In July, Enagas closed the stake sale worth $1.1 billion (1.018 billion euros).
According to Enagas, the proceeds from this sale have been used to prepay $700 million of bank, while the remaining cash will be used to partially repay a $600 million bond maturing in February 2025.
Enagas reported a net loss of 130.2 million euros ($141 million) for the nine-month period, compared to a profit of 258.9 million euros in the same period last year.
The figure includes the accounting loss on the closing of the transaction of the sale of Tallgrass, amounting to 363.71 million euros, it said.
Net profit at September 30, 2024, excluding the impact of the asset rotation in 2024 from the sale of Tallgrass and in 2023 from the sale of the Morelos gas pipeline, reached 233.5 million euros, 7.8 percent higher than in the same period of 2023, Enagas said.
Engas said net profit in the first nine months of the year evolved to exceed the annual target updated in July.
Spanish LNG imports
Enagas operates a large network of gas pipelines in Spain and has three wholly-owned LNG import plants in Barcelona, Huelva, and Cartagena.
It also owns 75 percent in the Musel LNG facility, 50 percent in the BBG regasification plant in Bilbao, and 72.5 percent of the Sagunto plant, while Reganosa operates the Mugardos plant.
In August last year, Spanish power group Endesa delivered the first commercial cargo to the El Musel LNG terminal in Gijon.
Endesa completed the first reloading operation at the facility in April of this year.
The firm said in the results report that the Spanish gas system continues to operate with 100 percent availability, in a year marked by international conflicts in the Middle East and Ukraine.
It said that during the first nine months of the year, Spain received natural gas from 12 different countries.
Spain receives a big part of its LNG supplies from Russia and the US. The country’s monthly LNG imports have been constantly dropping this year compared to 2023.
According to Enagas, following the latest auctions of regasification plant capacity, 2,189 LNG unloading slots and 950 loading slots have been contracted until 2039.
Engas said this data shows “high interest” in Spanish LNG terminals in the long term.
Gas demand down
At the end of September, underground storage facilities in Spain were 100 percent full, a level that was reached in mid-August.
As of October 22, storage facilities remain at 100 percent full.
Engas said total gas demand in Spain dropped by 8.6 percent in the first nine months of 2024, mainly due to a 33 percent drop in demand for gas for electricity generation, due to the greater contribution of renewables to electricity generation and high temperatures during winter.
Conventional demand in the first nine months of 2024 was 2.3 percent higher, mainly due to higher industrial consumption, the company said.
