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Enagás estimates Spanish investment in H2Med at €1 billion, as it registers 650 green hydrogen projects

Norbolsa| The company estimates that the investments planned to achieve the Spanish hydrogen infrastructure total €4.9 billion (€1.2 billion in underground storage and €3.7 billion in infrastructures). In this sense, for H2Med, an investment of €2,5 billion was estimated, of which €1 billion would be Spanish investment. The company registered 650 hydrogen projects from a total of 206 companies in the “Call for interest” process it launched last September to…

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Enagás awards logistics services contract for LNG plant at El Musel (Gijón) to Endesa

Link Securities| Enagás (ENG) has awarded Endesa (ELE) the logistics services for the El Musel liquefied natural gas (LNG) plant in Gijón, according to Europa Press. This step marks the end of the binding phase of the capacity allocation process (Open Season). A total of 13 bids were received between 5 and 30 June, the period during which this final part of the process took place. The logistics services offered…

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Enagas expects to complete sale of Morelos gas pipeline before spring

ENAGAS has presented its 2022 results. Operating results were in line with consensus, both revenues and EBITDA (€797m vs €798m css, down 11% Year-on-Year), as well as EBIT (€478mn vs €476mn). However, the company posted a FY22 net profit (€376mn) -6% below consensus (€401mn), due to the discrepancy in the timing of the Morelos pipeline sale (the sale is now expected to be completed in the first four months of…

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Enagás plans roadshow to finance near €7,135 million cost of H2Med project, with Germany also joining

The country set to account for the lion’s share of Iberian exports of green hydrogen agreed yesterday, Sunday, with France, Spain and Portugal, to join the H2Med project, which will therefore reach Germany, as announced yesterday by the German and French presidents, Olaf Scholz and Emmanuel Macron. The H2Med project consists of building a large underwater pipeline linking Spain with France, via Barcelona and Marseilles, to transport hydrogen to Europe….


Enagás reaches agreement with Uniper to buy 20% stake in UK-Netherlands pipeline

Enagás (ENG) has reached an agreement with Germany’s Uniper to acquire a 20% stake in BBL Company, owner of the 235-km gas interconnection linking the UK and the Netherlands. This transaction is part of the company’s Strategic Plan objectives to contribute to Europe’s security of supply and decarbonisation. Just a month ago Enagás, France’s Teréga and GRTgaz and Portugal’s REN signed a Memorandum of Understanding ratifying their commitment to collaborate…

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“Carbon Prices Are Having Perverse Effects”

Carlos Schwartz | Natalia Fabra is a director of Enagás and chair of the European programme “CURRENT TOOLS AND POLICY CHALLENGES IN ELECTRICITY MARKETS”. Q:There seems to be a shift in thinking about pricing mechanisms in the energy sector at the moment. A: Yes, it is part of the paradigm shift. It has been realised that, in the case of the electricity market, it is not correct to remunerate power…


Enagás signs cooperation agreement with AlbGaz, Albania’s gas transport system operator

Link Securities | Enagás has signed a strategic cooperation agreement with AlbGaz, involving its potential entrance as a stake holder in the operator of Albania’s gas transport system. The two entitities will also study joint projects within the Albanian and European regulatory frameworks, and in line with the Albanian government’s directives, according to Europa Press. The agreement has been signed in Tirana (Albania) by Enagás’ CEO Arturo Gonzalo Aizpiri and…


Enagas puts a capex figure of €370 mn on MidCat (7.7% of estimate up to 2030)

Sabadell | ENAGAS Sell (T.P. 20,13 €/share) On Thursday, after the meeting between Spanish Prime Minister P. Sánchez and German Chancellor O. Scholz, where they defended the need to increase interconnections in Europe, the French Economy and Finance Minister, B. Le Maire replied that he will take a look at the MidCat project. Up to now, France had opposed MidCat, alleging it would be a project which would take too…


Enagás: Spain’s regulated assets lack protection against inflation

Morgan Stanley | Enagás’ recent Capital Markets Day (CMD) was a disappointment for investors. A poor growth outlook, limited capital comitment which demonstrates this, and a lack of protection against inflation in Spanish regulated assets. Despite its recent poor performance and the temptation to get rid of the shorts, I still believe that Enagas is an appropriate relative UW in the sector.


Enagás will flag potential growth in hydrogen; but visibility with regard to financing is very limited

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…