Connection

popular articles

Maduro threatens to halt oil exploration in Essequibo, a disputed area with Guyana
Asian refining margins plunge in face of supply glut
South Africa: Mainstream Renewable Power finalizes a 50 MW solar project in Ilikwa
French Court Dismisses Lawsuit Against TotalEnergies Over Climate Crisis
Poland plans to spin off its coal assets within a year

Naturgy: a 35% increase in net profit by 2022

Naturgy recorded a 35% increase in net profit, driven by the surge in energy prices on the world markets. This performance, which exceeded analysts' forecasts, enabled the Spanish giant to reduce its debt and accelerate its investments, particularly in the renewable energy sector. An ambitious strategy for the future of the company that confirms its position as a leader in the energy sector in Spain.

Please share:

Naturgy reported strong financial results for the year 2022. Net income increased by 35% from 1.21 billion euros in 2021 to 1.65 billion euros last year. This figure is higher than analysts’ forecasts, who were expecting an average profit of 1.55 billion euros. Naturgy’s revenue amounted to 33.9 billion euros in 2022, an increase of 53.4% compared to the previous year.

 

Sharp increase in gas prices and investment in renewable energy

Naturgy explains this dynamic by the surge in gas prices on the global markets in 2022, due to the war in Ukraine, which led to a decrease in gas purchases from Russia. This situation has enabled Naturgy to reduce its debt from 5.9% to 12 billion euros and to accelerate its investments, particularly in renewable energies. In fact, the Spanish group has invested 1.9 billion euros in one year, 70% in the renewable sector, according to a press release.

 

Geminis, a project suspended because of the war in Ukraine

Despite these positive results, Naturgy has had a turbulent year in 2022, with recurring market rumors about a possible entry into its capital of European energy heavyweights. The group had announced at the beginning of February a project to split into two listed companies, called Geminis. This restructuring was to separate its regulated activities (transmission and distribution) from its marketing activities. However, this project was suspended due to the war in Ukraine. Naturgy assures however not to abandon this project and to continue to explore other options.

 

Optimistic outlook for 2023

The Spanish group is optimistic for the year 2023. It plans to continue investing in renewable energy, with a goal of 6.5 gigawatts of installed renewable energy by 2025, an increase of 2.5 gigawatts over its previous forecast. Naturgy also wants to strengthen its presence in green energy in Latin America and Europe.

 

In summary, Naturgy has recorded strong growth in 2022, thanks to soaring gas prices and its investments in renewable energy. The Spanish group remains optimistic for the future, despite the temporary suspension of its plan to split into two listed companies.

Register free of charge for uninterrupted access.

Publicite

Latest news

Hydro-Québec launches a 10 G$ energy efficiency plan by 2035
The UK and Eni finalize financing for CO2 storage project in the Irish Sea
Washington criticises anti-fossil policies at IEA summit
Countries accused of overstating carbon sinks to slow energy transition
Saudi Arabia reduces crude consumption for power generation by 2030

Recently published in

SBM Offshore launches €141 million share repurchase program after completing €130 million one

SBM Offshore announces the launch of its €141 million ($150 million USD) share repurchase program, following the completion of the €130 million program, as part of its strategy to reduce capital and support employee programs.
Air Liquide forecasts limited impact from tariff increases on its results
Air Liquide anticipates a limited direct impact from global tariff hikes, while expecting an increase in its operational margin for 2025, despite weak demand in certain industrial sectors.
en_1140290948540-15
Air Liquide forecasts limited impact from tariff increases on its results
Air Liquide anticipates a limited direct impact from global tariff hikes, while expecting an increase in its operational margin for 2025, despite weak demand in certain industrial sectors.
en_1140290948540-15
Eni reduces its quarterly profit by 3% and forecasts savings of 2 billion euros in 2025
Eni announces a 3% drop in its net profit for the first quarter, with savings planned to offset falling oil prices and uncertainty surrounding tariffs. The company expects reduced investment spending in 2025.
en_1140290953540-14
Eni reduces its quarterly profit by 3% and forecasts savings of 2 billion euros in 2025
Eni announces a 3% drop in its net profit for the first quarter, with savings planned to offset falling oil prices and uncertainty surrounding tariffs. The company expects reduced investment spending in 2025.
en_1140290953540-14
Getlink announces a 17% decline in revenue for Q1 2025
Channel Tunnel operator Getlink reported a 17% drop in its revenue for Q1 2025, primarily due to the interruption of its ElecLink cross-Channel cable, and maintains its targets for the year.
en_1140290950540-14
Getlink announces a 17% decline in revenue for Q1 2025
Channel Tunnel operator Getlink reported a 17% drop in its revenue for Q1 2025, primarily due to the interruption of its ElecLink cross-Channel cable, and maintains its targets for the year.
en_1140290950540-14

