Spanish gas grid operator Enagas has announced its first quarter results of 2024, recording net profit of €65.3 million ($69.56 million), a 20% rise from €54.6 million reported in the same period last year.

This was mainly driven by the revenue generated by the El Musel liquefied natural gas (LNG) terminal and flat expenses.

Last year, energy firm Endesa won a three-year contract for the El Musel plant’s logistic services – namely unloading, storage and reloading – after the plant had been mothballed since its completion.

Meanwhile, with gas demand in the country down for two years in a row and Spain’s ambitious green hydrogen plans, the company – in which the Spanish state owns a 5% stake – is looking to transition from its traditional role as natural gas grid operator to managing a network of hydrogen infrastructure, according to Reuters.

Notably, Enagas said it was on track to meet its profit target of between €260 million and €270 million for the year.