Naturgy to reduce the volumes of gas it buys under long-term contracts

Naturgy will reduce the quantities of natural gas that the group buys under long-term contracts by almost 20% by 2027. Two long-term contracts are due to expire in 2027, one with Oman and the other with ENI. These contracts will not be renewed, reducing the quantities of gas purchased on a long-term basis from 210 to 170 TWh per year. These volumes will be replaced by biomethane volumes. The group is also not planning to build any new LNG terminals. However, Naturgy believes that the Spanish market needs more gas-fired combined-cycle power plants to guarantee security of supply when renewable energies produce little. Naturgy plans to mix biomethane with natural gas to reduce emissions from gas-fired power plants.