Enagás’ 2016 profit edges up

Enagás' 2016 profit edges up

Spanish LNG terminal operator, Enagás reported a net profit of €417.2 million (Approx: US$443 million) in 2016, 1,1 percent up on the year before. 

This increase was mainly due to the contribution from its investee companies, Enagás said in its report, noting that the international projects made a 10 percent contribution to the 2016 net profit.

In 2016 Enagás invested 912 million euros in assets in which the company already held a stake.

Gas demand

Spanish demand for natural gas in 2016 grew by 2.1 percent on 2015, reaching 321,495 GWh, which showed an increase for the second year running, according to Enagás.

This growth was essentially due to demand by industry, the main consumer of gas natural, which rose by 3.3 percent.

In the year to date, demand for natural gas in Spain has grown by 20 percent on the same period in 2016, as a result of the cold snap, among others, reaching highest levels since February 2012.

Demand for natural gas for power generation is growing by 32 percent in 2017.

Outlook

The company expects the gas to continue playing an important role as a low emissions fuel.

“Enagás will continue its efforts to develop and operate gas and LNG infrastructure in growth markets in which the company has a presence,” the reports reads.

The company intends to invest a total of €1.45 billion until 2020, and achieve growth in its average accumulated profit of 3 to 4 percent in the period from 2017 to 2020.

Enagás’s forecast for this period points to an annual average increase of 3.5 percent in the demand for gas in Spain, due mainly to an improved economic setting and greater penetration of gas in the energy matrix.

For the year 2017, the company intends to invest about €650 million and end the year with a net profit growth of approximately 5 percent.

 

1 EUR = 1.06200 USD 

Share this article

Follow LNG World News

Posted on February 14, 2017 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >