Naturgy is actively studying different investment options in corporate transactions with a view to accelerating its expansion and using part of its financial capacity. The company has up to 12 billion euros for possible acquisitions, with priority for the electricity business over the gas business and with the geographic focus placed in Western Europe and North America, according to the director general of Financial Markets and Corporate Development, Steven Fernández, explained.
In a conference with analysts to discuss the accounts for the first nine months of the fiscal year, Fernández noted that the energy company is working with a "very limited" list of alternatives, which are advancing at different paces, and maintains the expectation of closing some transaction in the coming months.
"We are optimistic and believe that in the coming months, probably already in the first quarter of 2027, we will be in a position to begin to offer some results here," he said.
The executive stressed that the group retains a "clear preference for electricity over gas" when studying new growth operations. However, he pointed out that this does not mean renouncing gas assets if opportunities arise "at the right price" and with value-creation capacity. "I would say that the resulting group will be more electrical than the current one, but that does not mean that it will necessarily be 100% electrical," he assured.
As for the geographic map, Fernández reiterated that the markets on which Naturgy is focusing are, mainly, Europe —especially Western Europe— and North America, including Mexico, the United States and Canada. "Those are the areas on which we are focusing our attention," he added.
At the same time, he made the company's red lines clear and stressed that the objective is growth that adds value to the company.
"We are not considering opportunities that we cannot finance," he indicated, noting that they would only open themselves to other formulas in the event of a "once-in-a-lifetime" and large-scale opportunity, a scenario that, as of today, "is not on the table".
Lastly, he recalled that the outcome of any transaction also depends on the seller's expectations. "Obviously it takes two to tango, so it is not just a matter of our willingness to buy, but also of the seller's willingness to sell and of being able to agree on the right price," he stated.