Latest news with #ArturoGonzalo
Reuters
25-04-2025
- Business
- Reuters
Spain's national hydrogen network plan ahead of schedule, Enagas chief says
PUERTOLLANO, Spain, April 25 (Reuters) - Plans to build a 2,600 km (1,615 mile) hydrogen network in Spain are advancing ahead of schedule and the infrastructure is on track to start operations in 2030, the chief of Spanish gas grid operator Enagas ( opens new tab said on Friday. The network will be part of the planned trans-European H2Med corridor aimed at connecting the Iberian region with northwest Europe. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. The company plans to take a final investment decision in 2027 and start construction the following year, Chief Executive Arturo Gonzalo said at an event to launch a public consultation process related to the project. The Spanish network will include new pipelines as well as some repurposed gas assets, he said, for an overall investment of some 2.6 billion euros ($2.95 billion). "The project is starting to become a reality, it is progressing at a very good pace, even faster than expected," he said. "Today we are setting in motion a key milestone to make a hydrogen infrastructure a reality in Spain." Enagas is among the staunchest supporters of a green hydrogen industry, which uses renewable energy for its production, and still faces high costs, heavily depends on subsidies and is struggling to find buyers for its production. With Spanish gas demand falling, the company is diversifying into managing a network of hydrogen infrastructure. It is also targeting ammonia and CO2 capture. To fund its plans, it has sold assets, reduced dividends and cut debt. The plans are in line with Spain's ambitious green agenda. Thanks to abundant solar and wind power, the country is vying to be a European leader in green hydrogen. It set a 2030 target of 12 gigawatts for electrolysers used to make green hydrogen. ($1 = 0.8811 euros)
Reuters
18-02-2025
- Business
- Reuters
Spain's Enagas plans multibillion-euro investment in hydrogen infrastructure
Summary Companies Enagas to invest 4.04 billion euros by 2030 Hydrogen to account for 3.13 billion euros of investment Enagas also plans to diversify in ammonia and CO2 capture Expects decline in profitability this year MADRID, Feb 18 (Reuters) - Spanish gas grid operator Enagas ( opens new tab plans to invest more than 4 billion euros ($4.18 billion) by the end of the decade, with more than three quarters of that earmarked for hydrogen infrastructure. With Spanish gas demand falling, Enagas has sold assets, reduced dividends and cut debt to fund plans to diversify into managing a network of hydrogen infrastructure. It is also targeting ammonia and CO2 capture. Hydrogen will be "the driving force to advance towards the Enagas of the future", Chief Executive Arturo Gonzalo said on Tuesday. Of the planned 4.04 billion euros in net investment between 2025 and 2030, hydrogen infrastructure will account for 3.13 billion euros, Gonzalo told analysts as he presented the company's strategic update. Enagas, in which the state owns a 5% stake, is part of a consortium working on the planned trans-European H2Med corridor aimed at connecting Iberia's hydrogen networks with northwest Europe. It also plans to build a hydrogen network in Spain. The company expects to invest 520 million euros in gas networks and a further 225 million euros in a new company, Scale Green Energy, focused on infrastructure and services in businesses such as CO2 capture. The company expects core profit of about 875 million euros in 2030. The hydrogen business is expected to contribute about 290 million euros, with its other gas business contributing 400 million euros. This year's core profit is forecast to fall to 670 million euros from 760.7 million euros last year, the company said, with net debt remaining around 2.4 billion euros. ($1 = 0.9561 euros)
Reuters
18-02-2025
- Business
- Reuters
Enagas CEO says the amount of Peru arbitration may increase
MADRID, Feb 18 (Reuters) - Spanish gas grid operator Enagas's ( opens new tab Chief Executive Arturo Gonzalo said on Tuesday the amount the company is due to receive in an arbitration process in Peru may increase. The company is disputing the amount, Gonzalo said in a conference call with investors and analysts, and said his company is open to discuss the payment with the Peruvian government. The company reported a 245.7 million euro capital loss related to the arbitration over its investment to build a natural gas pipeline in Peru, known as Gasoducto Sur Peruano (GSP). here.
