Enagas’ profit rises 1 pct

Enagas' profit rises 1 pct

Enagás of Spain poisted a net profit of €100.7 Mn for the first quarter of 2015, a year-on-year increase of 1% and in line with guidance for the year.

During the first three months of 2015, the company invested a total of €50.5 Mn. Investment in Spain totalled €40.9Mn while ongoing international projects accounted for the remaining €9.6Mn of this amount, the company said in a statement.

In March, Enagás and the Belgian company Fluxys announced the joint acquisition of Swedegas, the company which owns Sweden’s high-pressure gas pipeline network and operates the Swedish Gas System. This transaction, which was completed on 15 April, offers a clear strategic fit with the core business of Enagás.

Demand for natural gas in the domestic market grew 6.5% year-on-year in the first quarter, slightly ahead of estimates at the end of 2015, the company said.

This increase was largely due to the 3.2% rise in conventional demand, a result of colder temperatures than last year’s, and the increase in demand for gas for electricity generation (+31.4%). This was attributable to a decline in hydroelectric and wind generation and increased demand for electricity.

Image: Enagas

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