Morgan Stanley | Enagas will present its strategic plan 2022-2030 this week. We are not very positive ahead of this presentation as we expect the company will flag the potential growth in hydrogen. This is something which we believe is very long-term and seems already to be reflected in the price at 20 euros/share. Meanwhile the visibility with regard to financing is very limited. In the most optimistic scenario the…
The European Union has given Enagás the green light to develop 15 refueling stations for LNG vehicles and one for hydrogen. This move is within the framework of the ‘ECO-net’ project, coordinated by the Spanish energy company. The project has a global budget of approximately 13 million euros. These supply points – the hydrogen one will be the first in Spain at 700 bar pressure – will be distributed along the Spanish corridors of the Trans-European Transport Network.
Enagás and BP Oil España have signed an agreement to promote emission reduction projects in Spain. Their objective is to boost the role of renewable gases in the energy mix, helping to reduce the carbon footprint. So Enagás, through its subsidiary Scale Gas, will roll out LNG and CNG sale points in BP’s filling stations’ network, promoting the use of a low emission energy source as fuel in the automotive sector.
Santander Corporate & Investment | The Ministry of Ecological Transition has published its response to the regulator´s (CNMC) proposals for changes to the rules on the gas and electricity transportation and distribution networks and gas storage installations. Based on the four documents presented in CNMC before the 9 August deadline, the Ministry values the regulator´s proposals favourably.
For the ratings agency, the reforms the Spanish regulator wants to carry out include a significant change in methodology which means less income for the companies in the sector in 2021-2026.
Spanish regulator (CNMC) is preparing new regulations which will lead to a greater than expected cuts in the returns for natural gas transportation and distribution networks and also, possibly, for electricity distribution networks.
Alphavalue | The Spanish government prepares measures to block corporate operations among listed companies in which the State has a stake.
The ratings agency Fitch Ratings has upgraded its short term rating for Enagás (ENG) and Enagás Financiaciones S.A.U from “F2” to “F1”’, applying its new short methodology for short term ratings.
The Spanish gas system operator, Enagas, is exploring its options of buying shares in the US listed company Tallgrass Energy. According to various sources in the sector, the public company, whose main shareholder is the state through SEPI, has been working discreetly on this operation since last November. In any case, the process is at a preliminary stage, and there are others interested in the US company.
Santander | The arrival of the new government in Spain is good news for the gas and electricity markets, given that it is probable that it will respect the regulatory periods; it appears more focused on the spirit of the law (“fair returns”) than on the application of methodologies (differential over 10 year bonds) and it has the intention of reinforcing the role of the CNMC as an independent regulator.