Enagas posts higher profit in 2015

Spanish LNG terminal operator Enagás posted a net profit of 413 million euros in 2015, a rise of 1.5 percent as compared to the year before.

The main reasons behind this increase “were the contribution of affiliates, international projects and improved financial results,” Enagás said in a statement on Tuesday.

At the year-end, net borrowing of Enagás totaled 4.23 billion euros and financial resources stood at 2.26 billion.

According to the statement, the company expects to end 2016 with a growth in net profit of 0.5 percent and to make investments of around 465 million euros.

Spanish gas demand

Spanish demand for natural gas in 2015 was up 4.5 percent due to higher demand for the fuel in power generation as well as in household consumption.

Total natural gas demand was at 315 TWh, the largest growth since 2008, Enagás said.

Outlook

For the 2016-2020 period, Enagás intends to invest an annual average of 400 million euros over the period. Enagás also expects average annual growth of net profit of around 2% until 2020.

The company’s forecasts for this period point to an annual average increase of 3.5% in the demand for gas in Spain, due mainly to an “improved economic setting and greater penetration of gas in the energy matrix“.

LNG World News Staff