national high-pressure gas transmission operator. Gaznat holds 25.98% of Swissgas and they are direct cooperation partners in the Swiss gas transmission network — the most natural peer given shared geography, infrastructure type, and trading activity.
• Open Grid Europe: Major German high-pressure gas transmission operator. Comparable given Gaznat's German entry corridor (via Transitgas) and similar regulated TSO business model across European transmission networks.
• Fluxys Belgium: Belgian natural gas transmission system operator operating pipeline infrastructure and storage. Directly comparable mid-sized European TSO with similar business model of regulated transmission plus storage and trading.
• GRTgaz: French natural gas transmission operator. Highly comparable given Fingaz's 66% relationship financing Gaznat-French interconnect capacity and Gaznat's 15% storage reserve obligations with French facilities.
• SWISSGAS Netz AG: Networking arm of the Swissgas group that operates the national high-pressure network connecting Swiss regions. Highly relevant given Gaznat's regional meshed network connects directly to the Swissgas backbone.
• TIGF (Teréga): Mid-sized French gas TSO and storage operator. Comparable given its mix of transmission, storage, and renewable gas (biomethane) infrastructure — directly parallel to Gaznat's planned LRC storage and biomethane strategy.

Regional players

• Erdgas Zentralschweiz (EGZ): Regional gas utility for Central Switzerland. EGZ and Gaznat jointly divested SET in 2025, illustrating direct cooperative relationship. Regional counterpart serving the Suisse German side of the Swiss gas market.
• Gasverbund Mittelland AG (GVM): Swiss natural gas marketing and supply cooperative in the Mittelland region. Direct counterpart to Gaznat's marketing/trading model and acquirer of SET shares, indicating close ecosystem positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@gaznatsainfo7047
• LinkedInlinkedin.com/company/gaznat-sa

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gaznat