Enagás’ first quarter profit rises

Spanish LNG terminal operator, Enagás reported a net profit of €102.8 million (US$111.9 million) in the first quarter of 2017. 

This is a 1.6 percent increase over the corresponding period in the previous year, mainly due to the contribution from affiliate companies, which were responsible for 21.6 percent of net profit, Enagás said in its statement.

The company invested €264.1 billion during the first three months of the year, in line with Enagás’ guidance for the year.

Gas demand

Demand for natural gas in Spain reached 96.5 TWh by 31 March, 8.4 percent more than for the first quarter of 2016.

This growth is a result of the 7.2 percent increase in conventional demand for natural gas, destined for domestic, commercial, SMEs and industrial consumption.

Natural gas consumption by homes, businesses and SMEs grew by 0.6 TWh (2.3 percent increase), mainly due to somewhat colder temperatures experienced compared to the same period last year.

Natural gas demand for power generation recorded growth of 16.5 percent compared to the previous year as a result of lower hydro and wind power production.

National demand is expected to grow by about 2 percent by the end of the year.

1 EUR = 1.08864 USD