The company earns 347 million euros
Naturgy posted a net profit of 347 million euros in the first quarter of the year, a decrease of 9.4% compared to the profit of 383 million euros in the same period last year, despite the scenario of high volatility and weakness in Spain, which according to the company was offset by its international activities. The company’s shares are down 6.7% on the stock exchange.
The group’s gross operating income (Ebitda) amounted to EUR 1,074 million at the end of March, an increase of 9.4% compared to a year ago. The turnover of the energy company, chaired by Francisco Reynés, rose by 73.7% to 8,141 million euros in the period from January to March.
Naturgy’s net ordinary profit was EUR 354 million at the end of March, up 9%, while ordinary EBITDA was EUR 1,072 million, up 4%.
The energy company stressed that this first quarter of 2022 showed “uneven behavior” in the countries in which it operates and variable demand development, reflecting macroeconomic scenarios, energy trends and diverse weather.
For example, the period was generally characterized by the recovery of international activities, while the operation in Spain continued to be under pressure on sales margins, partly impacted by contracts not reflecting the global increase in gas and electricity prices.
On the other hand, Naturgy emphasized that it has sold all of its long-term infra-marginal electricity generation capacity below the government-set price of 67 euros per megawatt-hour (MWh) to end customers and that it had to buy electricity from ‘pool’ due to low hydraulics.
In terms of its network business, it grew mainly due to international activity, which registered rate updates in different geographies reflecting inflation and currency depreciation in previous periods. Networks in Spain remained stable despite the impact of regulation and lower demand in the latter part of the quarter.
Investments rose 32% to 259 million euros, after construction of 582 megawatts (MW) of renewable generation started in the quarter.
The energy group’s net debt amounted to EUR 13,062 million at the end of the first quarter, in line with the year-end 2021, after payment of the dividend of EUR 0.5 per share in the first quarter, supported by the generation of box.
On the other hand, the group continues its strategy of developing a renewable portfolio at international level, with an emphasis on stable geographic areas and projects in the early stages of development, and with more than five gigawatts (GW) installed renewable capacity.
For example, between the end of the first quarter of last year and the end of the first quarter of 2022, it commissioned 73 MW in Spain and 181 MW in Australia. In addition, during the same period, construction started on six projects with a capacity of 238 MW in Spain and two projects with a capacity of 276 MW in Australia and 68 MW in Chile respectively.
Likewise, Naturgy continues to promote its role in the energy transition with its commitment to developing new energy sources that will allow Spain to benefit from the quality of its current gas supply networks.
In that sense, the company is working with a portfolio of projects to connect biomethane plants to its grids, which require injecting nearly six terawatts (TWh) per year.
It is currently working on hydrogen and biomethane projects worth €4,000 million pending 10% biomethane, in line with the latest Community guidelines to increase Europe’s energy independence.
Naturgy has launched a long-term natural gas tariff called “Industrial Gas Commitment,” in which it offers industrial customers a “stable and competitive price” in the current energy scenario, a price of 55 euros per megawatt hour (MWh), the company reported.
Launched in a context marked by the escalation of commodity prices in international markets, this energy tariff aims to “support the industrial sector, making it easier to stabilize its energy budget for three years and consolidate its competitiveness,” he said. .
Until the end of 2025, the industry can benefit from this fixed price of 55 euros/MWh, below the current prices of the European gas markets.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
