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Enagas reveals decarbonization plans for next six years

Oil&Gas Materials 18 February 2020 12:38 (UTC +04:00)
Enagas reveals decarbonization plans for next six years

BAKU, Azerbaijan, Feb.18

By Leman Zeynalova – Trend:

Spain’s Enagas company has set a target to become carbon neutral by 2050, Trend reports citing the company’s 2020-2026 Strategic Update.

“As a result of the implementation of a technical plan with defined targets and rigorous measurement processes, the company already reduced its global emissions by 47 percent from 2014 to 2018. It also plans to continue to reduce them by a further 25 percent by 2030, 61 percent by 2040, and is committed to becoming carbon neutral by 2050,” reads the report.

The company said it plans to allocate around 300 million euros to the development of hydrogen, biogas and biomethane projects for the 2020-2026 period.

With regard to the forecasts for the 2020-2026 period, the company estimates an average annual dividend of 300 million euros from the affiliates, compared with 123 million recorded in 2019, with a significant proportion from the affiliates in Latin America (40 percent) and the United States (46 percent), with the remainder coming from Europe (14 percent).

For 2020, Enagás has forecast net profit of 440 million euros, which represents growth of 4.1 pertcent over the previous year.

With regard to the progress of international projects, the commercial start-up of the Trans Adriatic Pipeline (TAP) is expected for 2020, with 92 percent of this project now completed.

In its strategic update, Enagás also ratified its commitment to increasing the dividend by 5 percent in 2020 and by 1 percent per year for 2021, 2022 and 2023. In addition, the company is maintaining its sustainable dividend policy of 1.74 euros per share for the 2024-2026 period.

Enagás is Spain’s leading natural gas transmission company and Technical Manager of the Spanish gas system. It has around 12,000 Km of gas pipelines, three underground storage facilities in Serrablo (Huesca), Gaviota (Vizcaya) and Yela (Guadalajara) and four regasification plants in Barcelona, Huelva, Cartagena and Gijón. It also owns 50 percent of the BBG regasification plant in Bilbao and 72.5 percent of the Sagunto plant. In addition, Enagás holds the 100 percent of Gascan, a company in charge of the project to introduce natural gas into the Canary Islands.

Enagás is present in eight countries. In Mexico, the company holds a stake in the TLA Altamira regasification plant, is a member of the consortium that built and now operates the Morelos gas pipeline and a member of the consortium that developed the Soto La Marina compressor station, in operation now. It is also the main shareholder of Quintero LNG terminal in Chile and holds stakes in Transportadora de Gas del Perú (TgP) and Compañía Operadora de Gas del Amazonas (Coga) in Peru.

Enagás is also involved in the construction of the Trans Adriatic Pipeline (TAP), which will bring gas to Europe from the Caspian Sea linking Greece, Albania and Italy. The company is part of the consortium that has acquired 66 percent of the Greek gas operator DESFA as well.

Furthermore, the company has a stake in Tallgrass Energy, a US energy infrastructure company that owns, among other assets, 11,000 km of transmission pipelines.

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Follow the author on Twitter: @Lyaman_Zeyn

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