BAKU, Azerbaijan, November 27. Spanish energy company Enagás reported total revenue of €665.2 million for the first nine months of 2024, reflecting a 1.1% decrease compared to the same period in 2023, Trend reports.
The decline in regulated revenues, which fell by €33.3 million due to the current regulatory framework, was partially offset by increased revenues from other regulated activities. Key contributors included COPEX revenues and the positive impact of the Musel E-Hub plant, which commenced operations in July 2023.
Operating expenses for the January-September period decreased by €9.9 million, or 4%, to €235.2 million compared to the same period last year. Recurrent operating expenses, excluding audited costs, remained steady year-over-year. Enagás anticipates full-year recurring expenses will align with its annual growth target of approximately 1% CAGR between 2022 and 2026.
Affiliate results remained stable year-over-year. However, excluding the impact of the deconsolidation following the sale of Tallgrass Energy, affiliate results improved by €10.2 million. This growth was primarily driven by the acquisition of a 4% stake in the Trans Adriatic Pipeline (TAP) from Axpo in July 2023, contributing an additional €8.8 million.
As of September 30, 2024, Enagás reported EBITDA of €572.8 million, representing a modest 0.1% increase compared to the same period in 2023. EBIT, however, declined by 3.3% to €323.8 million, primarily due to increased depreciation expenses following the commissioning of the Musel E-Hub plant.
Enagás remains focused on maintaining financial stability and achieving its strategic growth targets despite regulatory challenges and market fluctuations.
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