“I hope that no government ever attacks a company for making money.” With that warning as a parapet, Francisco Reynés presented Naturgy’s 2022 income statement to the media this Wednesday, with the best results in the company’s history.
In the most turbulent year in the history of energy, Naturgy earned 1,649 million euros, 35.8% more than in 2021 and its result before taxes (Ebitda) climbed to 4,954 million, which represents a growth of 40, 4%. “These are not results that can surprise anyone, because they are in line with what we presented throughout the first nine months of the year,” said the manager while warning that “the comparison is made with a 2021 that It was very strange.”
The manager pointed to the international business and gas trading as one of the main sources of profit for the company, for which he estimated the impact of the Spanish tax on extraordinary income from the activity within the country at “about 300 million euros”. whose impact is already included in the operating result data of the accounts presented. “Taxes are designed by governments and they will know if they are justified or not. I do not think that this is the only sector that has better results in 2022 than in 2021”, he pointed out, avoiding making a direct assessment of the tax on which the Naturgy Council has yet to decide whether to resort to the courts.
Regarding last year’s activity, Reynés highlighted that the intensity of the use of gas as support energy for the electrical system was very powerful in 2022 given the low contribution of hydrological resources and a lower contribution from wind power. “The activity in its combined cycle plants to provide coverage electricity to the system increased by 50%,” he said. But he also pointed to the gas trading business as another key to the company’s profits.
Some benefits that will translate into a strong investment of 2,700 million euros by 2023, doubling that made in 2022. Two-thirds of which will be allocated to organic growth, although the manager did not identify any specific project, and the other two to maintenance of infrastructures.
Reynés also did not want to detail the destination of these investments, although he did confirm that “a significant part will be invested in Spain.” A country in which Naturgy still “has a trustworthy profile that meets the standards required by the company,” he assured. This does not mean that, like the vast majority of companies, Naturgy already has its eyes on the US and on the attractive incentives that the Joe Biden government has approved to promote the energy transition.
In the international arena, Reynes has also confirmed that the relationship with Algeria is “excellent” and “not in danger”. In the midst of negotiations on the price of the gas supplied, the Spanish manager recalled that “Naturgy is a very reliable client for Algeria, with whom, in addition to a 25-year relationship, it has signed commitments to acquire the gas or pay for it for at least a decade further. That for a state like the Algerian I do not think it is negligible”.
Furthermore, he said, “Algeria, through Sonatrac, has more than 4% of our capital and has not sold it. That will be because he is not very angry.
On the other hand, Francisco Reynes had to answer questions about the future of the ousted Geminis project that Naturgy presented on February 10 of last year. At that time, Natugy was betting on splitting its free and regulated businesses into two different companies, but the outbreak of the war paralyzed everything. “The project still makes sense but in an environment as volatile as this is not the time to address these big changes,” said Reynés to avoid considering the project buried.
