Thank you very much. And and by the Investor Relations Felisa Martin, our Management Control and Business Analysis, Natalia Morasini. So I would like to start by implement the measures that we disclosed to you in the 2020 results presentation that is 2 months ago. Decarbonization cannot be postponed and our company's vision is that we have to decarbonize now by researching and innovating In future technologies, by doing everything within our reach with those technologies we have available today, Reducing emissions is not about flow, but stock. Every reduction adds up.
At Enagas between 2018 and To 20% we already reduced our CO2 emissions by 30% and we continue to make steady progress to becoming carbon neutral by 2,040. In total, since 2014, we have cut our emissions by 63 percent. With regards to our commitment to ESG, Social and governance criteria. Enagas has been awarded the highest rating that this agency has published in Spain across sectors so far and also the highest in Europe in the utilities sector over the past year. You can see the recognitions awarded to the With regards to Q1 results, they were very positive and are fully in line with our goals budget.
We reported a profit after tax of €92,900,000 And as you know, on January 2021, the regulatory force for the 2021, 2026 period became effective and its impact is already reflected for first time in these results. Nevertheless, having a stable regulatory framework gives visibility to the company's regulated revenue for the 2021, 2026 period as a whole. Let me also remind that in the 2020 results, we reported a positive not recurring financial result of EUR 18,400,000 which, of Of course, it has not been the case again in this period. In this Q1, our cash generation is fully aligned with our year end goal and so is our debt, which we have been able to curve slightly. We also include our debt financial cost, which went down to 1.8%.
We have an excellent liquidity position That stood at €2,802,000,000 at March 31. And the contribution of our affiliates to net profit after tax continues to increase and has already risen to 38.1%. To conclude, the company's performance during this quarter was very positive and very much in line to meet all of our annual targets. Okay. Concerning our infrastructures regarding natural gas demand, it is already slightly above pre COVID crisis levels.
And so far this year, that's to say at April 18, last Sunday, Total demand is already 0.8% higher compared to the same period in 2020. You should be borne in mind that this entire period of 2021 has been affected by COVID-nineteen, while last year The state of Alara did not begin until March 13. Conventional demand, which includes both households and TRIS accounts for about 86% of total demand of natural gas in Spain and have climbed by 4.7% so far this year. Specifically, residential demand has increased by 9 point 30% due to the impact of storm Filomena in the first half of January when household consumption got rocketed by 30 percent. In terms of industrial demand, which is a lot more representative of the current economic situation in Spain, the accumulated figure for fiscal year 2020 went up by 2.6% year on year, taking into account that Last year, January, February and part of March were not affected by the pandemic.
This Crews, the key role that gas and gas infrastructures have played in ensuring supply in the face of COVID-nineteen and the biggest cold front experienced by Spain in recent years. And it further proves the key role that they have and will continue to have to achieve the decarbonization objectives ahead. Now I would like to touch upon the most noteworthy achievements about international affiliates. With regards to transadriatic pipeline here, there are 2 relevant milestones. 1st, The financial completion date has already been reached.
This means that the banks financing the project have released The guarantee is provided by the shareholders during the project's construction phase. And the second milestone is that This development has started to contribute to Energas results significantly. As you know, this gas pipeline began supplying Azerbaijan gas to Europe in December 2020. And on March 19, it reached the first 1,000,000,000 cubic meters 1 Bcf delivered. The use of this infrastructure, which is critical to European Energy Security, is evolving as planned and became fully operational in Q1.
Currently, TAP continues to get ready for the launch of the binding phase of its market test by early July 2021, which could result in the infrastructure's increased transport capacity. In the United States, where Enagas is present through Tograf Energy, stream coal wave that hit the U. S. In February and that triggered an energy crisis in some regions and stake to supply some relevant markets in the country. Even in such adverse circumstances, all such facilities remained fully operational.
The Tallgrass business performed very well over the Q1. Still in April, the company is optimistic about reaching the upper end of the financial target range set for the whole of 2021, which we already announced in our favorite strategic presentation. Excellent news is that strategic alliance has been closed with Bridger Pop Line LLC. This is an affiliate of a true company's group. These transactions strengthens Tallgrass to achieve its global goals for the 2021, 2026 period.
