Naturgy profits outstripped predictions

Naturgy profits outstripped predictions

FRANCISCO REYNES: Naturgy chairman revealed buoyant results Photo credit: naturgy.com

Spanish power company Naturgy’s net profit rose to €1.99 billion in 2023, outstripping a London Stock Exchange Group (LSEG) prediction of €1.94 billion .

The former Gas Natural Fenosa, which is  Spain’s principal gas-supply company and its fourth most-important electricity company, submitted figures to the National Securities Market Commission (CNMV) that were 20.4 per cent higher than 2023’s.

Naturgy had just finished one of its best-ever years despite normalised energy prices, chairman Francisco Reynes announced.  Nor did the company rule out acquisitions  inside Spain and abroad, so long as these did not compromise plans to invest in the energy transition, mainly in Spain.

There would be “a special focus” on renewable electricity generation and developing renewable gases, he said, while strengthening all of Naturgy’s distribution networks.

At the same time, Reynes avoided providing a 2024 forecast owing to the energy markets’ “extreme volatility” and the possibility of “unexpected weather conditions.”

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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