LNG

Enagás, the Spanish natural gas operator of six large LNG terminals and with gas assets in other European countries and overseas, reported a fall in net profits as Spanish gas and power demand dropped, offset by a one-time gain from the sale of a stake in a gas pipeline in Mexico.

Enagás, the Spanish gas grid and terminals operator, increased profits in the first six months of 2023 helped by one-time items as LNG activities increased to help the European Union’s natural gas shortfall and the utility also boosted future capacity on the Trans-Adriatic Pipeline from Azerbaijan.

The company’s net profits jumped to €172.8M including a net gain of €42.2M from the sale of a stake in the Morelos Pipeline in Mexico and an €133.8M adjustment relating to the Tallgrass Energy operations in the US.

“The Spanish Gas System operated 100 percent availability, Spain increased its total gas exports by 55 percent in the first half of the year and ship reloading has increased by 67 percent, contributing to Europe's security of supply,” Enagás stated.

Italy was a main destination for LNG re-exports to Europe while pipeline gas connections increased by 33 percent to 28.6 terawatt hours. The company already trans-ships LNG to the EU from terminals like Barcelona.

“Spain's underground natural gas storage facilities are at 98 percent capacity, an all-time high for the month of July,” it added.

Revenues up

The Madrid-based company reported first-half revenues of €450.5M, a drop of 5.8 percent from €472.2M registered in the first six months of 2022.

Enagás said it was still on track to meet the full-year earnings target of between €310M and €320M.

Enagás added that in July it closed the agreement announced in January to acquire an additional 4 percent stake from European trader AXPO in the Trans-Adriatic Pipeline (TAP) for €168M, taking its stake in the pipeline bringing Azerbaijan gas to Europe up to 20 percent.

During the first half, Enagás contracted additional transport capacity of 1.2 billion cubic metres from TAP, in addition to the current 10 Bcm starting in 2026.

During an eventful first half, Enagás noted the start-up of the El Musel LNG trans-shipment terminal in the Port of Gijón in northwest Spain and the assignment of its logistics services to the European utility Endesa.

“The terminal has already received two LNG shipments and will start commercial operation on July 31 after a capacity allocation process that has aroused great interest,” the company added.

Another highlight was the agreement with regional gas company Reganosa through which Enagás acquired its 130-kilometres of strategic gas pipelines in northern Spain and Reganosa agreed to purchase a 25 percent stake in the El Musel regasification terminal.

“The closing of the deal was expected in the second half of this year,” said the company.

In LNG activities outside of Spain, Enagás became an industrial partner with a 10 percent stake in the Hanseatic Energy Hub consortium planning an onshore LNG import terminal at the German North Sea port of Stade.

Enagás, the Spanish natural gas grid and LNG terminals operator, said first-quarter net profits excluding one-time items dropped by 21 percent and revenues also fell even as LNG and pipeline gas delivers rose and 43 percent of the LNG stored in Europe during the quarter was in the tanks of the six Spanish regasification terminals.

March 31 (LNGJ) - Enagás, the Spanish LNG importer and gas grid operator, said in a market overview that underground storage reached a 93 percent fill at the beginning of winter and remained at historical levels of around 78 percent while regasification terminals, which in 2022 received LNG from 19 different origins, had an average fill level of around 70 percent.

   “Spain exported 90 percent more natural gas to Europe than in in the previous year. Exports through the interconnections with France beat the annual historical record and the refuelling of LNG vessels at Spanish terminals increased by 45 percent, “ said Enagás. “The total of domestic natural gas demand and exports to Europe increased by 4.4 percent in 2022,” the company added.

Enagás, Spain’s natural gas grid and LNG network operator, reported slight declines in 2022 net profits and revenues after a year of high volatility in the energy markets with the Spanish Gas System operating without halt and Enagás infrastructure helping maintain the security of supply of the European Union.

Enagás, the Spanish natural gas grid and LNG terminals operator. posted a 15 percent increase in net profits and said the network of six LNG terminals had saved the country money and confirmed the opening in early 2023 of a seventh and existing LNG export terminal dedicated to European Union supplies.

Enagás, the Spanish gas grid and LNG terminals operator as well as a shareholder in the Trans-Adriatic Pipeline (TAP), reported a 9 percent drop in profit after tax even as LNG activities increased.

July 27 (LNGJ) - Enagás, the Spanish gas grid and LNG terminals operator as well as a shareholder in the Trans-Adriatic Pipeline (TAP), posted first-half net profits of €213.1 million ($251.2M), with greater contributions from subsidiaries while total demand for natural gas in Spain increased by 6.3 percent in the first six months of 2021.

   The company said that the contribution to earnings from the US Tallgrass Energy pipelines unit and the TAP represented 40.4 percent of the total. Enagás said that since being commissioned at the end of 2020, the TAP pipeline that links Turkey with Italy through Greece and Albania had delivered 3 billion cubic metres of gas to customers through the end of June 2021.

Oct 28 (LNGJ) - Enagás, the gas network owner in Spain and the country’s largest operator of LNG terminals, has completed the placement of €500 million ($590M) worth of 12-year bonds. Enagás said the bonds would mature in 2032 and have an annual coupon of 0.375 percent. “This operation has been completed with the lowest interest rate achieved by a Spanish company for a term of 10 years or more,” said the company. “In addition, it represents the lowest interest rate reached by a utility for an issue in euros for that term,” it added.

Enagás, the Spanish natural gas network operator and LNG terminal owner, said its terminals unloaded 190 LNG cargoes in the first nine months of 2020, 4 percent more than in 2019, including 64 shipments in the third quarter as the gas market recovered to pre-Covid-19 levels.