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Spain's Naturgy to invest $16.5 bln in green shift

Spain's Naturgy to invest $16.5 bln in green shift
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Naturgy sells Chilean unit to China's State Grid for $3 billion

By Reuters Staff
2 Min Read
MADRID (Reuters) - Spanish power company Naturgy NTGY.MC said on Friday it had agreed to sell 96% of its Chilean utility Compania General de Electricidad CGE.SN to China s State Grid International Development for 2.57 billion euros ($3.04 billion).
FILE PHOTO: The logo of Spanish energy company Naturgy is seen in the door of its headquarters in Madrid, Spain, October 9, 2018. REUTERS/Sergio Perez
Naturgy, whose shares jumped 5.9% after the announcement, said it expected to book a pre-tax capital gain of about 400 million euros on the sale.
Its earnings have suffered as the COVID-19 pandemic sapped energy demand, weighing on gas prices that were already low because of oversupply. Even after Friday’s bounce, shares were still down around 13% on the year. ....

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UPDATE 2-Spain's Naturgy books net loss in 2020 on lower energy demand

(Adds details on asset write-downs, investment plans)
MADRID, Feb 4 (Reuters) - Spanish utility Naturgy reported a net loss in 2020 after 2.84 billion euros ($3.4 billion) in writedowns on assets mainly in its home market and in Argentina as the COVID-19 pandemic slashed demand for gas and electricity.
It made a net loss of 347 million euros versus a net profit of 1.4 billion in 2019. Earnings before interest, tax, depreciation and amortisation fell to 3.45 billion euros from a revised 4.25 billion.
Naturgy wrote down 1.15 billion euros on its combined-cycle gas power plants in Spain as regulatory changes made these assets less profitable than renewables.
And in Argentina, it wrote down almost all the value of its assets, saying that high inflation is denting profits as local regulators have prevented utilities from raising prices for a year-and-a-half. ....

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