Enagás doubles down on hydrogen with €3bn bet | Hydrogen
Spanish gas grid operator Enagás plans to invest €4.035bn in renewable energy by 2030, with over three-quarters earmarked for hydrogen infrastructure. The move comes amid a slump in Spanish gas demand, prompting the company to sell assets, cut dividends, and reduce debt to reposition itself for a low-carbon future. Last year, Enagás sold its stake in Tallgrass Energy, reducing net debt by €1bn to €2.4bn, while restructuring its capital and dividend policies to prioritise renewables. During an earnings call, CEO Arturo Gonzalo spoke about the company’s changing business profile, stating, “We have strengthened our balance sheet and that gives us more headroom to roll out our hydrogen investment plan.” With falling fossil gas consumption, Enagás is shifting focus, allocating €3.125bn to hydrogen projects over the next six years. As part of its decarbonisation push, the… Read More »Enagás doubles down on hydrogen with €3bn bet | Hydrogen