Enagas to buy 20% in Dutch-UK gas link included in H2 backbone plans

Spain’s gas grid operator Enagas SA (BME:ENG) said on Monday that it has reached an agreement with German energy group Uniper SE (ETR:UN01) to acquire its 20% stake in Dutch gas pipeline operator BBL Company.

BBL operate the BBL Interconnection, a 235-kilometre (146 miles) long pipeline linking the Netherlands and the UK. The pipe is included in the European Hydrogen Backbone map because it could be adapted to transport green hydrogen by linking production and consumption points in both countries, Enagas said.

At present, the submarine interconnector sends gas back and forth between Balgzand in the Netherlands and Bacton in the UK.

Enagas would invest around EUR 75 million (USD 81.3m) to acquire Uniper’s stake. The transaction is subject to preemption rights of the current co-owners of BBL Company and other customary conditions.

BBL Company was set up in 2004 as a partnership between subsidiaries of Dutch gas grid operator Gasunie, Uniper and Belgium’s Fluxys (EBR:FLUX). Gasunie controls the company with a 60% stake, with Uniper and Fluxys holding 20% each.

Following Enagas’ acquisition, Gasunie and Fluxys would keep the size of their stakes unchanged.

(EUR 1.0 = USD 1.083)

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