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Enagás announces half year results

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Picture of Molly Cooper

Molly Cooper

Journalist at Tank Storage Magazine.

Spanish energy company, Enagás’ has announced its net profit amount in the first half of the year is €176.8 million. This is in line with the targets set for the whole year.

Enagás becomes partner of Hanseatic Energy Hub

Positive outcomes and contributions to this include:

• Net capital gains of €42 million from the sale of Enagás’ stake in the Morelos gas pipeline in MexicoEuro bank notes
• Affiliates performed strongly in the first half of 2023, generating a profit of €89.4 million
• The company’s net debt has decreased by more than €300 million euros since December 2022
• Completion of the purchase of an additional 4% stake in the Trans Adriatic Pipeline (TAP), the commissioning of the El Musel plant and the entry into the Stade project in Germany
• North American subsidiary Tallgrass Energy has made further strides in the development of decarbonisation projects such as Trailblazer, a pioneer in the United States for transporting CO2
• The H2Med corridor and the associated Spanish Hydrogen Backbone Network are making positive progress towards achieving the status of European Projects of Common Interest (PCI)
• The Spanish Gas System has operated at 100% availability in the first half of the year
• Spain increased its total gas exports by 55% in the first half of the year
• Spain’s underground natural gas storage facilities are at 98% capacity

And more.

To read Engas’ full report click here

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