Spanish and Portugese officials called on Thursday for Europe to cooperate more closely on managing energy supplies after major producer Russia's invasion of Ukraine heightened fears of disruptions. Unlike many of the countries on the continent, which in total relies on Russia for 40% of its gas, neither country on the Iberian peninsula counts Russia among its main providers. Portuguese Prime Minister Antonio Costa said on Thursday that the Portuguese deep-water port of Sines - the closest European port to the United States, "has the infrastructure to host and export natural gas to Europe".
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.
Spanish gas grid operator Enagas said on Tuesday its nine-month net profit fell 12% to 307 million euros ($357.29 million) after a change of regulations in 2020 forced it to charge lower fees in its home market. Profits from its foreign units, mainly Tallgrass Energy in the U.S. and Trans Adriatic Pipeline, rose 39% to 164 million euros, partly offsetting the cost of the new regulation. Enagas reiterated its full-year net profit target of 380 million euros set early this year as it took into account the regulatory changes imposed by the government.