Commodities
Naturgy Gas, Electricity Sales Mixed in H1; Renewable Output Up
Spanish utility Naturgy posted a year-over-year decline in gas sales in its H1 results on Wednesday, but a rise in electricity sales across its distribution networks, alongside increased renewable generation as installed capacity grows.Across its distribution networks, gas sales reduced 1.3% to 192.740 terawatt-hours in H1 from 195.275 TWh a year earlier, due to lower sales in Spain and Argentina.While Spain remained the largest contributor to sales, volumes dropped year over year to 81.408 TWh from 84.154 TWh.Second largest contributor Argentina also posted a drop in gas sales to 42.368 TWh from 48.593 TWh. Gas sales in Mexico, Chile, and Brazil, meanwhile, grew year over year.The company's electricity distribution networks sold 18.349 TWh in Q2, a 6% increase from 17.307 TWh a year earlier, as volumes grew across all business units in Spain, Panama, and Argentina.Meanwhile, the company's renewable production totaled 8.132 TWh during the period, a 1.2% rise from 8.038 TWh a year earlier. Renewable installed capacity reached 8.43 GW in H1 after growing 9.2% from the previous year's level, the company said.Naturgy also reported that its thermal generation in Spain declined 6.2% year over year to 7.221 TWh, while that in Latin America dropped 1.9% to 6.851 TWh. Thermal installed capacity stood at 10.68 gigawatts in H1, according to the report.