EU Energy Sector Specialist Commentary: Oil - Gas - Utilities - Infrastructure

Research evidence excerpt

EU Energy Sector Specialist Commentary: Oil - Gas - Utilities - Infrastructure

ing the H1 results release and the news on

the EU allowing European companies to transfer Russian LNG to third countries. As a result we upgrade our 26/27E EPS by

5.4%/10.8% and sit now 5% above 27E Bloomberg consensus.

- We see Naturgy’s strong earnings momentum into 2027 as very supportive for the shares near term, as it provides investors a

strong reason to be patient holding the shares (in addition to a 6%+ dividend yield) while they await the deployment of the €10-

12bn balance sheet buffer into M&A. Besides we believe that energy commodities will continue to be supportive of 2027 earnings

(at least) in the next 9 months (see our report here) and we continue to see the risk of our estimates on the upside.

- Read full Research here

GALP/ANE – Galp acquires 361 MW wind portfolio in Spain from ANE

- Galp has taken a further step towards rebalancing its power portfolio, having acquired a 361 MW fully operational onshore wind

portfolio in Spain from Acciona Energía, building on its wind acquisition in Spain in April. The transaction strengthens Galp’s

positioning to evaluate strategic partnership opportunities towards alternative ownership and financing structures, while retaining

optionality in its exposure to the long term growth of the Iberian power market.

- The portfolio comprises 15 onshore wind farms located across Spain in regions with strong wind resources and established

operating track records. With an average commercial operation date of 2005, the assets are fully operational and are expected to

generate approximately 0.8 TWh of electricity annually, currently under merchant conditions.