Our project for the future

Operating context

The future operating context for Enagás will be marked by the process of energy transition, which will involve a profound transformation towards an environmentally sustainable energy model, with low levels of greenhouse gases and other polluting gases. This process has gained in priority in recent years after the adoption of the United Nations Sustainable Development Goals, the Paris Agreement at the COP21 conference, and the growing concern for local pollution in our cities and seas.

As it is a relatively clean, exible, widely diversi ed and competitive source, natural gas is an important solution to energy supply-related problems in the medium term. 

In the short term, the gas sector is currently characterised by high availability of gas supplies at competitive prices in all basins, and moderate growth in demand. This context will keep prices at low levels and consolidate the convergence between regional pricing.

The demand for gas is again growing after the downturn in recent years, supported by economic recovery, low gas prices and the increasing substitution of petroleum derivatives and coal in a number of regions. 

Annual growth rates in gas demand by region

 

These dynamics are also driving new commercial trends, and there has been an evolution observed in international markets towards gas supply contracts with shorter terms, lower volume and greater exibility. Given these market conditions, a low cycle of investments in the natural gas supply chain in the short term, with exception being made of infrastructures for the import and regasi cation of LNG, where the low price environment is favouring their development. There is also expected to be a change in tendency, with greater weight given to oating solutions on a global scale, with new, traditional onshore developments limited to non- OECD Asia.