Enagás recorded losses of 130.2 million euros in the first nine months of the year, compared to profits of 258.9 million euros in the same period last year, due to the accounting loss of 363.71 million euros due to the sale of its 30.2% stake in the American company Tallgrass Energy, as reported by the company to the National Securities Market Commission (CNMV). The net profit, excluding the impact of this operation and the sale of the Morelos gas pipeline in 2023, reached 233.5 million euros, 7.8% higher than that registered in the same period of 2023.
The gross operating result (ebitda) of the manager of the Spanish gas system and transporter It stood at 572.8 million euros in the period, with an increase of 0.1%, in results that have cushioned the impact of the 2021-2026 regulatory framework with lower remuneration. Enagás highlights that with this evolution it will be able to exceed the annual objective updated in July, which was between 270 and 280 million, not including asset rotation, and losses of between 90 and 80 million, including the accounting loss. associated with the sale of Tallgrass. At the end of last July, Enagás closed the sale of its stake in this American company for 1,100 million dollars (about 1,018 million euros), which has allowed it to reduce its debt by almost 1,000 million, to 2,421 million.
Regarding the EBITDA target, the company estimates that at the end of the year it will be at the top of the range between 730 and 740 million euros. In addition, maintains its dividend commitment of one euro per share for the period 2024-2026, with a sustainable dividend policy beyond 2026, in accordance with cash flows. The group led by Arturo Gonzalo plans to present the update of its strategic plan coinciding with the presentation of annual results, in the first quarter of 2025.
After the sale of Tallgrass, the debt target at the end of the year will be around €2.4 billion, at its lowest levels since 2008, a figure that will be maintained in 2026.
Enagás has reduced operating expenses by 4% compared to the same period last year. The company maintains its commitment to maximum annual growth in recurring operating expenses of around 1% in the period 2022-2026.
Just yesterday, the company submitted the application to the funds Connecting Europe Facility (CEF) to carry out studies of its Projects of Common Interest (PCI): the H2med corridor, the Spanish backbone network and the two associated storages. In the case of H2med, Enagás, together with the operators GRTgaz, Teréga, REN and OGE, has submitted the application for CEF funds with letters of support from the governments of Portugal, Spain, France and Germany. The five operators will jointly launch on November 7, in a digital event, the Call for interest non-binding, that will allow to gather the interest of the sector in the corridor.
The total gross estimate of investments included in the final PCI list is €5.9 billion, including the Spanish hydrogen infrastructure (€4.9 billion) and the H2med project in Spain (€1 billion).
Another very important milestone for the company has been the approval in July, by the Council of Ministers, of the agreement that authorizes Enagás Hydrogen Infrastructures for the development of the European PCI. This resolution was published in the BOE on September 23. Also during the third quarter, other relevant advances have been achieved in the regulatory field.
100% availability
According to Enagás, the system continues to operate with 100% availability, in a year marked by international conflicts in the Middle East and Ukraine. In the first nine months, Spain has received natural gas from 12 different countries. After the last capacity auctions for regasification plants carried out, 2,189 are contracted slots of liquefied natural gas (LNG) unloading and 950 loading until 2039. These data show the high interest in the terminals of the Spanish system in the long term, according to the manager.
Underground storage ended September at 100% full, a level that was reached in mid-August, making Spain the country in Europe, along with Portugal, that has reached this level the fastest, anticipating the obligations established by the European regulations. As of today, October 22, storage continues at 100%.
