The energy group Naturgy, Spain’s main gas supplier, has seen its net profit rise by 37% in the first nine months of the year, thanks to the surge in energy prices on world markets.
The energy giant’s net profit reached 1.06 billion euros between January and September, compared with 777 million in the same period of 2021, according to figures released Friday.
In the third quarter alone, profit reached 504 million euros, compared to 293 million in Q3 2021, thanks to a gross operating surplus (Ebitda) that reached 1.46 billion euros and even 3.5 billion euros since January.
These results come “in a persistent context of high volatility on the international energy markets”, Naturgy, formerly Gas Natural Fenosa, said in a statement.
The price of gas has risen sharply in recent months on the world markets, mainly due to the war in Ukraine, which has led to a sharp drop in purchases from Russia.
According to Naturgy, the figures published on Friday include the upward revision of gas purchase prices from Algeria, which was agreed in early October in an agreement with the Algerian group Sonatrach.
The Spanish group – which jointly manages with Sonatrach the Medgaz pipeline, linking Spain directly to the Algerian gas fields – specifies moreover, to have strongly increased its investments these last months.
Since January, Naturgy has invested 1.12 billion euros in the development of its distribution network and in the development of a renewable gas sector. A total of 14 billion euros of investment is planned between now and 2025.
These results come at a time when Naturgy is the subject of market rumors, evoking the possible entry into its capital of European energy heavyweights, such as Italy’s Eni and France’s TotalEnergies.
Questioned on this subject by AFP, the Spanish Minister of Ecological Transition Teresa Ribera assured on October 19 that Madrid would closely monitor the impact of any financial operation of this type.
“At a time like the present, financial operations involving such an important operator for the Spanish gas market must be carried out with great caution,” she stressed.
The group had announced in early February that it wanted to split into two listed companies, to separate its regulated activities from its commercial activities. But this project, called Geminis, was suspended because of the war in Ukraine.
