# ENAGAS

Summary updated: 2026-10-04T15:00:33.072908Z
Canonical: https://finbar.com/research/companies/enagas

## Overview

Enagás is a Spanish energy-infrastructure company and gas transmission-system operator. Its core activities include transporting and storing natural gas, operating LNG regasification terminals, and managing Spain’s gas system. It is also developing hydrogen infrastructure and other renewable-gas initiatives. [1](https://app.finbar.com/go?id=P67898928)[2](https://www.enagas.es/en/energy-transition/gas-network/)

Spain is the company’s principal market, alongside international operations and investments across seven countries. Enagás describes its purpose as helping ensure energy supply security while accelerating decarbonisation and creating value for stakeholders. [3](https://www.enagas.es/en/about-us/who-we-are/where-we-are/)[4](https://www.enagas.es/en/about-us/who-we-are/our-purpose/)

The company reports more than 1,300 professionals, operates a 12,000-kilometre gas-pipeline network, and lists eight LNG terminals and three underground storage facilities. Its 2025 total revenue was €976.8 million. Enagás was incorporated in 1972. [5](https://www.enagas.es/en/about-us/who-we-are/)[6](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-economico-financiera/informes-resultados-presentaciones/presentaciones-para-inversores/NotaCNMVResults2025EN.pdf)[1](https://app.finbar.com/go?id=P67898928)
[1](https://app.finbar.com/go?id=P67898928)[2](https://www.enagas.es/en/energy-transition/gas-network/)[3](https://www.enagas.es/en/about-us/who-we-are/where-we-are/)[4](https://www.enagas.es/en/about-us/who-we-are/our-purpose/)[5](https://www.enagas.es/en/about-us/who-we-are/)[6](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-economico-financiera/informes-resultados-presentaciones/presentaciones-para-inversores/NotaCNMVResults2025EN.pdf)

## Products & services

Enagás offers regulated natural-gas transmission, LNG regasification and storage, and technical gas-system management. Its LNG terminal services include vessel unloading, regasification, LNG storage, truck loading, vessel bunkering and delivery into the gas network, offered individually or in bundled options. [7](https://app.finbar.com/go?id=T2391516)[8](https://www.enagas.es/en/energy-transition/gas-network/gas-services/)[9](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-individual/)[10](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-bundled/)

The company also provides bio-LNG services at several terminals. Its equivalence-liquefaction model allows LNG cargoes to be certified wholly or partly as bio-LNG, supported by sustainability proof based on biomethane tests; the service was available at Barcelona, Huelva, Cartagena and Musel E-Hub by November 2025. [11](https://app.finbar.com/go?id=P31136283)[12](https://www.enagas.es/en/energy-transition/gas-network/gas-services/biolng/) Enagás is developing hydrogen infrastructure rather than reporting it as an established operating service: the planned Spanish Hydrogen Backbone is 2,600 km long, spanning 13 autonomous communities and more than 500 municipalities, with associated compressor stations and Norte-1 underground storage under development. [13](https://app.finbar.com/go?id=T5901150)[14](https://app.finbar.com/go?id=P37130974)[15](https://www.enagas.es/en/energy-transition/hydrogen-network/)

Other offerings include development, construction and maintenance of facilities supplying natural gas as vehicle fuel, and regasification, natural-gas storage and capacity-logistics services at Musel Energy Hub. The materials reviewed do not state revenue or performance percentages by product or service; the reported 75% relates to Enagás’s ownership of Musel E-Hub. [7](https://app.finbar.com/go?id=T2391516)[11](https://app.finbar.com/go?id=P31136283)
[7](https://app.finbar.com/go?id=T2391516)[11](https://app.finbar.com/go?id=P31136283)[13](https://app.finbar.com/go?id=T5901150)[14](https://app.finbar.com/go?id=P37130974)[8](https://www.enagas.es/en/energy-transition/gas-network/gas-services/)[9](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-individual/)[10](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-bundled/)[12](https://www.enagas.es/en/energy-transition/gas-network/gas-services/biolng/)[15](https://www.enagas.es/en/energy-transition/hydrogen-network/)

## Geographic presence

Enagás’ regulated gas transmission, storage and regasification infrastructure is concentrated in Spain. Its Spanish LNG facilities include Barcelona, Huelva, Cartagena and Musel, while its underground gas storage sites include Yela, Serrablo and Gaviota. [7](https://app.finbar.com/go?id=T2391516)[16](https://app.finbar.com/go?id=P900488)[17](https://app.finbar.com/go?id=P9515656)

