What Enagás does
Enagás, S.A. is the Spanish parent of an energy infrastructure group with its registered office at Paseo de los Olmos 19, Madrid. Its core activities are high-pressure natural gas transmission, liquefied natural gas regasification and underground storage. It also performs technical management of Spain’s gas system. Its role is in midstream infrastructure: providing services that move gas between terminals, interconnections, storage facilities and delivery points. It should not be confused with a retail supplier selling gas to end consumers. Enagás: 2025 annual report and consolidated accounts, p. 307.
History: from the gas system to new networks
The company was incorporated on 13 July 1972. Its subsequent development combines expansion of Spanish infrastructure with changes in its regulated role: it became Technical System Manager in 2000, listed on the stock exchange in 2002 and was designated sole transmission operator of the primary backbone network in 2009. Its first international acquisition was in Mexico’s Altamira terminal in 2011; European transmission operator certification followed in 2012. These milestones belong to different stages and do not make every partly owned facility a wholly owned asset. More recent activity adds hydrogen projects, metrology and services involving other molecules, at differing stages of development. Enagás: 2025 annual report and consolidated accounts, p. 12.
Enagás began as a state initiative: Decree 623/1972 of 23 March instructed the Instituto Nacional de Industria to establish Empresa Nacional del Gas, S.A., with initial capital of 100 million pesetas fully subscribed by the INI. That decision preceded legal incorporation in July. According to SEPI’s published history, the Instituto Nacional de Hidrocarburos sold 91% to Gas Natural in 1994; in March 1997 SEPI and Gas Natural signed the contract concerning the remaining 9%. The signing date is not presented here as the completion date. SEPI currently reports a 5% holding, following the Council of Ministers’ decision of 20 July 2007. BOE: Decree 623/1972 · SEPI: Enagás history and shareholding.
Services and infrastructure: how the business works
The business combines transmission and storage capacity with terminal services: unloading vessels, regasification, loading road tankers, loading LNG onto vessels, and injecting and withdrawing stored gas. Capacity products of different durations operate within a regulated third-party access framework. In 2025 the group described approximately 11,000 km of pipelines in Spain, interests in six LNG terminals—three wholly owned and three partly owned—and three underground storage facilities. Technical system management and regulated transmission are carried out through separate wholly owned companies, Enagás GTS, S.A.U. and Enagás Transporte, S.A.U. This distinction matters: coordinating the system does not mean owning all its facilities. Enagás: 2025 annual report and consolidated accounts, p. 49.
In Spain, the three wholly owned terminals are Barcelona, Huelva and Cartagena. The 2025 map also includes Musel E-Hub (75%), Saggas (72.5% in that reporting year) and BBG (50%), together with the Gaviota, Yela and Serrablo underground storage facilities. International holdings include TAP (20%, Greece, Albania and Italy), DESFA (11.88%, Greece), Altamira (40%, Mexico), Transportadora de Gas del Perú (28.95%), Hanseatic Energy Hub (15%, Germany) and the small-scale LNG terminal in Ravenna (19%, Italy). These investments confer different control rights; their capacity and workforce are not attributed in full to Enagás. The subsequent increase in Saggas is explained in the next section. 2025 annual report, p. 49.
Detailed references: 2025 annual report, p. 50 · 2025 annual report, p. 307.
Group interests and changes in 2026
Consolidated accounts and international investments must not be added together as though they were independent businesses. Interests include TAP and DESFA, with different ownership percentages and control arrangements. In October 2025 the group acquired the remaining 51% of wholesale fibre connectivity business Axent, increasing ownership from 49% to 100%. Changes after the base reporting year include completion of the 31.5% Teréga acquisition on 30 July 2026. On 29 October, Enagás Transporte bought a further 20% of Saggas for €30.1 million, reached 92.5% ownership and began full consolidation. On 21 April 2026 Enagás reported completion of the sale of 40% of Enagás Renovable to Hy24 for €48 million, retaining 20%. These transactions are not applied retrospectively to 2025 figures. Enagás: 2025 annual report and consolidated accounts, p. 318 · CNMV: completion of 31.5% Teréga acquisition · CNMV: completion of additional Saggas acquisition · Enagás: sale of 40% of Enagás Renovable.
Leadership and institutional responsibilities
At the 8 November 2026 check, Antonio Llardén is chairman and Arturo Gonzalo is chief executive. The governance website classifies the chairman as an “other external” director and the CEO as executive: these are distinct roles. Both were reappointed at the March 2026 shareholders’ meeting. Stock-market listing, infrastructure regulation and the system management role create disclosure and activity-separation obligations. Analysis must distinguish the governance of Enagás, management of its subsidiaries and responsibilities of partly owned operators that retain their independence. Enagás: management team · Enagás: board of directors · Enagás: 2026 annual general meeting.
