Enagás six-months profit boosted by Quintero LNG plant consolidation

Spanish LNG terminal operator, Enagás reported a net profit of €269.1 million ($309.9 million) for the first six months of this financial year, up by 25.6 percent from the same period last year.

This figure includes the accounting impact produced by the full consolidation of the Quintero LNG plant in Chile, included since January 2017, Enagás, adding that without the Quintero GNL impact, the company’s profit rose 1.6 percent to €217.6 million.

In the first six months of the year, Enagás invested a net sum of €202 million in projects under way.

Gas demand

The demand for natural gas in Spain grew by 6.5 percent in the first half of the year in relation to the same period last year.

Industrial demand, which represents about 59 percent of the total, increased by 8.1%, in parallel with the positive evolution of the Spanish economy.

Moreover, gas demand for the electricity sector increased by 19.8 percent owing to lower hydroelectricity and wind generation and greater demand for power. Consumption of

Consumption of gas for electricity generation reached 465 GWh on 21 June, the highest summer value since 2011, the result of the high temperatures recorded during the heat wave, and to lower wind power and hydroelectricity output, Enagás said.

Demand for natural gas in Spain is expected to grow by about 3 percent by the end of the year. This forecast exceeds that of 2 percent announced in the first quarter.

1 EUR = 1.15151 USD