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Enagas's 2021 net profit falls 9% but surpasses target

Reuters
·1-min read

MADRID (Reuters) - Spanish gas grid operator Enagas said on Tuesday its net profit fell 9% to 404 million euros ($457 million), though it surpassed the company's target for the year thanks to the contribution from its businesses abroad.

The company's profitability was hurt by a change of regulations in 2020 that forced it to charge lower fees in its home market.

Enagas expected its net profit would fall to 380 million euros in 2021, down from 444 million euros in 2020.

Profits from its foreign units, mainly Tallgrass Energy in the United States and Trans Adriatic Pipeline, rose 24% to 218 million euros, partly offsetting the cost of the new regulation.

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The company said demand for gas in Spain in 2021 rose 5.1% from the year before, lifted by consumption from households and industries, which rose a combined 6.2%.

($1 = 0.8845 euros)

(Reporting by Inti Landauro)