Spain’s Naturgy sees recovery in 2021
Spanish utility Naturgy reported ordinary EBITDA for 2021 of €3.98bn on February 4, an increase of 7.2%, meeting its forecasts within a volatile energy scenario characterised in the second half by gradually improving demand and a sharp increase in commodity prices.
“The company remains focused on its goal to create value and engage in integrated risk management, two key factors in dealing with ongoing volatility in energy markets and its impact on the group's various activities,” company chair Francisco Reynes said.
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Ordinary net income rose to €1.23bn from €872mn, while reported net income increased to €1.21bn from a loss of €347mn.
Capital expenditures for the year jumped 16%, to €1.5bn, largely reflecting new renewable energy investments in Australia, Spain and the US.
Spanish energy demand improved gradually through the year, rising 5.4% year over year for natural gas and 2.4% for electricity. Demand in Latin America also increased, with electricity up 4.8% and natural gas 22.5% higher in 2021 compared to 2020.