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Enagas’ net profit up by over 5% y-o-y

Oil&Gas Materials 23 February 2021 15:38
Enagas’ net profit up by over 5% y-o-y

BAKU, Azerbaijan, Feb.23

By Leman Zeynalova – Trend:

Spain’s Enagás company made a net profit of 444 million euros in 2020, a 5.1 percent increase on 2019, Trend reports with reference to the company.

It has managed to do so through the efficient management of the Spanish gas system, efforts made to control operating and financial expenses, the contribution made by affiliates and a non-recurring positive contribution of 18.4 million euros due to exchange rate differences.

Enagás has a solid financial structure, with more than 80 percent of its debt at a fixed rate.

In 2020, affiliates proved resilient and made a strong commitment to their communities during the pandemic, ensuring security of supply. They ended up contributing 174.8 million euros to the company's EBITDA, up 7.9 percent on 2019.

Tallgrass has performed well in a very difficult year for the oil & gas industry in the United States, and outlook for the coming years is positive: there is expected to be sustained recovery in prices and production in the basins in which it operates, which began in the second half of 2020.

Enagás has announced that it is bringing forward its goal of becoming carbon neutral to 2040, 10 years earlier than the estimate it made just a year ago.

Enagás will work towards achieving this pledge through more than 50 energy efficiency projects, a key part of its strategy to be carbon neutral.

By deploying a technical plan, with defined objectives and rigorous measurement processes, the company has brought down its emissions by 63.2 percent between 2014 and 2020.

Enagás is promoting renewable gases projects in Spain that meet the following criteria: they must contribute to decarbonisation and a just and inclusive transition, they are drivers throughout their value chain, they contribute to the development of Spanish industry and they generate sustainable employment. The company is already working on 30 hydrogen and 16 biomethane projects, with more than 50 partners and in practically all the Autonomous Communities in Spain, which could mobilise a joint investment of around 5 billion euros.

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Follow the author on Twitter: @Lyaman_Zeyn

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