Company Report

Naturgy LNG corporate

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28 February 2020

Naturgy LNG corporate

Report summary

Like many European utilities in LNG, Naturgy is navigating corporate and strategic changes. Following the sale of Repsol’s 20% stake to institutional shareholders in 2018, the group was re-branded and the strategy was revised to focus on core downstream gas and electricity activities and regulated assets. The company retains a strong (but declining) 40% market share in the quasi-liberalised Spanish gas market. Naturgy has successfully mitigated risks in Spain by diversifying into emerging low-risk countries. It has invested into gas, electricity and power generation infrastructure and built a leading presence across Latin America. Naturgy’s LNG portfolio has doubled to 12 mmtpa with third-party offtake from the US and Russia West. However, its expanding LNG business could be a possible target for divestment, as the company focuses on regulated assets to reduce market exposure. This would follow similar moves at other European utilities such as Engie, Orsted and Iberdrola.

Table of contents

  • SWOT Analysis
  • Naturgy cancels two cargoes from the US
  • Naturgy ends its partnership with Eni on Union Fenosa Gas
  • Naturgy's LNG strategy revolves around its downstream gas & power positions
  • Its LNG portfolio is anchored in the Spanish market
  • but international LNG sales provide growth opportunities
  • Flexible volumes will support marketing and legacy expiring contracts might be at risk
  • A divestment of its LNG business?
    • Legacy offtake revolves around the Spanish market
    • while recent offtake is boosting Naturgy’s flexibility
  • Pipeline contracts
    • Spain
    • Medium term (to 2022)
    • Long term (post 2025)
    • Key variables
    • Methodology for the calculation of WACOG/WAPOG:
    • Shipping
    • Regas
    • Supply

Tables and charts

This report includes 15 images and tables including:

  • Algerian (Sonatrach) and Norwegian piped supply into Spain
  • Committed LNG agreements in force
  • Committed LNG sales - excluding Spain
  • Committed LNG sales - including Spain
  • Naturgy's flexible LNG availability
  • Contracted LNG supply in force
  • Contracted LNG supply
  • Naturgy's contracted LNG pricing
  • Naturgy's committed LNG pricing
  • Pricing exposure - excluding Spain/flexible LNG
  • Weighted average cost and price of LNG
  • Shipping requirement
  • Naturgy's Regas Capacity
  • Naturgy's Regas Capacity
  • Naturgy's Effective Liquefaction Capacity

What's included

This report contains:

  • Document

    Naturgy LNG corporate

    PDF 936.92 KB