Naturgy has reported a net profit in the first quarter of 347 million euros, a fall of 9.4%. Revenues have been affected by the downward pressure on co-market margins in Spain and a decline in demand. Naturgy increased its total investments in the first quarter by 32% to 259 million euros. Net debt amounted to 13.062 billion, up 1.8% compared to the end of 2021, after paying a dividend of 0.5 euros per share in the first quarter and supported by cash generation. Ordinary Ebitda was 1.072 billion euros (+4%) and ordinary net profit amounted to 354 million (+9%).
In the last six months, Naturgy has put into commercial operation 73 MW in Spain and 181 MW in Australia. In addition, in the same period, construction has begun on six projects with a capacity of 238 MW in Spain, two projects of 276 MW in Australia and another 68 MW in Chile.
The company says it has had to face a quarter of enormous volatility in the markets, which has largely affected Spain and less so the international markets in which it operates. “The period has been marked by the recovery of international activities while the Spanish operation continued to experience pressure on trading margins, partly affected by contracts that do not reflect the global increase in gas and electricity prices,” Naturgy said in a statement.
As it did with domestic tariffs, the energy company has launched the Compromiso Gas Industrial initiative, which offers its industrial gas customers a stable and competitive price in the current energy scenario. Through this tariff, industry will be able to benefit from a price of 55 euros per megawatt hour until the end of 2025 below current prices in European gas markets.
“We want to contribute to improving the competitiveness of Spanish companies, improving visibility and reducing their exposure to the volatility of international energy prices. We have done this in the past, and it is a demonstration of our commitment to customers and society,” said Chairman Francisco Reynés.