BAKU, Azerbaijan, February 23. Spanish energy giant Enagas disclosed its financial performance for the year ending December 31, 2023, revealing total revenues of 919.6 million euros, marking a decrease of 5.2 percent compared to the previous year, Trend reports.
Regulated revenues also experienced a downturn, reaching 896.6 million euros, down by 5.7 percent from 2022 levels.
The decline in regulated revenues can be attributed to the implementation of the 2021-2026 regulatory framework, resulting in a reduction of 48.1 million euros. Additionally, decreased audited costs, which did not impact EBITDA, contributed to this decrease. However, this reduction was partially offset by an uptick in other regulated revenues, such as Copex.
In line with its 2022-2030 Strategic Plan, Enagas intensified its Efficiency Plan to mitigate the impact of inflation on manageable costs. As a result, operating expenses at year-end 2023 decreased by 35.3 million euros compared to 2022, totaling 338.8 million euros, a decrease of 9.4 percent from the previous year. Recurring operating expenses, excluding audited expenses and those associated with the severance program, remained consistent with 2022 levels.
Contributions from affiliates remained robust, reaching 199.5 million euros as of December 31, 2023. Notably, GNLQ contributed 11.9 million euros in 2022 before being divested by the end of the same year.
---
Follow the author on Twitter: @Lyaman_Zeyn