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Spain's Naturgy sees gas sales fall 32% in 2023, plans 1.5 GW of renewables in 2024

The Spanish gas company Naturgy has released its 2023 results, posting a net profit of almost €2bn (+20% compared to 2022). Energy transition projects represented 90% of the total investment for the year, with €1.73bn going to renewable energy generation and more than €900m to distribution networks. With this, the group counts with a pipeline of projects under development of almost 20GW  (mainly in Spain, Australia and the US) and it expects to end 2024 with a total installed capacity of 8 GW (6.5 GW in 2023). 

The group’s gas sales reached 181 TWh in 2023 (-32%), including 107 TWh of LNG (-14%). Gas sales in Spain declined by 3% to 159 TWh. Other large gas markets for the company includes Argentina (96 TWh, +5%), Mexico (47.5 TWh, +1%) and Brazil (36.8 TWh, -14%). The thermal and nuclear generation of the group in Spain decreased by 31.5% in 2023 to 16.6 TWh, due to an increase in renewable energy generation. In 2023, Naturgy also produced 14.6 TWh of thermal power in Latin America (+10.2%), including 13.9 TWh in Mexico (+9.7%). On the renewable segment, power generation increased by 46% in Europe and decreased by 5.2% in Latin America to 1.9 TWh (lower hydro power generation in Costa Rica and Panama).