Enagas sees 2023 net profit falling 15%-17% after 6.9% slide in 2022

MADRID (Reuters) -Spanish gas grid operator Enagas on Tuesday said it expects its net profit to fall by 15%-17% this year after a 6.9% slide to 376 million euros ($401 million) in 2022.

The company's net profit in 2022 was slightly below its 380 million to 390 million euro target, though in line with the 373 million expected by analysts polled by Refinitiv.

Net profit would fall to 310 million-320 million euros this year, the company said.

Enagas said revenue in 2022 fell 2.1% to 970 million euros as a 2020 regulation change again forced it to charge lower fees in its home market.

Enagas's 2022 target included a 40 million euro capital gain on the planned sale of a gas pipeline in Mexico it now expects to carry out in early 2023.

Contributions from its operations in the United States, Eastern Europe and Latin America fell 7.5% to 201 million euros.

The company booked two capital gains, one worth 205 million euros on the sale of a Chilean unit and one for 50 million euros on the sale of a 30% stake in its renewables unit.

It booked a 134 million euro impairment on its U.S. unit Tallgrass Energy.

Enagas added that infrastructure required to pump green hydrogen produced in Spain and Portugal to northern Europe would cost 4.67 billion euros by 2030, including the 2.14 billion euro cost of the H2Med underwater pipeline between Barcelona and Marseille.

($1 = 0.9374 euros)

(Reporting by Inti Landauro; editing by Jason Neely)