BAKU, Azerbaijan, Feb.22. Revenues of Spain-based Enagas company declined in 2022 by 2.1 percent year-on-year and stood at 970.3 million euros, Trend reports via the company.
The company’s regulated revenues decreased by 1.8 percent at end-2022, as compared to 2021, amounting to 950.4 million euros due to the 2021-2026 regulatory framework (-45.1 millions of euros). However, the impact of the regulatory framework was mitigated by remuneration of audited expenses (~38 millions of euros).
Enagas has accelerated its efficiency plan in line with the 2022 - 2030 Strategic Plan in order to reduce the vulnerability of manageable costs to inflation. Operating expenses rose by 19.4 percent and amounted to 374.1 million euros in late 2022. It includes certain non-recurring expenses, mainly: staff costs associated with terminations (~10 millions of euros); higher audited costs (~38 millions of euros), mainly electricity and CO2 expenses, which partially offset the fall in regulated revenues. Excluding these impacts, recurring operating expenses increased by around 4 percent in 2022 compared to 2021, highlighting the effectiveness of the cost efficiency plan.
Enagas is an international leader in the development, operation and maintenance of energy infrastructure.
It contributes to the security of supply and to the global decarbonization process with know-how and a consolidated infrastructure network. Enagas is certified as an independent TSO by the European Union and, moreover, it is the Technical Manager of the System in Spain.
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