Spain’s Enagas posts quarterly profit hike

Spanish LNG terminal operator Enagas reported a 14.7 percent rise in first-quarter profit as it saw no impact from the Covid-19 coronavirus pandemic.

The company said net profit in the first quarter increased to 119 million euros ($128.8 million).

This compares to 104 million euros in the same period a year ago.

Enagas said its analysis showed no impacts from Covid-19 to its first-quarter results.

The company said it implemented contingency plans in order to maintain normal operations.

This is also to ensure the continuity of natural gas supply both in Spain and abroad during the crisis.

Demand for natural gas in Spain at the end of the first quarter fell 2.4 percent from the same period a year ago as a result of the coronavirus lockdown from mid-March.

Industrial demand dropped 2.1 percent to 55.4 terawatt-hours while natural gas demand for power generation declined 1.3 percent to 17 terawatt-hours.

Enagas said rising gas demand from industrial clients in the first two months of 2020 had been affected since Mid-March. The rate of decline was about 2 percent per week, it said.

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