Spain’s Enagas’ 2023 net profit exceeds expectations
Madrid, February 20 (Reuters) – Spanish gas grid operator Enagas Enag MC announced on Tuesday that its 2023 net profit fell 8.8%, although it beat full-year guidance.
The company posted a profit of 342.5 million euros ($368.84 million) this year. This compares to guidance of 310 million euros to 320 million euros, and analyst estimates compiled by LSEG of 321 million euros.
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Sales decreased by 5.2% to 920 million euros, as regulatory changes in 2020 reduced fees in the domestic market.
With domestic gas demand falling for the second year in a row and the government’s ambitious green hydrogen plan, the company aims to transition from its traditional role as a natural gas grid operator to network management of hydrogen infrastructure. ing.
The company is partnering with peers in France, Germany and Portugal on its flagship project, the H2Med Corridor.
A future multi-billion euro green hydrogen pipeline linking the Iberian Peninsula through France to Central Europe by 2030 is expected to cost around 2.5 billion euros, of which Spain will pay around 1 billion euros. has been done.
(1 dollar = 0.9286 euro)
(Reporting by Pietro Lombardi; Editing by Inti Landauro)