Dutch Gasunie sees H1 profit dip

Dutch state transmission system operator Gasunie made an operating profit of €296.2mn ($348mn) in the first half of the year, down 11% on the same period 2020. Revenues were up 1% at €717.2mn, but rising prices of energy and pre-investments in the energy transition led to the income decrease, it said July 21.

In Germany, Gasunie transported 133 TWh, which was down 4%, but in the Netherlands it transported 459 TWh, which was 4% more than in H1 2020. Gasunie’s nitrogen installations converted 201 TWh of high-calorific natural gas to low-calorific (Groningen-equivalent) natural gas, up 5% and using 7% more nitrogen. During the cold spell in February, it was able to meet the high demand for gas without interruptions, it said. Groningen-equivalent gas has to react to sharp daily fluctuations in demand. 

A total of 20,338 TWh was traded on Gasunie's Title Transfer Facility exchange in January through May, down 5% year on year. 

Gasunie CEO Han Fennema said the "soaring" price of European carbon emission rights was an "important factor in accelerating the energy transition," as was the fact that "we are getting a lot of applications for new or larger-scale gas connections in Germany. Germany has great scope for carbon emission reduction over the coming years as they switch from coal and oil to natural gas.

"At the same time, our focus continues to be on security of supply. Due to the persistently high gas prices, we are seeing less demand for storage in our commercial gas storage facilities in northwestern Europe. Even so, our society can continue to count on us to take care of our core activity of processing, storing and transporting natural gas in a way that is safe and reliable."