Spanish power and gas utility Naturgy Energy Group SA reported a significant increase in its renewables EBITDA, reaching EUR 305 million (USD 331.2 million) for the first half of 2024, marking a 29.8% year-on-year rise.
The growth was primarily attributed to increased installed capacity and production in Spain, higher overall production in Latin America, and favorable mark-to-market valuations of existing power purchase agreements (PPAs) in Australia, according to the company.
However, Naturgy's renewables EBITDA in the United States fell to a negative EUR 3 million at the end of June 2024, compared to a negative EUR 6 million in the same period last year. The company cited that “higher revenues were offset by higher opex to attend increase capacity and the management of the development platform” as the reason for the negative result in this market.
During the first six months of 2024, Naturgy increased its renewable energy production—comprising solar, wind, hydro, and other sources—by 24.7% year-on-year to 7,705 GWh. The company's total installed renewables capacity reached 6,601 MW, up from 5,695 MW a year earlier. This includes 1,154 MW from solar, 3,252 MW from wind, 2,134 MW from hydro, and 61 MW from other sources.
Renewable gases, including biomethane and green hydrogen, are becoming an increasingly significant segment for Naturgy. The utility currently operates 3 MW of biomethane capacity in Spain, which produced 92 MWh during the first half of the year.
For the group as a whole, Naturgy reported an EBITDA of EUR 2.85 billion and a net profit of EUR 1.04 billion, consistent with the previous year's figures. While the company's regulated power and gas distribution network businesses saw a 16% increase in EBITDA, its energy management, generation, and marketing businesses experienced a 14% decrease due to declining global energy indices.
Naturgy also announced plans to release a new Strategic Plan for 2025-2030 by the end of the year.
