Naturgy reported a net profit of €1,045 million in the first half of the year, an increase of 87.6% compared to the same period in 2022, mainly due to the “good performance of the internal business activities” and the good management of purchases in a competitive market. The energy company headed by Francisco Reynés increased its investments to €839 million, 16% more, and investments for the five-year period 2021-2025 will…
Link Securities | As reported by the digital newspaper CapitalBolsa.com, Naturgy (NTGY), together with three other companies, Compost Segrià, Sitra, and Servei de Gestió Ramadera, has initiated the processing of a new renewable gas plant in Torrefarrera (Lleida), in an area of Spain that generates large quantities of agricultural and livestock waste. The plant will represent an investment of €18 million. The facility, which is expected to be commissioned in…
Naturgy has won the bid for the renewable assets of the French fund Ardian in Spain. The company headed by Francisco Reynés has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW distributed in 12 wind farms in operation in Spain. The transaction also includes a pipeline of solar hybridisations of up to 435 MW, which are at an advanced stage of development…
Naturgy earned up to September 1.061 billion euros, which represents a growth of more than 36% in an environment of high volatility in prices in the international energy markets and in a time of “high regulatory uncertainty”. In the first nine months, investments have grown by 26% to 2.6 billion euros. The board of directors has approved an interim dividend of 0.40 euros for the financial year 2022, which will…
Norbolsa | The government has unveiled its proposal for temporary special taxes on energy firms. The tax would mean a charge of 1.2% on revenues in 2022 and 2023 and payment would start in 2022. We estimate the following impact in 2022e for the big Spanish utilities: Endesa 400 million euros, Iberdrola 300-320 million and Naturgy 160-200 million. The impact is a guideline, given that we still do not have…
Banc Sabadell | The Géminis plan aimed at dividing Naturgy into two entities would involve ill-timed complexities in the eyes of the Government, according to official sources, cited by the press. The main reason should be that Naturgy is considered as strategic, due to the fact that it is the main supplier of gas to the Peninsula via Medgaz. The current environment as a result of the war in Ukraine…
Banc Sabadell | The Royal Decree on energy has been approved and the electricity companies are still asking that in Spain profits are taxed and not revenues. Yesterday the Cabinet approved the Decree which includes: Cut in VAT on gas from 21% to 5% up to December (which could be extended until 2023). Application of the “Iberian exception” to co-generation plants (600 installations) Service mechanism for rapid demand response, allowing industries…
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…
Santander Corporate & Investment | S&P has put Naturgy Energy Group (Baa2e, BBB*-, BBBe) on credit watch negative. The decision comes in the wake of Naturgy’s announcement on February 10 that it will split into two groups (NetworksCo and MarketsCo). The ratings agency considers that this third strategy change by Naturgy in 18 months indicates that “the governance is inferior to the average and that the company is totally focused…
Naturgy will face the energy transition divided into two companies which will be listed on the stock exchange. The Géminis project, as the company headed by Francisco Reynés has announced, has been approved by the entire board. This includes the new representative of the Australian fund IFM, who has just joined the company. The regulated distribution infrastructure business will be integrated within one of the companies, while the other will…