REN buys natural gas underground storage to GALP

 REN agreed with Galp Energia the partial transfer of a natural gas underground storage concession from Galp in Carriço, Pombal, to the subsidiary REN Armazenagem in a 71,7 million euros deal (trespass value of the partial concession).

The partial transmission integrates two existing cavities, the rights to build two new cavities and other rights and obligations associated with these assets, presently explored by Transgás Armazenagem and now trespassed in favor of REN.

This transaction, which is still subject to obtaining the legal and contractual approvals, permits REN to give continuity to its goals and strategic vocation as electricity and natural gas transport infrastructure operator, becoming the holder of all natural gas underground storage infrastructures currently in operation in the country.

As a result of this operation, the relationship between the users and the infrastructure operator for natural gas storage will be simplified to the extent that will be unified into a single entity the management and publication of existing and operating storage capacity, also benefiting of a direct business relationship, thus meeting a goal that sector's authorities have always sought to operationalize.

To João Conceição, COO da REN, 'the agreement reached between REN and Galp reinforces the purpose of the sector organization in the unbundling logic, and for REN it's another step in its strategic objective to focus in the company core business''.