Spanish gas grid operator Enagás has said that it plans to invest €4.76bn ($4.77bn) in projects to ensure energy supply security and drive decarbonisation in Spain and Europe by 2030.
Under its 2022-2030 strategic plan, the company is planning to invest nearly €2.8bn in projects related to gas infrastructure, renewable hydrogen and biomethane production.
Enagás said that the total investment would reach €4.76bn with the addition of the interconnector projects included in the European Commission’s REPowerEU document.
Among the projects included in the REPowerEU document are a subsea gas pipeline between Spain and Italy and a pipeline between Spain and Portugal.
Enagás CEO Arturo Gonzalo said: “This 2022-2030 Strategic Plan repositions the company around the two main axes of the new European energy paradigm and Enagás’ purpose: security of supply and decarbonisation.
“In the current complex energy policy and strategic context, Spain and also Enagás can contribute decisively to these European objectives.”
The four growth pillars covered by Enagás’ strategic plan are gas and hydrogen infrastructures and related businesses; international development; innovation, technology and digitalisation; and Enagás Renovable activities and projects.
Under its first pillar, Enagás plans to invest €1.78bn in gas and hydrogen infrastructures and related businesses.
For the second growth pillar, the firm has allocated €105m for innovation, technology and digitalisation.
Under the third growth area of international development, Enagás will earmark €600m for projects within the Mediterranean corridor.
These include a project to double the Trans Adriatic Pipeline’s (TAP) capacity to 20 billion cubic metres as well as the development of infrastructure in Greece.
The fourth growth area includes the activities and projects of Enagás Renovable, which aims to invest €205m in 30 renewable hydrogen production projects and the decarbonisation of all sectors.
It will also invest €85m in 20 biomethane projects and the promotion of waste management to contribute to a circular economy.