Enagás' profit after taxes (BDI) in the first nine months of 2023 has reached 258.9 million euros, 26.7% less compared to that obtained in the same period of the previous year, but that " progresses as planned to reach the highest band of BDI's objective by the end of the year, located between 310 and 320 million euros," as confirmed by the company in the results presented this Tuesday at the National Securities Market Commission ( CNMV).
The comparison for the period is affected because the first nine months of 2022 included the non-recurring accounting impacts related to Tallgrass Energy, the capital gains derived from the sale of GNL Quintero and the entry of partners in Enagás Renovable.
Returning to 2023, income rose to 672.7 million euros, 5.9% less affected, especially by the cut in regulated income. Profit before taxes (ebitda) falls 5.5%, to 572 million.
Net debt in the first nine months of 2023 has been reduced by 63 million euros and stood at 3,406 million euros as of September 30, 1.8% lower than that registered as of December 31, 2022.
As explained by the company, “the application of the Enagás Efficiency Plan has contributed positively to this result, which has allowed recurring expenses to be kept in line with the first nine months of 2022 —minimizing the impact of inflation—, and the good performance of the investee companies, which have achieved a result of 144.4 million euros in the third quarter.” Therefore, Enagás confirms the objectives announced for 2023.
As manager of the Spanish gas system, the company reports that during 2023 “it is operating with maximum robustness and flexibility, with 100% availability, and has received natural gas from 16 different sources to contribute to the security of supply in Spain and Europe. ”.
And he highlights that, "for the first time in its history, Spain has managed to fill its underground storage to 100% since August." The average storage level of LNG tanks during the first nine months of the year was 61% and as of September 30, 46% of the LNG stored in Europe was in the tanks of the Spanish plants. Spain plays a key role in Europe's security of supply and has increased its total gas exports by 32% in the first nine months of the year.
During the third quarter, the start-up of the El Musel terminal has been relevant, which is part of the More Energy Security Plan approved by the Government in October 2022, and which will be able to contribute up to 8 bcm/year of natural gas to the System liquefied (LNG) to reinforce the security of energy supply in Spain and Europe.
In line with the figures for all of Europe, the total amount transported by the Spanish gas system has been 6.9% lower, due to the decrease in conventional demand and demand for electricity generation.
"However, a change in trend is being consolidated with a strong recovery in industrial demand, which has increased by 25.4% in the third quarter, reaching 40.5 TWh, led by the greater consumption of the sectors refining, chemical, pharmaceutical and cogeneration,” explains the company.
