Enagas Plans Billions in Investment for Hydrogen Infrastructure in Spain
Key Ideas
  • Enagas, a Spanish gas grid operator, will invest over 4 billion euros by 2030, with a significant portion for hydrogen infrastructure, aiming to diversify into managing a hydrogen network.
  • The company plans to establish a hydrogen network in Spain and is part of a consortium for the H2Med corridor, connecting Iberia's hydrogen networks with northwest Europe.
  • Enagas expects a core profit of 875 million euros in 2030, with the hydrogen business contributing about 290 million euros, showing confidence in the growth of hydrogen.
  • Despite a forecasted core profit dip for this year, Enagas has strategically sold assets, reduced dividends, and cut debt to focus on investments in hydrogen and green energy.
Spanish gas grid operator Enagas is set to invest more than 4 billion euros by the end of the decade, with a large portion allocated to hydrogen infrastructure. Enagas plans to diversify by managing a network of hydrogen infrastructure, alongside ventures into ammonia and CO2 capture. The company, amid falling gas demand in Spain, has strategically sold assets, reduced dividends, and cut debt to fund these ambitious plans. Enagas aims to be a key player in the hydrogen sector, envisioning it as the driving force towards their future. Chief Executive Arturo Gonzalo emphasized the importance of hydrogen in their strategic update, with a significant portion of the net investment earmarked for hydrogen infrastructure. Enagas also intends to contribute to the H2Med corridor, linking Iberia's hydrogen networks with those in northwest Europe. Despite a forecasted dip in core profit for the current year, Enagas remains optimistic about the future, with the hydrogen business expected to be a substantial revenue contributor. Through these strategic moves and investments, Enagas is paving the way for a greener and more hydrogen-centric future in Spain.
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