Enagas Joins Forces to Develop the BarMar Hydrogen Pipeline

NaTran, Enagás and Terega Join Forces to Develop the BarMar Hydrogen Pipeline
Ion Jauregui – ActivTrades Analyst
French company NaTran, a subsidiary of energy giant Engie, has announced the creation of a joint venture with Spanish firm Enagás and gas infrastructure operator Terega to develop the BarMar hydrogen pipeline—a key connection for the transport of green hydrogen between the Iberian Peninsula and France. The announcement follows last week’s approval of European funds that will cover 50% of the project’s development costs, strengthening its economic and strategic viability. BarMar is part of the broader H2Med corridor, which aims to position Spain as a renewable hydrogen export hub to Europe’s industrial heartland.

Fundamental Analysis of Enagás
Enagás (ENG.MC) is a strategic operator within Europe’s gas infrastructure and has, in recent years, taken clear steps toward the transportation of renewable gases such as hydrogen and biomethane. Its involvement in projects like BarMar and H2Med reinforces its role as a key player in the decarbonisation of the European energy sector. Financially, Enagás maintains a stable distribution policy, offering a dividend yield above 8%, one of the highest in the IBEX 35. However, its growth potential is limited by the maturity and regulatory nature of its core business. That said, new investments in energy transition projects could serve as medium- to long-term growth catalysts, diversifying its revenue profile. Moreover, its participation in EU-backed consortia improves financial visibility and provides solid institutional support.

Technical Analysis of Enagás
In today’s session, Enagás shares (ENG.MC) opened at €13.65, following a week of corrective moves that concluded last Thursday. Since May, the stock has shown a lateral consolidation pattern between €13.50 and €14.00, the current yearly highs. This range has acted as a technical pause after the declines recorded between April and May. Despite recent pullbacks, the broader structure remains bullish, and the price is currently positioned at a relevant support zone: last year's highs, which now serve as a technical base. If this support holds, a sustained breakout above €14 could pave the way toward €14.75—the highs of 2023. Conversely, a breakdown below €13.50 could send the price toward the current point of control (PoC) around €12.83, where the highest recent trading volume is concentrated. The daily RSI is near the neutral 50 level, indicating a market in consolidation, with no clear signs of overbought or oversold conditions. Meanwhile, a golden cross formed in April remains in place, supporting the idea of accumulation at current levels. However, the MACD shows a downward slope, suggesting that selling pressure has not fully subsided and that further tests of support or even an extended correction may occur if buying volume remains weak.

Conclusion
Enagás is at a technically pivotal stage, with key support at €13.50 and potential upside toward €14.75 if resistance is breached. The company’s involvement in the BarMar project not only highlights its strategic role in Europe’s energy infrastructure but also strengthens its position in the emerging energy model. While the technical outlook suggests short-term equilibrium with potential volatility, the fundamentals point to a stable profile, backed by energy transition investments and institutional support.


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