1Q 2024 Results
April 23, 2024
1Q2024 Results
Index
01 | 02 | 03 | 04 | ||||||
1Q2024 | 1Q2024 | ESG | 2024 Targets |
Highlights | Results | Positioning | and Conclusions |
1Q2024 Results
01
1Q2024 Highlights
1Q2024 | 1Q2024 | ESG | 2024 targets and | ||||||
1Q2024 Results | 01 | 02 | 03 | 04 | |||||
Highlights | Results | Positioning | Conclusions |
1.1 1Q2024 Highlights
In 2024, the high level of implementation of the axes of the Strategic Plan 2022-2030 continues
Main axes of the 2022-2030 Strategic Plan
Security of supply and investments: focus on Spain and Europe
Increase of Enagás' stake in
HEH (Stade) in Germany
* Note: Events in the month of April 2024
Implementation of the
efficiency plan and control of
operating and financial
expenses
Recurrent operating expenses 1Q2024 ≈ Recurrent operating expenses 1Q2023
4
Progress on the energy
transition and the hydrogen schedule
Approval in Parliament of RDL 8/2023
the appointment of Enagás as
provisional HTNO
Preliminary draft law for the reestablishment of the CNE, National Energy Commission
Publication of the final list of PCIs that
includes Enagás' projects *
Approval of the European Hydrogen
and Decarbonised Gas Markets
Directive*
1Q2024 | 1Q2024 | ESG | 2024 targets and | ||||||
1Q2024 Results | 01 | 02 | 03 | 04 | |||||
Highlights | Results | Positioning | Conclusions |
1.2 Security of supply and investments
Boosting Enagás' presence in Germany: Hanseatic Energy Hub (Stade)
Taking of FID and increase of Enagás' stake in HEH (Stade) from 10% to 15%
▪ Final investment decision made, financing closed and construction of the first land-based LNG terminal in Germany initiated
• First terminal adapted for green ammonia
• Total planned investment €1.6 Bn (€1.0 Bn LNG plant
construction)
▪ Start of commissioning tests of the floating storage and regasification unit (FSRU)
▪
▪
▪
Increase of Enagás' stake in HEH (Stade) from 10% to 15%.
Land terminal commercial commissioning expected to start in 2027.
Enagás will be the terminal operator.
5
Highlights1Q2024 | Results1Q2024 | ||||
1Q2024 Results | 01 | 02 |
1.3 Efficiency plan and cost control: financial and operating
Efficiency Plan
Control of operating expenses
0%
1Q2023 1Q2024
- Intensification of the Efficiency Plan to minimise the impact of inflation on manageable costs
- Enagás maintains its commitment to a maximum annual growth in recurring operating expenses of ~1% CAGR in the period 2022-2026
- Signing of the Collective Bargaining Agreement (2023 - 2026) compatible with the objectives set out in the Strategic Plan
ESG | 2024 targets and | ||
03 | 04 | ||
Positioning | Conclusions |
Control of financial expenses
-
Sound financial structure and strong liquidity position
(€3.131 Bn as at March 31, 2024) - Control of financial expenses, more than 80% of debt at fixed rates.
- Financial cost of gross debt: 2.8%
- Adjusted FFO/ND: above the 14% required by rating agencies
- €600 M bond issue in January 2024 maturing in 2034 with an annual coupon rate of 3.625%
6
Highlights1Q2024 | Results1Q2024 | PositioningESG | |||||
1Q2024 Results | 01 | 02 | 03 |
1.4 Progress in the energy transition
1Q2024 and expected highlights for the year
JANUARY 10, 2024 JANUARY 31, 2024 | FEBRUARY 2, 2024 FEBRUARY 20, 2024 | APRIL 8, 2024 |
2024 targets and | |
04 | |
Conclusions |
APRIL 9, 2024 | APRIL 11, 2024 |
Parliament | II Enagás Hydrogen | Announcement of the | Approval by the | Publication of the | ||||||||||||
approved Royal | Day | award of the H2Med | Government of the draft | PCI list including | ||||||||||||
Decree-Law 8/2023 | preliminary | law to re-establish the | the projects | |||||||||||||
of 27 December: | engineering studies | National Energy | submitted by | |||||||||||||
Enagás, provisional | Commission (CNE) | Enagás | ||||||||||||||
HTNO | ||||||||||||||||
Enagás H2 Technical Day
Approval in the European Parliament of the European Directive on Hydrogen and Decarbonised Gas Markets.
Announcement of the official opening of the application window for CEF funds
J
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Next steps:
-
April 2024: Presentation of the proposal for the development of the Backbone according to Royal Decree-Law 8/2023 to the Ministry of Ecological
Transition and Demographic Challenge - June / July 2024: Final version of the National Integrated Energy and Climate Plan (PNIEC)
- Second half of 2024: Start of transposition of the European Hydrogen and Decarbonised Gas Markets Directive
- April - October 2024: Request for CEF (Connecting Europe Facility) funds for the research and construction of the projects included in the list of PCIs
7
1Q2024 | 1Q2024 | ESG | 2024 targets and | ||||||
1Q2024 Results | 01 | 02 | 03 | 04 | |||||
Highlights | Results | Positioning | Conclusions |
1.4 Progress in the energy transition
Draft law for the re-establishment of the National Energy Commission (CNE)
The main goal of the draft law is the decarbonisation of the Spanish economy
New functions of the future CNE for the regulation of the hydrogen sector:
▪
▪
▪
▪
Connection and access to hydrogen facilities.
Structure and methodology of access tolls.
Methodology related to the for provision of balancing services.
Remuneration of the hydrogen network operator.
8
1Q2024 | 1Q2024 | ESG | 2024 targets and | ||||||
1Q2024 Results | 01 | 02 | 03 | 04 | |||||
Highlights | Results | Positioning | Conclusions |
1.4 Progress in the energy transition
Publication of the final list of PCIs
H2Med and the Spanish Hydrogen Backbone Network, included in the final European list of PCIs
- On April 8, 2024, the European Commission published the list of PCIs in the Official Journal of the European Union.
- Major step forward in boosting the development of hydrogen infrastructures.
- Allows for the application for CFE-E funds for studies and construction of projects included in the list of PCIs.
Investments included in the final list of PCIs:
Production aggregation | Underground storage facilities | ||
points | |||
2030 Spanish hydrogen infrastructure | |||
Consumption | (presented to PCI) | ||
aggregation points | H2Med | 9 | |
Spanish hydrogen infrastructure
2030 Spanish hydrogen infrastructure | €3.7 Bn |
Underground storage facilities | €1.2 Bn |
Total gross investment€4.9 Bn
H2Med
Total project investment | €2.5 Bn |
Estimated total gross investment in | €1.0 Bn |
Spain (~40%) | |
Estimated total gross | €5.9 Bn |
investment in Spain | |
1Q2024 | 1Q2024 | ESG | 2024 targets and | ||||||
1Q2024 Results | 01 | 02 | 03 | 04 | |||||
Highlights | Results | Positioning | Conclusions |
1.4 Progress in the energy transition
Enagás H2 Technical Day
- Enagás launches the Hydrogen Technology Observatory to promote the technical advancement of renewable hydrogen
- The Observatory will promote the technical advance of renewable hydrogen on a large scale
▪
▪
Observatory will be a meeting point open to the main stakeholders in the hydrogen value chain
In the Enagás H2 Technical Day, experts agreed that the development of large-scalerenewable hydrogen is perfectly viable from a technological standpoint
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Enagas SA published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 06:43:04 UTC.