Enagás earned 444 million in 2020 by not having to provision for the covid

The Enagás company earned 444 million in 2020, 5.1% more than the previous year, because it did not have to make provisions for the Covid, despite being a complex exercise for the economy and the business world.

The company chaired by Antonio Llardén meets its objectives for the fourteenth consecutive year. From the gas operator they defend that in 2020 “the health, economic and social crisis has been resisted and an essential service, such as gas supply, has been provided normally.” Throughout the year, 238 LNG tankers of 14 different origins have been unloaded at the liquefied natural gas plants. Regasification activity at the system’s terminals was 220.8 TWh and at the end of the year, the contracting of storage capacity was around 95%.

Cold wave

Residential demand shot up 30%

In the year of the Covid, gas demand was the second highest since 2012, growing by 3.1%, to 360 TWh. This figure is higher than that foreseen in the National Integrated Energy and Climate Plan (PNIEC). Natural gas played a key role last year in ensuring energy supply during the cold wave in Spain, which caused the demand for gas for residential use to soar by 30%.

One of its main projects was launched last year: it is the Trans Adriatic Pipeline, an infrastructure to guarantee security at a European level, in which it participates with an investment of 16%, which has meant an investment of 218 million .

The Chairman of Enagás, Antonio Llardén, and the CEO, Marcelino Oreja, at the 2020 General Shareholders’ Meeting of the companyENAGÁS 06/30/2020

EP

Regarding the dividend, the company maintains its commitment and increased it by 5% last year, to 1.68 euros per share.

The gas operator has updated its 2021-2026 strategic plan as the regulatory framework has been defined. Enagás is very active, since it participates in 46 renewable gas projects, linked to decarbonisation and with more than 50 partners, which could mobilize a joint investment of around 5,000 million. It has projects with Repsol, with Naturgy, with Acciona, with Cemex, with Redexis, among others.

One of their bets is green hydrogen. The company considers that it could increase its investment in this new technology in the order of between 4,200 and 6,300 million between the years 2025 and 2040.

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