The gas operators of Spain and France are strengthening their control over infrastructures
The acquisition by Enagás of 31.5% of its French counterpart Teréga means the exit of an investment fund from Singapore
MadridAmidst the European Union's long-distance race towards strategic autonomy, European gas system operators are strengthening their control over infrastructure, from the pipes through which natural gas is transported to the underground storage facilities where fossil fuel is kept available for the winter months, when demand soars. Specifically, Enagás, the Spanish manager of gas infrastructure in the State, and its French counterpart, Teréga, have taken a step forward in this direction, after reaching an agreement for the former to acquire 31.5% of the French operator's share capital.
The operation, which still needs to be finalized as it requires the approval of regulatory authorities, involves an outlay of 573 million euros, as reported by the company to the National Securities Market Commission (CNMV), but it also means that the sovereign investment fund Singapore GIP will disappear from Teréga's shareholder structure. All of this also helps to reinforce supply security, closely linked to the strategic autonomy that the Old Continent is pursuing, explain Enagás.
Teréga is not unknown to Enagás. Beyond collaborating jointly in the promotion of H2Med or BarMar, the underwater hydrogen pipeline that will connect Barcelona with Marseille, part of the gas infrastructure it manages in southwestern France is the one that connects with the State through the Basque Country and Navarre. Therefore, the purchase is also a way to strengthen gas interconnection and Enagás' role in it. It should be recalled that the governments of both countries have not always agreed on how to advance in strengthening these interconnections. For example, the MidCat gas pipeline ended up derailing. In total, Teréga operates 5,100 kilometers of gas pipelines and two underground storage facilities in southwestern France, representing approximately 16% of the French gas transport network and 27% of the country's storage capacity.
At the same time, the Spanish manager of the gas system has announced the sale of 40% of Enagás Renovable to Hy24 (an investment fund of Ardian) for an amount of 48 million euros, although it will retain 20% of the subsidiary. Both this announcement and the purchase of a part of Teréga have coincided with the presentation of the results for the first quarter of 2026. Enagás obtained a profit of 56.9 million between January and March, 12.7% less than in the same period of the previous year. Ebitda (gross operating result) also falls, which Enagás links to the current regulatory framework (the remuneration of transport networks and regasification plants), which the CNMC must update precisely for the period 2027-2032.