BAKU, Azerbaijan, Feb.18
By Leman Zeynalova – Trend:
Spain’s Enagás has obtained net profit of 422.6 million euros in 2019, a figure that is slightly higher than the target set for this year. Trend reports citing the company’s 2020-2026 Strategic Update.
“The company has therefore met its targets for the thirteenth consecutive year. This result has been possible thanks to Enagás’ efficient management of the Spanish Gas System and the contribution to profit made by affiliates, which provided 162 million to the company’s EBITDA last year,” said the report.
In 2019, Enagás reached an agreement for the acquisition of approximately 30 percent of the US energy company Tallgrass Energy.
“This transaction, which was carried out in two stages (in March and December) and which is pending final closure this year, will involve a total investment for Enagás of 1,623 million dollars. With this investment in the United States, Enagás practically offsets the effect of the regulatory reform that establishes the new remuneration methodology for regulated natural gas transmission and regasification activities for the 2021-2026 period. Furthermore, this transaction reinforces the sustainability of the dividend in the medium and long-term,” said the company.
The company's net debt is in line with the target set at the beginning of the year, taking into account the funds from the capital increase carried out in December, which will be used in the take-private (delisting) transaction of Tallgrass during the first half of this year.
In addition, Enagás maintains a debt structure with over 80% at a fixed rate, which limits interest rate risk, and it does not have significant maturities until 2022.
Enagás is Spain’s leading natural gas transmission company and Technical Manager of the Spanish gas system. It has around 12,000 Km of gas pipelines, three underground storage facilities in Serrablo (Huesca), Gaviota (Vizcaya) and Yela (Guadalajara) and four regasification plants in Barcelona, Huelva, Cartagena and Gijón. It also owns 50 percent of the BBG regasification plant in Bilbao and 72.5 percent of the Sagunto plant. In addition, Enagás holds the 100 percent of Gascan, a company in charge of the project to introduce natural gas into the Canary Islands.
Enagás is present in eight countries. In Mexico, the company holds a stake in the TLA Altamira regasification plant, is a member of the consortium that built and now operates the Morelos gas pipeline and a member of the consortium that developed the Soto La Marina compressor station, in operation now. It is also the main shareholder of Quintero LNG terminal in Chile and holds stakes in Transportadora de Gas del Perú (TgP) and Compañía Operadora de Gas del Amazonas (Coga) in Peru.
Enagás is also involved in the construction of the Trans Adriatic Pipeline (TAP), which will bring gas to Europe from the Caspian Sea linking Greece, Albania and Italy. The company is part of the consortium that has acquired 66 percent of the Greek gas operator DESFA as well.
Furthermore, the company has a stake in Tallgrass Energy, a US energy infrastructure company that owns, among other assets, 11,000 km of transmission pipelines.
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