Financial scale and comparison basis
The latest available complete financial year is 2025, ended 31 December. Consolidated net turnover was €960.401 million, compared with €905.546 million in 2024. This is the revenue measure used for selection here. Adding other operating income produces €976.762 million, a broader measure. Profit attributable to the parent was €339.112 million; total profit from continuing operations before allocating minority interests was €339.733 million. Profit must not be confused with revenue, and the full sales of equity-accounted investments must not be added to group turnover. EY issued its consolidated accounts opinion on 16 February 2026. Interim 2026 results provide updates but do not replace this annual reporting period. Enagás: 2025 annual report and consolidated accounts, p. 302 · Enagás: 2025 consolidated accounts and audit report.
People: two reporting boundaries
The financial accounts report 1,402 employees at the end of 2025 and an annual average of 1,392. The sustainability statement reports 1,386 people at year-end, including 1,382 in Spain, and 1,376 full-time equivalents. These are not interchangeable headcount measures. The report explicitly excludes Axent from the 2025 sustainability boundary because of its late inclusion and information limitations; financial accounts consolidate it after acquisition. Social and safety indicators therefore retain their stated scope and are not automatically extended to all employees of international investments. The financial note places the Axent acquisition in October, while the sustainability section refers to its inclusion in November: this wording difference does not change the explicit exclusion. Enagás: 2025 annual report and consolidated accounts, p. 37.
Detailed references: 2025 annual report, p. 184 · 2025 annual report, p. 185 · 2025 annual report, p. 322.
Hydrogen, metrology and digitalisation
The technological transition involves specific projects whose schedules must be distinguished from commercial operation. The 2025 report describes artificial intelligence for predictive maintenance and network optimisation as areas of work. By the October 2026 update, BarMar, the proposed submarine hydrogen connection between Barcelona and Marseille, had entered FEED engineering after preliminary work; permitting had also begun for four sections of the Spanish network. These are design and authorisation milestones, not evidence of an operating hydrogen network. Hyloop+ in Zaragoza is intended to calibrate industrial meters and recreate operating conditions for future infrastructure. The 27 October announcement still described commissioning as forthcoming. Accurate measurement and equipment testing matter when moving from projects to safe operation. Enagás: 2025 annual report and consolidated accounts, p. 19 · Enagás: results and projects through September 2026 · Enagás: Hyloop+ laboratory status in October 2026.
Emissions: results, method and targets
Direct Scope 1 emissions in 2025 were 256,281 tonnes of CO₂ equivalent, compared with 228,157 in 2024. Scope 2 was zero on a market basis, supported by renewable origin guarantees, but 61,433 tonnes on a location basis. The market-based zero does not mean no electricity consumption or no physical emissions in the electricity system. Reported Scope 3 emissions were 706,851 tonnes. Their boundary reflects the company’s role as a transporter rather than owner or seller of gas; it does not represent final combustion of all gas passing through the network. The company targets net zero for Scopes 1 and 2 in 2040 and Scope 3 in 2050. The report distinguishes targets from achieved figures and states that its targets were not SBTi-validated. Axent’s exclusion from the sustainability statement also remains relevant to interpreting these data. Enagás: 2025 annual report and consolidated accounts, p. 124.
Detailed references: 2025 annual report, p. 121 · 2025 annual report, p. 126.
Operational risks and technological change
Enagás identifies work in areas with fire or explosion potential and driving as particularly representative occupational risks. Training also covers work at height, confined spaces, dangerous goods and fire response. These are different exposures: personal injury frequency alone does not measure plant integrity or the likelihood of loss of containment. New molecules create additional management-of-change needs. In 2025 quantitative risk assessments were conducted for the Tivissa–Salsadella and Paterna–Agullent pipeline sections intended for conversion. This documents preventive engineering work; it is neither blanket authorisation for every future facility nor proof that their risks have disappeared. Enagás: 2025 annual report and consolidated accounts, p. 172.
Detailed references: 2025 annual report, p. 183.
Prevention system, contractors and investigation
The health and safety system is reported as ISO 45001-certified. Within the disclosed boundary it covers 100% of employees, non-employees and value-chain workers carrying out work at Enagás facilities and infrastructure. Axent’s exclusion prevents extending that percentage to the entire financial group. Procedures combine job assessments with HAZOP, safety integrity levels (SIL), What-if analysis and explosion risk assessment. Work permits and safety observations complement these assessments. Reporting channels are available to employees and contractors, including a mailbox on the SACE platform, with a right to stop work in serious and imminent danger. Incident investigation must identify causes, accountable persons, measures, resources and deadlines; specialist investigation depends on severity or requests from prevention bodies. Enagás: 2025 annual report and consolidated accounts, p. 191.