The company thus as the 2nd largest pipeline operator in the Bakken Basin, The Pony Express business is strengthened, increasing its long term contracted capacity and Tallgrass diversifies its access to other production You have more detailed information about this new joint venture and the performance and outlook of Tallgrass in the presentation. In other countries where Enagas operates, our affiliates are playing an important role in securing energy supply. And I would like to highlight a significant milestone in Chile in the Quintero LNG terminal. The final investment decision approval for the construction of the 5th Sestran Loading Bay, which represents an investment of US6.5 million dollars This figure is perhaps not very significant, but From a qualitative perspective, it proves that this asset is working practically at 100 sand and that's why we had to start building this feed cistern loading bay. This cisterns was LNG through motorways up to certain consumption points For manufacturing purposes, information about the rest of our affiliates are also included in the presentation.
The results reported by all of them in line with expectations. Just like every quarter, I would like to provide you with an update on the Casa del Sol Peruano arbitration proceeding is taking place according to the established procedural schedule and at Enagas, we uphold our well administered bridge amicable agreement with the Peruvian state. As part of our commitment to the decarbonization process, we continue to work developing renewable gases. We have already submitted more than 50 hydrogen and biomethailated Projects to the various coal footprint are launched by the Spanish government. Specifically, right now, we have 34 hydrogen projects and 21 biomethane projects across Spain's autonomous regions together with more than 50 partners.
All the projects that we promote and that we are trying to develop meet the criteria that you already know. That is, there are 6 criteria, namely contributing to decarbonization by optimizing costs to fair and inclusive transition driving the entire value chain, promoting the development of the Spanish industry, creating sustainable employment always with other partners and offering a suitable return on investment. And some concrete and relevant examples only in this first quarter include the following. We have commissioned The first hydrogen refueling station in Spain for long range fuel cell electric vehicles together with Toyota and other partners. We have also reached an agreement with Natology to produce green hydrogen from wind energy in Asturias.
We have also joined a European industrial alliance to produce green hydrogen in Spain. Together with Ilunion, we have created Lewa, a socially and environmentally Logistics operator has an evolution of the startup gas to move pricing from the Enagas Corporate Entrepreneurship Program. We announced the first biomethane connection to a private gas network in Spain in a small location called Clagalera in Tarragona. We are also making progress in the works on the first LNG supply ship to be built in Spain. We have signed an agreement with the transmission system operator in Southern France, Perega and with Gazelle Energy and DH2 Energy to explore The development of a renewable hydrogen value chain between Spain and France.
And last week, we announced that we became a shareholder of Atlantis, a leading space company that measures methane emissions with very high precision. So these are some examples of how the company is advancing in developing specific projects and partnerships in the field of renewable gases and decarbonization. Before wrapping up, I would like to remind you of our calls For the current fiscal period 2021, we estimate a net profit by year end of around 3 EUR 80,000,000 Our solid cash generation will reduce net debt and will while we keep a solid and balance sheet structure. Thirdly, we continue to intensify our overhead control and savings plan, doing away with all that is not essential to our business continuity and current and future activity. We also maintain our commitment to employment and likewise, we maintain to our shareholders and their remuneration.
Our cash flow generation enables us to guarantee Our dividend policy specifically for 2021. As you know, it will be set at EUR 1.70 per share, which accounts for a 1% increase compared to 2020. So, some conclusions. I will finish up with a few brief conclusions. We have a first commitment to the ecological transition and to becoming a carbon neutral company by 2,040.
We now have a regulatory framework in place until 2026 that provides high visibility of a significant portion of our regulated revenue over the next 6 years. We envisage good prospects in all our affiliates and specifically in Tallgrass, whose partnership with true companies is a highly positive milestone for both Tallgrass and Enagas. We already have a pipeline of 55 renewable gas projects with over 50 partners that can mobilize total joint investments if all projects are completed of around €6,300,000,000 on all accounts. And finally, High visibility of cash flows expected for the 2021, 2026 period secures the company's commitment to our dividend payout policy. Thank you for your attention.
And now if you have any questions, please feel free to ask. And as usual, we will do our best to answer them as fully as possible together with the rest of the team members. Thank you.
Ladies and gentlemen, The first question is from Javier Suarez from Mediobanca. Go ahead. Hi, good morning and thank you very much for the presentation. I have three questions. 1, with regards to hydrogen projects on which you are working.
