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Gas Natural Fenosa to invest €14 billion over next five years

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LNG Industry,

Gas Natural Fenosa has announced that it will invest up to €14 billion over the coming five years, with a particular focus on expanding distribution networks and on renewable energy power generation. This announcement is in line with the company’s 2016 – 2020 strategic vision, which was recently presented by Chairman, Salvador Gabbaró, and CEO, Rafael Villaseca.

From 2016 to 2018, the company will invest €8.1 billion. €4.8 billion of this will be used for distribution network investments. Approximately €1.8 billion will fund power generation capacity (largely renewable), whilst €1.5 billion will be used for other businesses lines (mostly LNG).

From 2019 to 2020, the company will invest a further €6 billion. €5.2 billion of this will be used for power generation and networks. Investments from this year to 2020 will help the company increase its electricity and gas supply points by 3.6 million, and expand its generation capacity by 3.5 GW. 2.5 GW of this will be in renewable energy, whilst 1 GW will be in international combined cycle projects.

Gas Natural Fenosa also states that it has signed procurement contracts for a total of 11 billion m3, with supplies commencing 2017 – 2021. In addition to this, the company states that it will almost double the number of LNG carriers in its fleet, with regular charters and the addition of floating regasification units. The company is also planning to reach 32 billion m3 of gas sales by 2018. Its investments totalling €1.2 billion from 2016 to 2018 will include the incorporation of four LNG carriers, and one floating regasification unit.

Edited from press release by David Rowlands

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