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Enagas’s 9-Month net profit falls 12%, Full year outlook unchanged -Breaking

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© Reuters. FILEPHOTO: Two bags displaying the logo of Enagas were used during an Enagas-sponsored event that took place in Madrid, Spain on May 19, 2016. REUTERS/Andrea Comas

MADRID (Reuters – Enagas, a Spanish operator of gas grids, said Tuesday that the company’s nine-month net loss fell to 12% at 307 million euros ($357.29million). This was due to a 2020 regulation change which forced Enagas to lower its fees on its domestic market.

Partly offset by new regulations, profits from foreign units such as Tallgrass Energy (U.S.) and Trans Adriatic Pipeline rose 39%, to 164million euros.

Enagas has reiterated the full year net profit goal of 380m euros, which it set earlier this year when taking into consideration the changes made by the government. In 2020, the company had earned 444 million euro net profit.

According to the company, demand for Spanish gas rose by 2.7% over the first nine months of 2019 compared to the same period in 2020. This was due in part, the company stated, to the consumption of households and industrials, while demand for power plants declined 15%.

($1 = 0.8593 euros)

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