Spanish gas grid operator Enagás plans to invest €4.04bn 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 €3.13bn to hydrogen projects over the next six years. As part of its decarbonisation push, the company has also launched Scale Green Energy (SGE), a subsidiary focused on CO2 transport, liquefied natural gas (LNG) and Bio-LNG bunkering, hydrogen mobility, and renewable ammonia.
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