Spanish gas grid operator Enagas, which owns a 16% stake in the Trans Adriatic Pipeline (TAP), built to transport Azerbaijani natural gas to Europe, had its net profit fall 9% to 404 million euros ($457 million), Report informs referring to Reuters.
The company's profitability was hurt by a change of regulations in 2020 that forced it to charge lower fees in its home market.
Enagas expected its net profit would fall to 380 million euros in 2021, down from 444 million euros in 2020.
Profits from its foreign units, mainly Tallgrass Energy in the US and Trans Adriatic Pipeline, rose 24% to 218 million euros, partly offsetting the cost of the new regulation.
The company said demand for gas in Spain in 2021 rose 5.1% from the year before, lifted by consumption from households and industries, which rose a combined 6.2%.
($1 = 0.8845 euros)