Enagás earned 54.6 million euros in the first quarter of 2023, which represents 21.2% less compared to the same period of the previous year, according to the information deposited by the operator of the Spanish gas system this Tuesday to the National Gas Commission. Stock Market (CNMV). Between January and March, the company’s total revenues amounted to 220.6 million euros, 5.7% less than the previous year and the ebitda fell 6.5% to 173.6 millions of euros.
The greatest weight in this drop in income was in regulated activities for which Enagás billed 216.2 million euros, 6.2% less than in the same period of the previous year. On the other hand, other operating income contributed 4.4 million euros, 27.2% more.
The investee companies contributed 36.6 million, also 17.1% below the first quarter of the previous year, which included 12 million euros corresponding to the contribution of GNL Quintero, a Chilean infrastructure whose participation Enagás sold in July 2022.
“These results meet the objectives set for the year. Since this result does not include the net capital gains of approximately 40 million euros, derived from the sale of Enagás’ participation in the Gasoducto de Morelos, in Mexico, after a closed transaction for an amount of 95 million dollars (87 million of euros).
For this reason, Enagás has confirmed this Tuesday its objectives for the financial year 2023 in which the company expects to reach a profit of between 310 and 320 million euros by the end of the year, a contribution from its subsidiaries of between 190 and 200 million euros, and a net investment of approximately 250 million euros for the year.
Regarding the situation of the gas system, Enagás pointed out that “it has established itself as an entry point for the supply of natural gas to Europe”.
During the first three months of the year, a historical record of natural gas shipments to France of 8 TWh has been recorded. In addition, the number of reloaded ships has increased by 124% compared to the first quarter of 2022, with Italy remaining the main destination.
In total, natural gas exports from Spain have grown by 104% during this period.
The total transported demand for natural gas in Spain has reached 112 TWh in the first three months of the year, up to 7% less than in the same period of the previous year, and 4.3% more than in the last quarter of 2022. This increase is mainly due to the improvement in conventional demand, which increased by 37.5% in this period, driven in turn by a recovery in industrial demand.
As a result of the energy efficiency measures promoted by the Government of Spain, among other factors, conventional demand fell by 13.9% in the first quarter of 2023 compared to the same period of the previous year. The demand for gas for electricity generation also fell by 26.3% due to the increase in renewable generation.
