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17 Pages

Gas Natural Fenosa LNG corporate summary

Gas Natural Fenosa LNG corporate summary

Report summary

Gas Natural Fenosa is an active and experienced player in the LNG business, with the Spanish gas and power market at its core. In recent years, GNF has been expanding its international business amid uncertainty over Spanish gas demand and liberalisation efforts in Spain. It has significant positions in Latin America and has agreed a number of deals to supply LNG into Asia. It has also been active in contracting new LNG supply from the US and Russia. This reflects the forthcoming expiry of legacy contracts from Nigeria and Trinidad, uncertainty over Algerian piped supply and a lack of clarity over its supply obligations into Spain. The destination flexibility of its US LNG contracts is particularly attractive to GNF to optimise its LNG portfolio.

What's included?

This report includes 2 file(s)

  • Gas Natural Fenosa LNG corporate summary PDF - 474.71 KB 17 Pages, 5 Tables, 12 Figures
  • Gas Natural Fenosa LNG corporate summary.xls XLS - 842.50 KB


The LNG market is set to increase by 50% between 2015 and 2020. This spectacular growth is transforming the market, with many new companies entering the sector and changing the industry landscape. LNG buyers are becoming increasingly fragmented, while the new emerging markets have smaller demand needs. This shift has increased demand for portfolio LNG supply.

This report allows you to understand how this company uses its LNG supply volumes, market access and shipping assets to create value from its LNG business. It provides an overview of the company's LNG strategy, assets, LNG supply access, LNG market commitments to give an accurate forecast of its flexible LNG portfolio.

As the LNG business continues to expand, in terms of both the number of players and the absolute volume of LNG traded, it is vital to understand the position and strategy of key suppliers and competitors.

Offering bottom up market analysis for over 150 LNG supply assets, 28 LNG-importing countries and more than 500 LNG contracts, Wood Mackenzie is the definitive and trusted resource for the LNG industry. We use our robust database and expert industry knowledge to help you understand the dynamics of the global LNG industry and identify emerging trends and opportunities.

  • Executive summary
  • Recent developments
  • LNG strategy
    • A weak Spanish gas market has bolstered GNF's diversification strategy
    • GNF is focusing on geographical diversification, especially into Latin America…
    • … But also on business diversification, with a strong push for an integrated energy value chain approach
    • GNF will seek further portfolio optimisation
  • LNG assets
    • Supply
      • GNF's Effective Liquefaction Capacity
    • Regas
    • Shipping
  • Supply-demand balances
    • Post FID Contracted Supply
      • Table 3 Contracted LNG Supply in force
    • Pipeline Contracts
      • Algerian (Sonatrach) and Norwegian Piped Supply into Spain
  • Value Drivers
    • GNF's Contracted Supply Pricing
    • GNF's Committed LNG Pricing
    • Pricing Strategy
      • Capturing margins from oil indexation
      • Hedging its US exposure
      • Destination Flexibility
      • Pipeline Portfolio
  • Risks and uncertainties

In this report there are 17 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Recent developments
  • LNG strategy
  • LNG assets
    • Table 1 GNF's Liquefaction Capacity
    • LNG assets: Image 1
    • Table 2 GNF's Regas Capacity
    • GNF's Regas Capacity
    • GNF's Shipping Capacity
    • GNF's Shipping Utilisation
  • Supply-demand balances
    • Supply-demand balances: Table 1
    • GNF's Contracted LNG Supply
    • Supply-demand balances: Image 2
    • Table 4 Committed LNG agreements in force
    • GNF's Contracted Sales
    • GNF's Flexible LNG Availability
  • Value Drivers
    • GNF's Purchase Contracts into Portfolio
    • GNF's Sales Contracts out of Portfolio
    • Pricing Exposure
    • Weighted average cost and price of LNG
  • Risks and uncertainties
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