MADRID – Spanish gas grid operator Enagas said on Tuesday that its first-quarter net profit rose roughly 20%, helped by revenue from the liquefied natural gas (LNG) terminal of El Musel and flat expenses.
With gas demand in the country down for two years in a row and Spain’s ambitious green hydrogen plans, the company – in which the Spanish state owns a 5% stake – is looking to transition from its traditional role as natural gas grid operator to managing a network of hydrogen infrastructure.
Net profit for the period was €65.3 million ($69.56 million) compared with €54.6 million a year earlier.
Last year, energy firm Endesa won a three-year contract for the El Musel plant’s logistic services – namely unloading, storage and reloading – after the plant had been mothballed since its completion.
The company said it was on track to meet its profit target of between €260 million and €270 million for the year.