Outside Spain, Enagás has subsidiaries, joint ventures and associate interests across Europe and the Americas. The reported portfolio includes interests or activities in Chile, Peru, Mexico, Canada, Germany, France, Greece, the United Kingdom and Switzerland; these investments should be distinguished from direct operation of the Spanish regulated network. [7](https://app.finbar.com/go?id=T2391516)[18](https://app.finbar.com/go?id=T5934826)[19](https://app.finbar.com/go?id=T13265049) In 2025, the company reported 1,382 of its 1,386 employees in Spain, with the remainder in Belgium (2), Greece (1) and France (1). [20](https://app.finbar.com/go?id=T3767506)
[7](https://app.finbar.com/go?id=T2391516)[16](https://app.finbar.com/go?id=P900488)[17](https://app.finbar.com/go?id=P9515656)[18](https://app.finbar.com/go?id=T5934826)[19](https://app.finbar.com/go?id=T13265049)[20](https://app.finbar.com/go?id=T3767506)

## Business segments

For FY2025, Enagás reported five operating-segment lines: Regulated Gas, International, New businesses, Hydrogen and Other Areas. The company states that segment reporting follows its business lines and is based on internal reporting reviewed in its decision-making process. [21](https://app.finbar.com/go?id=P82946938)

As an approximate measure of contribution, FY2025 operating income was €968.650m for Regulated Gas (about 99.2% of consolidated operating income), €0.369m for International (0.04%), €12.668m for New businesses (1.3%), nil for Hydrogen, and €74.578m for Other Areas (7.6%). Consolidated operating income was €976.762m after €79.503m of negative adjustments and eliminations; accordingly, segment percentages are calculated against the consolidated total and are not additive. [22](https://app.finbar.com/go?id=T1458405)
[21](https://app.finbar.com/go?id=P82946938)[22](https://app.finbar.com/go?id=T1458405)

## Company history

Enagás was incorporated on 13 July 1972 to develop natural-gas transmission, storage and regasification in Spain. A national gasification and pipeline-building programme began in the mid-1970s; the first section of the Barcelona–Bilbao–Valencia pipeline entered service in 1979. [1](https://app.finbar.com/go?id=P67898928)[23](https://www.enagas.es/content/dam/enagas/es/ficheros/sala-de-comunicacion/publicaciones/otras-publicaciones/folleto-40-aniversario-enagas.pdf)

Ownership changed in the 1990s, when Spain’s National Institute of Industry sold its 91% stake to Gas Natural in 1994 and transferred the remaining 9% in 1998. In 2000, Enagás became Technical Manager of Spain’s Gas System, and in 2002 its shares began trading on the Spanish continuous market following a public offering. [24](https://app.finbar.com/go?id=P89307288)[25](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-bursatil/boletin-del-accionista/MEMORIA%20ENAGAS%202007_INGLES.pdf)[26](https://www.enagas.es/en/press-room/news-room/press-releases/gts-25-anniversary/)[27](https://www.enagas.es/en/investor-relations/share-performance/share-price/)

From 2011, Enagás expanded internationally, acquiring a stake in Mexico’s Altamira LNG terminal and then increasing its investment in Chile’s GNL Quintero terminal in 2012 and 2013. It also acquired 90% of Naturgas Energía Transporte in Spain in 2013. The company later sold its stake in GNL Quintero in 2022 and agreed to divest its interest in Tallgrass Energy in 2024. [28](https://www.enagas.es/en/press-room/news-room/press-releases/2011-09-14_enagas_y_vopak_completan_con_exito/)[29](https://www.enagas.es/en/press-room/news-room/press-releases/2012-09-12_gnl_quintero/)[30](https://www.enagas.es/en/press-room/news-room/press-releases/2013-09-04_chile_ampliacion_quintero/)[31](https://www.enagas.es/en/press-room/news-room/press-releases/2013-02-15_np_naturgas/)[32](https://www.enagas.es/en/press-room/news-room/press-releases/2022-07-21-venta-gnl-quintero/)[33](https://www.enagas.es/en/press-room/news-room/press-releases/stake-sell-tallgrass-energy/)

