Spanish LNG terminal operator, Enagás, reported a net profit of €422.6 million ($456.6 million) in 2019, just a target set for the year, and 4.5 percent below the €442.6 million reported in 2018, foreign media report.

The company noted that in 2019, it reached an agreement for the acquisition of approximately 30 percent of the US energy company Tallgrass Energy.

This transaction, which was carried out in two stages (in March and December) and which is pending final closure this year, will involve a total investment for Enagás of $1.6 billion, Enagás said.

To finance the purchase of Tallgrass, Enagás performed its first-ever capital increase in December 2019, for an amount of €500 million.

The total demand for natural gas in Spain grew by 14 percent in 2019 compared with the previous year and stood at 398 TWh, the highest figure since 2010. This increase was mainly due to the growth in demand for natural gas for electricity generation (+80 percent), driven by the replacement of coal by natural gas in the electricity mix, and by greater consumption by industry (+2 percent), which accounts for around 60 percent of total national demand for natural gas.

In 2019, industrial demand for natural gas amounted to 214 TWh, the highest figure since disaggregated data on industrial consumption has been available, and it grew in practically every industrial sector, particularly in the services sector.