Naturgy Could Have Downside From Gas Margins, Thermal-Performance Outlook -- Market Talk
Dow Jones
Oct 29, 2025
0844 GMT - Although Naturgy delivers strong results, there could be some downside in gas margins over the next quarters as well as in thermal performance, RBC Capital Markets analysts say in a note. Spanish energy peer Endesa has guided for a 40% decline in fourth-quarter gas margins compared with the first nine months of 2025, RBC says. Still, this might take longer to decline until part of the role of combined-cycle gas turbine plants is replaced by batteries and solar-photovoltaic assets with grid-forming capabilities in Spain, RBC says. (anthony.orunagoriainoff@dowjones.com)
(END) Dow Jones Newswires
October 29, 2025 04:44 ET (08:44 GMT)
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