In 2025, Enagás set out a 2025–30 investment plan that marked a strategic emphasis on renewable-hydrogen infrastructure. [34](https://www.enagas.es/en/press-room/news-room/press-releases/2024-results-strategic-update/)
[1](https://app.finbar.com/go?id=P67898928)[24](https://app.finbar.com/go?id=P89307288)[23](https://www.enagas.es/content/dam/enagas/es/ficheros/sala-de-comunicacion/publicaciones/otras-publicaciones/folleto-40-aniversario-enagas.pdf)[25](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-bursatil/boletin-del-accionista/MEMORIA%20ENAGAS%202007_INGLES.pdf)[26](https://www.enagas.es/en/press-room/news-room/press-releases/gts-25-anniversary/)[27](https://www.enagas.es/en/investor-relations/share-performance/share-price/)[28](https://www.enagas.es/en/press-room/news-room/press-releases/2011-09-14_enagas_y_vopak_completan_con_exito/)[29](https://www.enagas.es/en/press-room/news-room/press-releases/2012-09-12_gnl_quintero/)[30](https://www.enagas.es/en/press-room/news-room/press-releases/2013-09-04_chile_ampliacion_quintero/)[31](https://www.enagas.es/en/press-room/news-room/press-releases/2013-02-15_np_naturgas/)[32](https://www.enagas.es/en/press-room/news-room/press-releases/2022-07-21-venta-gnl-quintero/)[33](https://www.enagas.es/en/press-room/news-room/press-releases/stake-sell-tallgrass-energy/)[34](https://www.enagas.es/en/press-room/news-room/press-releases/2024-results-strategic-update/)

## Sources

1. [ENAGAS — Full financial report (2025 Y), p307](https://app.finbar.com/go?id=P67898928)
2. [www.enagas.es](https://www.enagas.es/en/energy-transition/gas-network/)
3. [www.enagas.es](https://www.enagas.es/en/about-us/who-we-are/where-we-are/)
4. [www.enagas.es](https://www.enagas.es/en/about-us/who-we-are/our-purpose/)
5. [www.enagas.es](https://www.enagas.es/en/about-us/who-we-are/)
6. [www.enagas.es](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-economico-financiera/informes-resultados-presentaciones/presentaciones-para-inversores/NotaCNMVResults2025EN.pdf)
7. [ENAGAS — Full financial report (2025 Y), p379](https://app.finbar.com/go?id=T2391516)
8. [www.enagas.es](https://www.enagas.es/en/energy-transition/gas-network/gas-services/)
9. [www.enagas.es](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-individual/)
10. [www.enagas.es](https://www.enagas.es/en/energy-transition/gas-network/gas-services/lng-natural-gas-bundled/)
11. [ENAGAS — Full financial report (2025 Y), p50](https://app.finbar.com/go?id=P31136283)
12. [www.enagas.es](https://www.enagas.es/en/energy-transition/gas-network/gas-services/biolng/)
13. [ENAGAS — Presentation (2025 Y), p15](https://app.finbar.com/go?id=T5901150)
14. [ENAGAS — Partial financial report (2026 Q 1), p3](https://app.finbar.com/go?id=P37130974)
15. [www.enagas.es](https://www.enagas.es/en/energy-transition/hydrogen-network/)
16. [ENAGAS — Full financial report (2025 Y), p139](https://app.finbar.com/go?id=P900488)
17. [ENAGAS — Full financial report (2025 Y), p142](https://app.finbar.com/go?id=P9515656)
18. [ENAGAS — Full financial report (2025 Y), p380](https://app.finbar.com/go?id=T5934826)
19. [ENAGAS — Full financial report (2025 Y), p380](https://app.finbar.com/go?id=T13265049)
20. [ENAGAS — Full financial report (2025 Y), p186](https://app.finbar.com/go?id=T3767506)
21. [ENAGAS — Full financial report (2025 Y), p375](https://app.finbar.com/go?id=P82946938)
22. [ENAGAS — Full financial report (2025 Y), p376](https://app.finbar.com/go?id=T1458405)
23. [www.enagas.es](https://www.enagas.es/content/dam/enagas/es/ficheros/sala-de-comunicacion/publicaciones/otras-publicaciones/folleto-40-aniversario-enagas.pdf)
24. [ENAGAS — Full financial report (2025 Y), p12](https://app.finbar.com/go?id=P89307288)
25. [www.enagas.es](https://www.enagas.es/content/dam/enagas/en/files/accionistas-e-inversores/informacion-bursatil/boletin-del-accionista/MEMORIA%20ENAGAS%202007_INGLES.pdf)
26. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/gts-25-anniversary/)
27. [www.enagas.es](https://www.enagas.es/en/investor-relations/share-performance/share-price/)
28. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2011-09-14_enagas_y_vopak_completan_con_exito/)
29. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2012-09-12_gnl_quintero/)
30. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2013-09-04_chile_ampliacion_quintero/)
31. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2013-02-15_np_naturgas/)
32. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2022-07-21-venta-gnl-quintero/)
33. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/stake-sell-tallgrass-energy/)
34. [www.enagas.es](https://www.enagas.es/en/press-room/news-room/press-releases/2024-results-strategic-update/)

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