GRTgaz’s financial and non-financial performance in 2023

In addition to supporting efforts to reduce gas consumption, GRTgaz is also preparing for the advent of biomethane, low-carbon or renewable hydrogen and the transport of CO2 for recovery or geological storage. The effects of having redeployed industrial, financial and human resources to projects related to tackling the new challenges of the third gas revolution are reflected in GRTgaz’s 2023 results. Here are some of the key lessons learned:

€416 million of investments

Capital expenditure increased in 2023, having reached €401 million the previous year. This increase is a direct consequence of GRTgaz’s ambitious energy transition strategy. The proportion of investments allocated to accommodating renewable gases and decarbonising transport infrastructures increased by 12% compared to 2022. In other words, GRTgaz is devoting more and more investments to transforming its business model, based on renewable gases and achieving carbon neutrality. In 2023, the investment programme will focus on three main areas: 1) industrial safety and maintenance of facilities, 2) climate strategy and the low-carbon trajectory, and 3) new customer requirements.

17.8% of investments devoted to renewable gases and the carbon trajectory

Exceeding the set target (17%), this proportion of investments dedicated to the energy transition once again confirms the observation made above. From 11% in 2020, GRTgaz aims to cross the 20% line in 2024, thus confirming the company’s growth.

-16.8%*: reduced cost of renewable gas injection and reverse injection facilities

Here too, the sharp drop in construction and commissioning costs for renewable gas injection and reverse injection facilities, indispensable to the development of the biogas production sector, illustrate GRTgaz’s ability to innovate and free up financial leeway as part of the transformation of its network. The company has set itself the target of achieving a -20% reduction in 2024.

Faced with the forecast decline in natural gas consumption and associated capacities, GRTgaz needs to reduce its costs in order to maintain the acceptability of its tariffs, while at the same time freeing up its capacity to invest in the adaptation of its network to serve renewable gases.

*Compared to 2020

€2,112 million in sales

GRTgaz’s 2023 sales rose slightly year-on-year (+ €33 million). This increase is largely due to price effects on the regional network and at interconnection points with networks in neighbouring European countries. In 2023, 95% of sales came from gas transmission revenues. In short, GRTgaz’s financial position in 2023 is solid, as is the balance sheet as a whole. This is a good sign at a time when the company needs to step up its commitment to the energy transition.

€317 million net profit
GRTgaz’s net income after tax fell in comparison to 2022, when it stood at €419 million. This difference is the result of various factors: an increase in energy costs linked to changes in gas and electricity prices in 2023, an increase in net operating costs due to inflation, and an increase in personnel costs also due to inflation.

The integrated report is a type of annual reporting document that offers greater depth and transparency than the traditional activity report. Combining financial and non-financial indicators, it sheds light on the way in which a company’s value creation benefits its entire ecosystem, from its customers to its employees and civil society. It talks about ambitions, strategy, results and governance, with a view to achieving the transparency that is so popular with the general public today, but also with investors and the media.