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Enagás net profits up 15% despite demand slump in March

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The Spanish TSO Enagás has reported a 15% rise in net profits despite a slump in demand during the last…

Adverse effects on Enagás sales and earnings become more visible when April figures are considered as well. “So far this year, total demand through April 20 decreased by 5.8%compared with the same period last year,” the Spanish gas grid operator said.

Lower gas-burn for power gen

“This drop was the result of a fall in gas consumption by industry and business customers since the State of Emergency was established in Spain for the pandemic, while there was lower demand for electricity generation,” it explained.

Enagás’ earnings through March 31 reached €235.6 million, up 2.5% from €229.9 million in the previous quarter. The Madrid-based company achieved a profit after tax of €119.1 million, up 14.9%.

Keeping LNG flowing

The positive results, in the face of the corona crisis, were achieved by enacting special working measures to keep LNG flowing at Enagás’ three main regasification terminals. "We launched a Coronavirus Contingency Plan and the Spanish Gas System operated normally,” stated Enagás.

“In the three main regas plants in Spain, in Barcelona, Cartagena and Huelva, a special work system was established that included the confinement of two operator shifts for 15 days,” company explained. “In addition, the shifts were working in parallel with two control centres for greater security,”

The Spanish TSO has four domestic import terminals around Spain also operates the Gijon LNG regas plant in the northwest and owns a 50% stake in the facility serving the city of Bilbao.


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