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Enagás makes a net profit of €269.1 million

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Oilfield Technology,

Enagás made a net profit of €269.1 million for the first six months of this financial year. This figure includes the accounting impact produced by the full consolidation of the Quintero LNG plant in Chile, included since January 2017. Taking this into account, net profit has increased by 25.6% on the same period last year.

Standalone net profit for the first half, without including the impact of the full consolidation of the Quintero LNG plant was €217.6 Mn, a rise of 1.6%, which is in line with targets set for the year. This result is mainly due to the contribution from affiliates, which were responsible for 15.6% of the total.

At the end of the first half of 2017, Enagás standalone net debt totalled €4.482 billion, which means a reduction of €607 million in the first six months of the year. More than 80% of the debt is at a fixed rate and the average cost of the debt was kept at 2.3%. Enagás has no significant debt maturities until 2022, and is in a solid financial situation that will allow it to continue to progress towards the achievement of its strategic targets. In the first six months of the year, Enagás invested a net sum of €202 million in projects under way.

Gas Demand

The demand for natural gas in Spain grew by 6.5% in the first half of the year in relation to the same period last year. Industrial demand, which represents about 59% of the total, increased by 8.1%, in parallel with the positive evolution of the Spanish economy.

Moreover, gas demand for the electricity sector increased by 19.8% owing to lower hydroelectricity and wind generation and greater demand for power. Consumption of gas for electricity generation reached 465 GWh on 21 June, the highest summer value since 2011, the result of the high temperatures recorded during the heat wave, and to lower wind power and hydroelectricity output.

Demand for natural gas in Spain is expected to grow by about 3% by the end of the year. This forecast exceeds that of 2% announced in the first quarter.

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