Enagás, Spain's leading gas infrastructure operator, has announced a groundbreaking €4.035 billion investment plan through 2030, with a strong focus on developing renewable hydrogen infrastructure.

The company's 2024 financial results demonstrated robust performance, with a recurring net profit of €310.1 million, exceeding targets. This positive momentum has significantly strengthened Enagás' balance sheet, enabling this substantial investment push. Notably, the sale of its stake in Tallgrass Energy reduced net debt by approximately €1 billion, and the resolution of the Gasoducto Sur Peruano (GSP) arbitration removed uncertainty regarding dividend repatriation from Peru. These achievements, along with credit rating upgrades from S&P and Fitch to BBB+, have paved the way for this new phase of strategic investment.

Central to Enagás' vision is the development of a robust renewable hydrogen infrastructure. Of the total investment, €3.125 billion is earmarked for hydrogen projects, projected to fuel a 9.5% compound annual EBITDA growth between 2026 and 2030. By 2030, Enagás anticipates its hydrogen assets will surpass its natural gas assets, marking a significant shift in its portfolio.

The company has launched Scale Green Energy, a subsidiary dedicated to developing infrastructure and services for decarbonization across various sectors, including CO2 management, LNG and BioLNG bunkering, renewable hydrogen for mobility, and green ammonia. Scale Green Energy will spearhead projects like CO2necta and MOSUSOL NetCO2, focused on capturing and transporting CO2 emissions, contributing significantly to reducing emissions from Spanish cement plants. Furthermore, the subsidiary will play a critical role in developing hydrogen refueling stations for vehicles, contributing to the growth of sustainable transportation.

While prioritizing green hydrogen, Enagás acknowledges the continued importance of natural gas infrastructure. The company anticipates increased demand for energy gases and peak electricity due to the variability of renewables, the phasing out of nuclear power, and the growing consumption of data centers. Enagás emphasizes the crucial role of its gas infrastructure in ensuring energy security and stability, especially during periods of low renewable energy generation.

Enagás' commitment to sustainability extends beyond its investment strategy. The company has achieved a 22.5% reduction in CO2 emissions in 2024 and is actively working towards its Net Zero target by 2040. This commitment is reflected in its inclusion in leading ESG indices like the Dow Jones Best in Class Index and FTSE4Good.

The company's Digital Transformation Plan will serve as a catalyst for its strategic goals, driving efficiency and innovation across all operations. By embracing digitalization, cybersecurity, and artificial intelligence, Enagás aims to create a more agile and resilient energy model.