NATURGY CICLOS COMBINADOS S.L.U.

NATURGY CICLOS COMBINADOS S.L.U. is a Spanish company that forms part of the Naturgy Energy Group, one of Spain's largest energy groups. The entity is a single-member limited liability company (Sociedad Limitada Unipersonal) whose corporate purpose is centred on the operation of combined-cycle gas turbine (CCGT) power plants. Combined-cycle technology uses both a gas turbine and a steam turbine to generate electricity, achieving higher thermal efficiency than simple-cycle gas plants. This makes the subsidiary a key component of Naturgy's electricity generation fleet in Spain. The parent group, Naturgy, describes itself as a multinational energy group dedicated to the generation, distribution and commercialisation of energy and services. According to its official website, Naturgy operates in more than 20 countries, serves over 16 million supply points, and has an installed capacity of 16.2 GW with a diversified electricity generation mix. The group operates in both regulated and liberalised gas and electricity markets, with growing international activity. Its main business areas include gas and electricity distribution, electricity generation and commercialisation, and gas infrastructure, procurement and commercialisation. Within this structure, NATURGY CICLOS COMBINADOS S.L.U. is the vehicle through which the group holds and operates its combined-cycle generation assets in Spain. These plants typically run on natural gas and play a role in balancing the electricity system, complementing intermittent renewable generation. The subsidiary is therefore closely tied to Naturgy's strategy of maintaining a diversified generation mix while advancing the energy transition. The company is registered in Spain and headquartered in Madrid, consistent with the parent group's corporate address. As a wholly owned subsidiary, it is not separately listed on any stock exchange; its financial results are consolidated into those of Naturgy Energy Group, S.A., which is publicly traded on the Spanish continuous market. The subsidiary's activities are subject to Spanish and European Union energy regulations, including those governing the electricity market and environmental performance of thermal power plants. Because NATURGY CICLOS COMBINADOS S.L.U. is an operating subsidiary rather than a consumer-facing brand, it has limited public visibility. Its identity is primarily corporate and legal, and it does not market products or services directly to end customers. Instead, it supports the parent group's electricity generation business, contributing to security of supply and the integration of renewable energy sources into the Spanish grid.

NATURGY CICLOS COMBINADOS S.L.U. is a Spanish single-member limited liability company that operates as part of the Naturgy Energy Group. Its history is intertwined with the development of Spain's combined-cycle gas turbine (CCGT) fleet, which expanded significantly in the late 1990s and 2000s as the country sought to diversify its electricity mix and reduce reliance on coal and oil-fired generation. Combined-cycle plants, which use natural gas to drive both a gas turbine and a steam turbine, offered higher efficiency and lower carbon emissions than older thermal technologies. The parent group has undergone several corporate transformations. It originated as Gas Natural SDG, S.A., a major Spanish gas utility. In 2009, Gas Natural merged with Unión Fenosa, creating one of Spain's largest energy groups with significant electricity generation and distribution assets. The group later rebranded as Naturgy Energy Group, S.A. in 2018, reflecting its broader international and multi-energy strategy. Throughout these changes, the combined-cycle generation assets in Spain were held and operated through dedicated subsidiaries, including NATURGY CICLOS COMBINADOS S.L.U. The subsidiary's role is to own and operate CCGT plants that contribute to the Spanish electricity system's stability and supply security. These plants are particularly important for balancing the growing share of renewable energy, as they can ramp up and down relatively quickly compared to coal or nuclear plants. Naturgy has publicly emphasised its commitment to a diversified generation mix, and its CCGT fleet remains a component of that strategy even as the group invests in renewables and networks. As a legal entity, NATURGY CICLOS COMBINADOS S.L.U. is registered in Spain and headquartered in Madrid. It is a wholly owned subsidiary of Naturgy Energy Group, S.A., which is listed on the Spanish stock exchanges. The subsidiary does not have separate publicly traded shares and its financial performance is consolidated into the parent's accounts. Its operations are subject to Spanish and EU energy regulations, including market rules, environmental standards, and safety requirements. In recent years, the European energy transition has posed challenges and opportunities for gas-fired generation. CCGT plants have been affected by volatile gas prices, changing electricity demand, and the expansion of renewables. Naturgy has continued to manage its CCGT portfolio as part of a broader strategy that includes investments in renewable energy, gas distribution, and international expansion. NATURGY CICLOS COMBINADOS S.L.U. thus represents a specialised piece of that larger corporate structure, focused on maintaining reliable thermal generation capacity in Spain.

Corporate subsidiary for combined-cycle gas-fired power generation within Naturgy Energy Group.

• Combined-cycle gas turbine (CCGT) electricity generation

  Generation of electricity using natural gas in combined-cycle plants, which combine gas and steam turbines for higher efficiency.

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