BAKU, Azerbaijan, July 22. Spanish gas operator Enagás reported total revenues of 459.6 million euros for the first half of 2025, an increase of 17 million euros or 3.8% compared to the same period in 2024, Trend reports via the company.
The company noted that revenue variation was affected by a negative impact of 28 million euros from the regulatory framework, which was offset by higher other regulated revenues, mainly linked to the start of work on sealing the Castor wells. At the end of June 2025, revenue from Castor reached 49 million euros, while related costs stood at 46.6 million euros, resulting in a net positive contribution at the EBITDA level.
Recurrent operating expenses, excluding audited costs and Castor-related costs, remained in line with the first half of 2024. The rise in total operating expenses was attributed to higher non-recurrent expenses, offset by income, mainly due to Castor decommissioning activities. Enagás highlighted that recurrent operating expense evolution in 2025 remains below its maximum annual growth target of approximately +1.5% CAGR for 2024-2026.
The company also reported that its affiliates performed positively during the first half of 2025, with their contribution amounting to 80.1 million euros as of June 30. Enagás noted that the comparison with 2024 is affected by the deconsolidation of Tallgrass Energy and Soto la Marina. Excluding this effect, the result from affiliates as of June 30, 2024, would have been 85.5 million euros.
