Enagás earns 16% less burdened by the CNMC cut to its regulated income, but maintains objectives

by archynewsy
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Enagás continues to suffer the cut by the Competition Commission (CNMC) in the remuneration of the group’s regulated activities. The company he runs Arturo Gonzalo Aizpiri won until September almost 259 million euros16% less than in the third quarter of 2022, without taking into account extraordinary impacts such as the sale of some activities that a year ago increased the results of the group that manages the gas infrastructure in Spain.

All in all, the net profit recorded between January and September puts Enagás, “faster than expected”, towards the top of your annual target rangeThat is, towards a net result at the end of 2023 of between 310 and 320 million. So far this year, the energy company has intensified its operating expense control policy, managing to cut this item in the third quarter to 245.1 million, 18.5 million less than in the first nine months of the previous year.

In addition, the company’s results have been boosted by the strong recovery that industrial demand has experienced in the third quarter of the year, after many months at half throttle, registering a growth of 25.4% compared to September 2022.

While the gas company reports a drop in the use of gas to generate electricity (29.3%), which it attributes to the increase in renewable generation and the decrease in electricity imports from France; Enagás recognizes that between January and September “Total natural gas exports have increased by 32%helping security of supply in Europe”.

“For the first time in history, Spain has managed to fill its underground storage to 100% since August, and the average storage level of liquefied natural gas (LNG) tanks during the first nine months of the year was 61%. %”, the company reported.

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