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.