In a strategic move to future-proof its business, Spanish gas grid operator Enagas announced plans to invest over €4bn by 2030. With a total net investment of €4.04 billion between 2025 and 2030, the company is earmarking approximately €3.13 billion for the development of hydrogen infrastructure. CEO Arturo Gonzalo stated that hydrogen is set to become “the driving force” behind the company’s future operations, as Spain and Europe accelerate their transition to cleaner energy sources.
Diversifying Beyond Natural Gas
Facing declining domestic gas demand, Enagas has already taken steps to reshape its business. The company has sold off assets, reduced dividends, and cut debt to finance its diversification strategy. In addition to its major investment in hydrogen, Enagas plans to allocate €520 million to upgrading its gas networks and invest a further €225 million in Scale Green Energy, a new venture focused on developing infrastructure and services for CO₂ capture and other related technologies.
Strengthening European Connectivity
Enagas is also playing a key role in the broader European hydrogen landscape. It is a part of a consortium working on the trans-European H2Med corridor, which aims to connect Iberia’s hydrogen networks with northwest Europe. Domestically, the company is committed to building a robust hydrogen network that will underpin Spain’s transition towards cleaner energy, driving innovation and sustainable growth in the sector.
Financial Outlook and Profitability
While the company’s core profit is expected to dip to around €670 million this year from €760.7 million last year, Enagas forecasts a rebound to approximately €875 million by 2030. The hydrogen business alone is projected to contribute about €290 million to core profit, with the remainder coming from its traditional gas operations. Throughout this period, the company plans to maintain its net debt at roughly €2.4 billion, ensuring a stable financial base as it transitions to a greener portfolio.