Sinopec unveils global energy forecast to 2060 at event in Saudi Arabia

Chinese giant Sinopec publishes its first international global energy outlook, forecasting a peak in primary energy consumption by 2045 and a rise in non-fossil energy sources.
TotalEnergies to shut ethylene unit in Antwerp amid European overcapacity
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
en_1140290950540-12
TotalEnergies to shut ethylene unit in Antwerp amid European overcapacity
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
en_1140290950540-12
Shanghai Electric signs major energy deals in Saudi Arabia and Oman
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
en_1140290957540-10
Shanghai Electric signs major energy deals in Saudi Arabia and Oman
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
en_1140290957540-10
Halliburton posts 67% drop in net profit for the first quarter
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
en_1140290954540-12
Halliburton posts 67% drop in net profit for the first quarter
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
en_1140290954540-12

Artificial intelligence in energy to reach $58.66bn by 2030

The global artificial intelligence market applied to the energy sector is expected to grow at an annual rate of 36.9% between 2024 and 2030, according to a report published by MarketsandMarkets™ on April 22.
Vinci enters a new era as Xavier Huillard steps down from chief executive role
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
en_1140290943540-13
Vinci enters a new era as Xavier Huillard steps down from chief executive role
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
en_1140290943540-13
Technip Energies wins contract for sustainable aviation fuel project engineering in Australia
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
en_1140290956540-9
Technip Energies wins contract for sustainable aviation fuel project engineering in Australia
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
en_1140290956540-9
South Africa: Eskom launches process to create a subsidiary dedicated to renewables
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
en_1140290959540-8
South Africa: Eskom launches process to create a subsidiary dedicated to renewables
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
en_1140290959540-8

France Chimie warns of potential closure of 47 plants due to trade war

France Chimie warns that 47 industrial sites in France and up to 350 across the European Union could shut down without an emergency response to the escalating trade tensions with the United States and China.
Rice and ExxonMobil launch strategic collaboration in sustainable energy research
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
en_1140290962540-7
Rice and ExxonMobil launch strategic collaboration in sustainable energy research
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
en_1140290962540-7
SBM Offshore secures USD1.1bn from 13 banks to refinance debt
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
en_1140290950540-6
SBM Offshore secures USD1.1bn from 13 banks to refinance debt
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
en_1140290950540-6
Equinor creates new division to consolidate flexible and renewable energy assets
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
en_1140290983540
Equinor creates new division to consolidate flexible and renewable energy assets
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
en_1140290983540

Data centre electricity demand driven by AI expected to double by 2030

According to the International Energy Agency, artificial intelligence will drive a global rise in data centre electricity consumption, reaching the current level of Japan’s national use by the end of the decade.
Sinopec and Aramco strengthen their alliance for the Yanbu complex expansion
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
en_1140290966540-2
Sinopec and Aramco strengthen their alliance for the Yanbu complex expansion
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
en_1140290966540-2
Fusion Fuel targets UK with £50mn acquisition in fuel distribution
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
en_1140290946540-6
Fusion Fuel targets UK with £50mn acquisition in fuel distribution
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
en_1140290946540-6
SBM Offshore sells FPSO Cidade de Paraty in $400 million leaseback deal
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
en_1140290954540-5
SBM Offshore sells FPSO Cidade de Paraty in $400 million leaseback deal
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
en_1140290954540-5

Copper producers bet on growth as investment strategies diverge

Mining companies are turning to copper production to drive growth from 2025, marking a strategic shift in capital allocation, according to Wood Mackenzie.
Autoliv secures energy supply with two European renewable contracts
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
en_1140290944540-4
Autoliv secures energy supply with two European renewable contracts
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
en_1140290944540-4
Avangrid bets on advanced technologies to modernise American energy grids
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
en_1140290949540-4
Avangrid bets on advanced technologies to modernise American energy grids
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
en_1140290949540-4
BP initiates succession of chairman Helge Lund ahead of expected 2026 departure
British oil group BP has confirmed the planned departure of its chairman of the board Helge Lund, launching a transition process expected to conclude in 2026.
en_1140290948540-4
BP initiates succession of chairman Helge Lund ahead of expected 2026 departure
British oil group BP has confirmed the planned departure of its chairman of the board Helge Lund, launching a transition process expected to conclude in 2026.
en_1140290948540-4

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS