Spain’s Enagas logs 14.7% profit hike

Spanish LNG terminal operator Enagas reported a 14.7 per cent rise in first-quarter profit as it saw no impact from the Covid-19 coronavirus pandemic.

The company said net profit in the first quarter increased to 119 million euros ($128.8 million), up from 104 million euros in the same period a year ago.

“From the analysis carried out by the company, no impacts have been evidenced by the situation of Covid-19 to be recorded in the first-quarter financial statements”, Enagas said.

The company said that it implemented contingency plans in order to maintain normal operations and ensure the continuity of the natural gas supply both in Spain and abroad during the crisis.

Demand for natural gas in Spain at the end of the first quarter fell 2.4 per cent from the same period a year ago as a result of the coronavirus lockdown from mid-March.

Industrial demand dropped 2.1 per cent to 55.4 terawatt-hours while natural gas demand for power generation declined 1.3 per cent to 17 terawatt-hours.

Rising natural gas demand from industrial clients in the first two months of the year had been affected since Mid-March with a rate of decline of 2 per cent per week, Enagas said.