Significant share of low-risk regulated gas distribution activities in Spain; Strong competitive position in natural-gas supply as Spain's incumbent operator, thanks to the Maghreb pipeline, a flexible liquefied natural gas (LNG) fleet, and access to a competitive gas contract portfolio; Continued strong growth outlook for Spanish gas and electricity demand; Strong free cash flow generation capacity; and Substantial financial flexibility following the partial disposal of Enagas. Growth-focused strategy and reinvestment risk associated with the Enagas sale proceeds; Rising share of Latin American gas distribution assets and of riskier Spanish gas-fired generation investments; and Exposure to take-or-pay obligations under gas import contracts and to political instability in Algeria, one of the principal sources of gas imports for Gas Natural and Spain
