LNG operator Enagás reported a net profit of €213.1 million in the first half of 2015, a year-on-year increase of 1.5%.
This increase was underpinned by the performance of the company’s international assets, most notably Transportadora de Gas del Perú and Compañía Operadora de Gas del Amazonas, the company said in a statement.
In terms of untapped available financing, Enagás had liquidity of €2,933 million at 30 June 2015. Its capital markets accounted for 63% of gross debt and 35% financed with loans from the Instituto de Crédito Oficial and the European Investment Bank.
In the first half of 2015 the company invested €280.3 million, of which €142.6 million was earmarked for international projects and €137.7 million for Spanish assets. During the period, the company acquired the Swedish gas system operator Swedegas, in tandem with the Belgian company Fluxys, and additional 10% and 30% stakes in the BGB (Bilbao) and Saggas (Sagunto) LNG plants respectively.
Demand for natural gas in the domestic market grew 5.3% year-on-year in the first half, the company said.
This increase was largely due to the 2.1% rise in conventional demand, a result of colder temperatures than last year’s, and the increase in demand for gas for electricity generation (+24.5%). This was attributable to a decline in hydro output. During the first week of July, demand for natural gas for electricity generation hit a two-year high of 329 GWh.
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Image: Enagás