Detailed references: 2025 annual report, p. 172.
Training and emergency preparedness
In 2025, 12,040 hours of health and safety training were delivered and 58% of professionals received training, compared with 65% in 2024. Slightly higher training hours must not be presented as increased coverage. Learning pathways depend on risk group, covering subjects from explosive atmospheres to first aid and defibrillators. The report records more than 80 statutory drills and updates to 15 emergency or self-protection plans. Separately, it reports four crisis management exercises; four is not the total of all drills. Management safety walks and worker representatives’ participation in committees provide follow-up mechanisms. Counts establish that activities occurred; evaluating effectiveness requires checking competence, closed actions and the performance of preventive barriers. Enagás: 2025 annual report and consolidated accounts, p. 171.
Detailed references: 2025 annual report, p. 173 · 2025 annual report, p. 183.
Occupational health, shift work and psychosocial factors
The 2025 psychosocial review assessed approximately 500 professionals using quantitative and qualitative information, including almost 100 individual interviews. The report described favourable preliminary findings for some factors and placed the definition and implementation of measures in areas needing improvement in 2026. These findings are not presented here as a demonstrated reduction in illness or stress. Occupational medicine and health surveillance are supported by an external prevention service. The “Atrapando tu sueño” programme, mainly for shift workers, assesses circadian rhythms to identify sleep or performance problems. The #BienEstar programme includes physical activity, nutrition and emotional wellbeing. These resources complement assessment and improvement of working conditions; their existence does not establish a clinical effect. Enagás: 2025 annual report and consolidated accounts, p. 172.
Detailed references: 2025 annual report, p. 173.
Injury data and their denominators
Within the 2025 sustainability boundary, five recordable employee accidents were reported, compared with six in 2024. The rate was 2.27 per million hours worked, down from 2.75, with 2,206,019 employee hours. Non-employees recorded zero accidents; value-chain workers at facilities recorded one and a rate of 0.46, compared with five and 2.72 in 2024. These are separate categories and rates must not be added. Zero work-related fatalities were reported across the three categories, and employee lost days were ten, down from 56. The report classifies none of the 2025 accidents as high-consequence and identifies ergonomic causes, falls and impacts. The observed improvement describes that year and boundary: it does not demonstrate causality for a programme or remove the need to control low-frequency, high-consequence process accidents. Enagás: 2025 annual report and consolidated accounts, p. 191.
Castor: assigned responsibilities and phased closure
Enagás’s role at Castor requires distinguishing original operation from later administration. The decision published in Spain’s official gazette records that Enagás Transporte took over administration from December 2014 and that the government ordered phased dismantling in 2019, starting with permanent well sealing. On 5 October 2026 the company announced sealing of all 13 wells, with three plugs per well. Removal of surface facilities remained a later phase. Completing well sealing therefore does not mean the entire dismantling was finished. This distinction defines the company’s assigned technical responsibilities and the physical status of an asset with a long public controversy. BOE: 2019 Castor dismantling decision · Enagás: completion of Castor well sealing.
Competition: a complaint closed without proceedings
The CNMC examined Reganosa’s complaint alleging abuse of dominance by Enagás and two subsidiaries. On 6 November 2023 it declined to open sanctioning proceedings and closed case S/0001/20 for insufficient indications. This was closure, not a fine or infringement finding. Judicial appeal was available; no unverified subsequent outcome is assumed here. CNMC: closure of case S/0001/20 Enagás.
Frequently asked questions
What does Enagás do?
It transmits natural gas, regasifies LNG and manages storage and infrastructure. Enagás GTS performs technical management of Spain’s system; coordinating it does not mean owning all its assets. [1]
How many employees did it have in 2025?
The financial accounts report 1,402 employees at year-end. Sustainability reporting gives 1,386 people and 1,376 full-time equivalents, excluding Axent. These are different boundaries and measures. [1]
Were H2med and Hyloop+ already operating?
October 2026 sources placed BarMar in FEED engineering and described Hyloop+ commissioning as forthcoming. They do not support describing them as operating commercial infrastructure. [1] · [2]
What occupational safety results were reported?
For 2025 it reported five recordable employee accidents and a rate of 2.27 per million hours. Zero work-related fatalities were reported across the three disclosed categories; value-chain workers at facilities recorded one accident. The boundary excludes Axent. [1]
Does ISO 45001 coverage extend to every investment?
The report states 100% coverage of worker categories within the disclosed system. That does not justify extending it to all employees of every international investment or to Axent, excluded from 2025 sustainability reporting. [1]
Was all Castor dismantling complete?
No. The October 2026 announcement concerns permanent sealing of the 13 wells. Removal of surface facilities remained a later phase of the dismantling assigned to Enagás Transporte. [1] · [2]
