Enagás goes “all in” hydrogen

Enagás wants to operate a hydrogen network. The firm that has 5% of the shares in the State through SEPI wants to have control in Spain over the substance that could eventually replace gas. Europe must approve it, and in order to do so, the business run by Arturo González must sell Enagás Renovables in order to meet European requirements.

“Not in the immediate run”, explained Arturo Gonzalo himself in Enagás’ annual results. Since managing the hydrogen infrastructure is our top strategic objective, we must limit our involvement in this unregulated industry in the 2030 time frame, he continued. Some words are that the sales process can be accelerated because their partners in the company have always intended to enhance involvement, according to people acquainted with this procedure to Vozpópuli.

60% of the Renewable subsidiary is under Enagás’ control. participation that complies with the CNMC’s rules. Hy24, a partnership between Ardian, Credit Agricole, and FiveT Hydrogen, owns another 30% of the company. Amancio Ortega’s investment company Pontegadea and Navantia, the publicly traded manufacturer that also controls SEPI, split the remaining 10% equally. According to the same sources, neither Ortega nor SEPI makes any promises regarding movements. The background, led by Ardian, is the main subject.

The French investment company negotiated its entry with the business led by Antonio Llardén with the goal of acquiring 50% of Enagás Renovables’ capital by 2022. However, after the arrangement was finalized, Enagás’s leaders, his adviser Rothschild, and the government itself put pressure on Hy24 to keep its percentage at no more than 30%. But, because Enagás must sell this stake, the “French partner” is the front-runner to acquire a portion of the stock from the business run by Gonzalo.

Considering infrastructure

As long as there are no viable proposals, the company will continue to add value to this subsidiary. Recently, the National Market and Competition Commission (CNMC) provided it with a framework for action to ensure that Enagás Renovables’ operations do not clash with its regulated gas system operations and have an impact on its technical management (Enagás GTS) and transportation.

In partnership with other partners, it has 25 renewable hydrogen development projects and 21 biomethane development projects spread across the Spanish geography as part of its portfolio of assets for this company. Three of these are initiatives funded by public assistance totaling 25 million euros under the PERTE of Renewable Energies, Hydrogen, and Storage.

“It appears quite likely that European regulations establish the separation of operations between transport, distribution, and marketing of renewable gases. To be an HNO (hydrogen network operator). The infrastructure is where we fit in there. This roadmap allows for a gradual decrease in Enagas renewable energy, but not in the near future “, stated the CEO of the business.

Enagás wants to become wealthy

Along with emphasizing the infrastructure sector, the new management team under Arturo Gonzalo is placing more of an emphasis on Europe and selling off its holdings in nations like Mexico, Peru, and Chile. a journey to a model more in line with regulated firms with the goal of improving the company’s risk profile.

In order to avoid further compensation adjustments in its regulated assets, the corporation must explore for alternatives. The pledges made to create the nation’s future hydrogen network until 2030 total 7,000 million euros in investment and 410 million in yearly dividends. These commitments necessitate the need for more money.

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