Enagás (energy company) has struck a deal to acquire nearly a third of French transmission system operator Teréga while simultaneously completing the partial sale of its renewable energy subsidiary, as the Spanish gas network operator reported first-quarter profits of USD 566.95 million and maintained progress toward its full-year financial targets.

The Teréga Transaction

Enagás has reached an agreement to acquire 31.5% of Teréga from GIC (Government of Singapore Investment Corporation) for USD 674.20 million. Teréga operates in southwestern France and manages approximately 5,100 kilometers of gas pipelines along with two underground storage facilities.

The company accounts for roughly 16% of the French gas transmission network and 27% of national storage capacity. Teréga's network is already connected to Enagás's network through two international connections.

The acquisition is subject to the customary closing conditions for this type of transaction, including the necessary regulatory authorizations, and is expected to close during 2026.

The deal was developed in coordination with the French and Spanish governments and their respective regulators, with Enagás stating that the independence of both operators will be maintained. Enagás described the transaction as fully aligned with its Strategic Plan, saying it will strengthen security of supply and contribute to progress toward decarbonization goals.

The company added that the combined technical capabilities of the two operators will allow for projects to be undertaken with a regional and efficiency-driven approach among adjacent transmission system operators.

Enagás also stated the acquisition is fully compatible with its investment plan in renewable hydrogen and that it contributes to improving its growth profile while strengthening the company's dividend policy and long-term sustainability.

Sale of 40% of Enagás Renovable

Separately, Enagás has completed the sale of 40% of Enagás Renovable to Hy24 for USD 56.48 million. Enagás retains a 20% stake in the affiliate following the transaction. The deal is expected to generate a positive impact on the company's Earnings After Tax of approximately USD 11.18 million in 2026, which will be recorded in the second quarter of that year.

Enagás Renovable was established in 2019 with the primary objective of promoting the development of the renewable hydrogen sector in Spain, including fostering the growth of biomethane.

The company initiated this divestment process as outlined in its 2025-2030 Strategic Update, citing progress in the deployment of the Spanish Hydrogen Backbone Network that Enagás is leading.

The company stated the divestment is intended to ensure full compliance with European regulations on the separation of activities.

Gas Demand and Network Activity

Total transported demand, which encompasses total natural gas demand plus exports, reached 103.2 TWh in the first quarter of 2026, representing a 4.2% increase compared to the same period in 2025.

Total natural gas demand in Spain rose by 3.0% during the quarter, driven primarily by growth in demand for gas for electricity generation, which increased by 24.0%. Exports grew by 15.6% compared to the first quarter of 2025, with Enagás attributing the increase to higher vessel loadings, particularly for bunkering purposes, as well as increased pipeline exports to Europe.

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