The Spanish energy company Gas Natural Fenosa has changed its name to Naturgy Energy. The new designation will cover the company’s businesses both in Spain and internationally. This is in line with its Strategic Plan 2018-2022, which will focus on organic growth, on increasing its operational efficiency and on transforming the company into a more environmentally-friendly player. The group plans to invest €865m in renewables in Spain over the 2018-2020 period.
In 2017, the company posted a 9.9% increase in global gas sales, from 329.5 TWh in 2016 to more than 362 TWh. In Spain, the company's power generation dropped by 1.9% in 2017 to less than 28 TWh (-0.5 TWh) while its electricity sales declined by 3.4% to 35.1 TWh, and distributed volumes remained flat at 32 TWh. The group is implementing a modernization strategy for its Spanish electricity distribution businesses and 96% of the meters installed were already smart as of December 2017. In 2017, Gas Natural Fenosa distributed around 196 TWh of gas in Spain (+5.9%) to nearly 5.4 million connection points (+1.1%).
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