Spanish gas grid operator Enagás plans to invest €4.04bn in renewable energy by 2030, with over three-quarters earmarked for hydrogen infrastructure.
The move comes amid a slump in Spanish gas demand, prompting the company to sell assets, cut dividends, and reduce debt to reposition itself for a low-carbon future. Last year, Enagás sold its stake in Tallgrass Energy, reducing net debt by €1bn to €2.4bn, while restructuring its capital and dividend policies to prioritise renewables.
During an earnings call, CEO Arturo Gonzalo spoke about the company’s changing business profile, stating, “We have strengthened our balance sheet and that gives us more headroom to roll out our hydrogen investment plan.”
With falling fossil gas consumption, Enagás is shifting focus, allocating €3.13bn to hydrogen projects over the next six years. As part of its decarbonisation push, the company has also launched Scale Green Energy (SGE), a subsidiary focused on CO2 transport, liquefied natural gas (LNG) and Bio-LNG bunkering, hydrogen mobility, and renewable ammonia.
In CO2 management, Enagás plans to develop pipelines, liquefaction terminals, and transport vessels, alongside LNG terminal-based logistics hubs. Key projects include CO₂necta (with Holcim and Saggas) and MOSUSOL NetCO₂ (with Molins), set to launch by 2031 with a €130 million investment, reducing four million tonnes of CO2 emissions from Spanish cement plants annually.
For LNG and Bio-LNG, SGE is building small-scale export terminals and holds stakes in two bunkering vessels (Haugesund Knutsen and Levante LNG), with another under construction for the Canary Islands.
In hydrogen mobility, the subsidiary has secured CEF funding to develop six hydrogen refuelling stations in Spain, aiming for 12 by 2030, covering 15% of the national target.
Europe’s hydrogen push
Enagás’ investment fits with Spain’s ambition to become a key hydrogen exporter, making use of its strong renewable energy capacity and position in the H2Med corridor, which will link Spain, France, Germany, and the wider European market. The company has secured €75.8m in EU funding for hydrogen infrastructure and expects final investment decisions on key projects by 2027.
By 2030, Enagás projects hydrogen assets will surpass natural gas in its portfolio, marking a definitive shift away from fossil fuels.
This move is part of a broader European trend, with companies like Air Liquide and TotalEnergies recently announcing a joint investment exceeding €1bn to develop two large-scale green hydrogen projects in the Netherlands.
These projects are expected to produce around 45,000 tonnes of green hydrogen annually, cutting CO2 emissions from refineries in Belgium and the Netherlands by up to 450,000 tonnes each year.
Read more:Air Liquide and TotalEnergies invest €1bn in Dutch green hydrogen
