BAKU, Azerbaijan, November 27. Spanish energy company Enagás reduced its net debt by 926 million euros by the end of the third quarter of 2024, marking a 27.7% decline from December 31, 2023, Trend reports via the company.
As of September 30, the company’s net debt stood at 2.421 billion euros, primarily driven by the cash inflow from the sale of its stake in U.S.-based Tallgrass Energy.
The financial cost of gross debt at the end of the third quarter was 2.7%. Enagás anticipates this figure will decrease to 2.6% by December 2024 and further drop to 2.4% by the end of 2026, with net debt projected to remain around 2.4 billion euros.
Enagás’ financial stability is supported by its debt structure, with 95% of its debt at fixed interest rates, including interest rate hedging instruments, effectively shielding the company from fluctuations in market interest rates.
The composition of the company’s debt as of September 30 was as follows:
- 80% issued in capital markets
- 9% institutional debt
- 11% leases under IFRS 16
Additionally, 93% of the total debt is denominated in euros, while the remaining 7% is in U.S. dollars.
Enagás also reported a robust liquidity position, with 3.431 billion euros in cash and undrawn credit lines, ensuring financial flexibility and the capacity to navigate evolving market conditions.
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