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Gas Natural Fenosa's global gas sales dropped by 9.9% in 2017 (Spain)

9 Feb 2018

The Spanish energy utility Gas Natural Fenosa (GNF) has issued its yearly report for 2017, posting a 9.9% increase in global gas sales, from 329.5 TWh in 2016 to more than 362 TWh. Gas sales declined in Spain (-2.5%), due to a 3.4% decrease in industrial demand (to 93.1 TWh), in spite of a 5% increase in national gas demand, while gas sales to European industrial customers dipped by 8%. However, international LNG sales surged by 54% to 122 TWh.

Gas Natural Fenosa's power generation in Spain dropped by 1.9% in 2017 to less than 28 TWh (-0.5 TWh), as hydropower generation fell by 71% to 1.1 TWh and renewable generation by 7.1% (lower wind and small hydro production) to 2.3 TWh. This decrease was partly offset by a 17% increase in CCGT generation (up to 14 TWh) and in coal-fired generation (+4.7% to 5.9 TWh). 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%).

In Latin America, the group distributed 230 TWh of gas (+12%), mainly in Brazil (+24% to 89 TWh), Argentina (+0.8% to 72 TWh), Mexico (+12.5% to 58 TWh) and Chile (+6.5% to 11 TWh), to more than 5.1 million connection points (+4.2%). Gas Natural Fenosa also distributed 36 TWh of electricity in Latin America (+0.8%) to more than 3.7 million connection points (+2.9%). The group generated 18.4 TWh of electricity outside Spain (+3.2%), mainly in Mexico (+3.4% to 17 TWh).

The company invested €1,782m in 2017. Key area of investments for 2017 was the electricity distribution business (34% of the total, and 20 in Latin America), while gas distribution represented 33% of the total. Spain alone contributed to 46% of the investment while foreign assets accounted for 54% of the total. The group plans to invest €865m in renewables in Spain in 2018-2020.

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