Image courtesy of Enagás’Spanish LNG terminal operator, Enagás reported a net profit of €325.7 million ($377.5 million) for the first nine months of 2018, edging up 1 percent over the corresponding period of last year.
The contribution of the affiliate companies to this net profit was approximately 20%, with a significant weight of the international subsidiaries.
These results are in line with what is expected to achieve the goals set for the year, Enagás said in a statement.
During the period, Enagás’ investment reached €153.6 million with the largest portion of the investment, €112.6 million going towards the construction of the Trans Adriatic Pipeline (TAP), a project in which Enagás holds a 16 percent stake. The project’s construction progress is at 70 percent.
Speaking of the natural gas demand, Enagás said it grew by 1.7 percent in the first nine months of the year compared to the same period last year.
This growth was mainly due to the positive evolution of conventional demand, which increased by 6 percent, boosted by industrial consumption, which was up 4.5 percent. Industry currently accounts for about 60 percent of total natural gas consumption in Spain.
The current forecast is that national demand at the end of 2018 will be similar to that of 2017, Enagás said.