Enagás has achieved a net profit of 176.8 million euros in the first half of the year, almost six times the figure for the previous year -30.2 million-, according to the accounts presented this Wednesday. The figures allow us to maintain the annual objective of earning 310-320 million euros.
The data is boosted by a capital gain of 42 million from the sale of the stake in the Morelos (Mexico) gas pipeline. In fact, without this extraordinary and other accounting adjustments, the change in profit would drop 17.9%.
Revenues fell 6%, to 450.4 million euros, due to the drop in demand and regulated revenues. The total demand for natural gas and exports decreased by 4.6%. It shows a decrease in conventional demand (-10.4%) due to the reduction in industrial consumption (-8.9%) due to “the war in Ukraine, energy efficiency due to the saving measures implemented by the Government and a mild winter”. The demand for electricity generation falls by 21.9% due to the increase in renewables and the decrease in electricity consumption.
The accounts come at a time when the Spanish facilities are being key in the European framework. With the war in Ukraine and the sanctions against Russia, LNG shipments to countries like the Netherlands or Italy have skyrocketed. “The Spanish gas system has increased its exports by 55%,” the results note. Gas is received from 16 different origins, three quarters as LNG. “The system is working with maximum robustness and confidence and has established itself as a supply entry point to Europe”, it stands out.
Spain has 39% of the liquefied natural gas stored in Europe in its plants. The storages have a filling level of 98%, compared to 72% last year. Thus, the 90% target for November set by Brussels is exceeded.
Gross profit stood at 372 million euros after applying an efficiency plan and control of expenses up to 168 million -those of personnel fell 8.3%, to 66 million, and those of exploitation 11%, to 101 million- and a contribution from investees of 89.4 million. Net investments, for their part, amounted to 34 million net.
The company chaired by Antonio Llardén and which has Arturo Gonzalo Aizpiri as CEO faces a debt of 3,166 million euros, which has been reduced by 302 million. The financial cost is 2.6%, somewhat better than the 2.7% in the first quarter but higher than the 1.6% at the start of 2022. More than 80% of the debt is at a fixed rate.
Enagás assures that the execution of its strategic plan “is being faster than initially expected”. In the first half, it made the leap to Germany with the purchase of 10% of the German consortium Hanseatic Energy Hub and in July it closed the purchase of an additional 4% in the Trans Adriatic Pipeline (TAP), which runs through Greece, Albania, the Adriatic and Italy, up to a 20% stake for 168 million.
The H2Med project, which seeks to be a backbone in green hydrogen, is also advancing. In September the company will launch a process to assess interest in hydrogen from the supply and demand side.
