Enagas posts higher profit

Spanish LNG terminal operator Enagás posted a net profit of 313 million euros in the first nine months of this year, up 1.5 percent compared to the same period in 2014.

“An important factor in this increase was the contribution of the company’s international assets, most notably the consolidation of an additional quarter compared with 2014 of Transportadora de Gas del Perú and of Compañía Operadora de Gas del Amazonas, and the positive contribution from the partial start-up of the Morelos pipeline in Mexico,” the company said in a statement on Tuesday.

During the first nine months of this year, Enagás invested a total of 410 million euros, in line with the company’s guidance for the year.

Investment in Spain totalled 156.9 million euros while international projects accounted for 252.6 million euros of this amount, Enagás said.

Gas demand in Spain

Demand for natural gas in the domestic market grew 5 percent year-on-year in the first nine months of 2015.

This increase was largely due to a 1.9 percent rise in conventional demand, a result of colder temperatures than last year’s, and to the 20.6 percent increase in demand for gas for electricity generation, which was mainly attributable to a decline in hydroelectric generation, Enagás said.

So far this year, the growth in domestic demand for natural gas is the largest reported since 2008, with positive growth for nine consecutive months, the company added.

Enagás currently operates five of the seven LNG plants in Spain: Barcelona, Cartagena, Huelva, BBG (Bilbao) and El Musel.

LNG World News Staff; Image: Enagás