Enagás unveiled a €4.035 billion investment plan through 2030, with green hydrogen infrastructure as its primary focus, coinciding with the release of its 2024 financial results, according to the company's release.
The company reported a recurring net profit (excluding asset rotation and the Gasoducto Sur Peruano award) of €310.1 million, up 3.2% from 2023. Including these items, net profit was -€299.3 million. EBITDA reached €760.7 million, exceeding targets. The Tallgrass Energy stake sale reduced net debt by approximately €1 billion to €2.4 billion, and the company received a favorable ruling on the Gasoducto Sur Peruano arbitration. S&P and Fitch upgraded Enagás’ credit rating to BBB+.
€3.125 billion, or 83% of the total investment, will be directed toward renewable hydrogen infrastructure, which Enagás anticipates will fuel a 9.5% compound annual EBITDA growth between 2026 and 2030.
The company launched Scale Green Energy, a subsidiary tasked with developing infrastructure and services for decarbonization, encompassing CO2, LNG and BioLNG bunkering, renewable hydrogen for mobility, and green ammonia.
In 2024, Enagás achieved a 22.5% reduction in CO2 emissions and reaffirmed its commitment to achieving Net Zero by 2040. The company cited progress on the Spanish Hydrogen Backbone and the European H2med corridor, including securing funding. Enagás projects a 2025 net profit of around €265 million, EBITDA of approximately €670 million, and net debt of around €2.4 billion.
Enagás is a Spanish natural gas transmission system operator and a key player in the development of green hydrogen infrastructure.