Enagas First-Half Net Profit Falls on Lower Fees in Spain
7/27/2021
MADRID (Reuters) — Spanish gas grid operator Enagas said on Tuesday its first-half net profit fell 9.8% to 213 million euros ($251.28 million) after a change of regulations in 2020 forced it to charge lower fees in Spain.
Enagas, however, maintained its full-year net profit target of 380 million euros.
The company said higher profits from its foreign subsidiaries partly offset lower revenues in Spain. It got 113 million euros from its U.S. unit Tallgrass Energy and Trans Adriatic Pipeline in the first half, up from 76 million euros in the same period of 2020.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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