You have mentioned that you are working on 55 projects And you could mobilize one point, up to EUR 6,000,000,000. The question on this, What is the corresponding investment by Energas out of this EUR 6,000,000,000 in this joint investment on which you are working? And a on which you are working. And a question in line with this in the strategic presentation at the end of February, we already spoke about this, but there's The topic regarding hydrogen is accelerating and the opportunity is accelerating. So I would like to know a little bit more about Your vision in terms of when the company will see an impact in its CapEx, whether 2023 or 2024, When do you think that the company will perceive that impact and that RAP considering that the RAP is decreasing to a company where the RAP is going up.
With regards to Peru, We've seen some escalating by the Peruvian government in the dialogue with Enagas. If you please could explain what's the status on this and how you think this can be resolved and when it can be resolved? And the third question regards the affiliates, the international affiliates. There's been a significant growth. And I would like to know the detail of the 49 million contribution, if we can have the breakdown of the most important affiliates.
Thank you very much. Thank you. Thank you, Javier. We will discuss briefly and will reply immediately. Thank you very much, Javier Suarez.
I'm going to reply quickly to your 3 questions. 1, With regards to the 50 projects or over 50 projects, if all projects were completed, the equity We know that we are with other partners. It could be around between €400,000,000 or €600,000,000 But we don't know which projects will be carried out. With regards to the schedule, the best estimates that we have right now is that we will need to look at the pace of which the projects are approved by the European Union, by Spain and by other countries. Our estimation is that for 2023, we could start to have the impact of these investment as a new investment By Energas in a different field to which we are accustomed.
With regard to the second question, events, Recent events do not affect the proceedings in the arbitration And the question to provide the breakdown In terms of the contribution of the affiliates, I'm going to give the floor to the Chief Financial Officer, to Borja. Hello, Chairman. Hello, Javier. With regards to the contribution, TCP, it's TAP 9.3 percent Kintaro 7.7 percent BVC Gas 6.1 percent and Tollgrass 4.4 percent And the top one was 30%. Thank you very much, Javier Suarez, and we are ready to answer other questions.
Thank you, Javier. Next question is from Alberto Gandolfi From Goldman Sachs. Go ahead. Good morning and thank you very much for Taking questions. The first two are related to Tallgrass.
Could you give us an update on the renegotiations Contracts with Tallgrass, what Is the term going to be short term? Are you renewing long term? What are the margins That you are seeing in the Q1, which is very different to the one in the beginning of the COVID. Can you give us more detail on Pony? It's not clear to me whether that's a re Cap measure recapitalization measure out of the 25% of Bridger, how much is transferred Or how much is used with assets?
How much is done with the cash flow? So there's somehow somewhat a dilution in this deal. And I wanted to know what's the percentage. And with regards to the hype, Georgene, and I don't know whether there's some sort of an update with regards to the regulatory framework to Regularize the 200,000,000, 200,000,000 and how much of those are local? Thank you very much, Alberto.
We will discuss briefly and we'll Thank you very much, Alberto Gantolke to the first questions. I will ask the CEO, Marcelino Recha to reply and I go with third one. Marcelino, you have the floor. Thank you, Chairman. With regards to Togras and the Regulation, with regards to the rigs, we didn't go forward with the hiring between West and East, We will work on the we will work these months.
We are working on the hiring between the West and the East. With regards to the operation that we are announcing, we haven't closed it yet. So we cannot provide more details up until the following weeks when we expect to close the operation. It's providing we provide at 70 we provide They provide capital and infrastructure and assets so that we together, we can do all the flows and in the long term contract. And we have contracts of up to 7 12 years.
And We will also reinforce the contracts that will regulate both that will provide more value to our infrastructure. And it's Good operation. As soon as we have further detail, we can provide more details through the Investor Relations team or through myself If you want further details, but I see that it provides robustness in of crude and turning, putting Express in one of the critical infrastructures to transport crude From north to south and other products in the United States. Thank you very much, Martelina. I move on to the third question.
We have 2 type of revenue related to renewable gases and More specifically, all the hydrogen that regulated, which would be the investments measured to make the high pressure network in Spain and in other countries is able to allow hydrogen transport, I. E, through blending or in a specific manner. We don't have expected schedule right now. We don't know specifically when the regulator will give us the green light for the investments. These investments could For EUR 400,000,000, EUR 500,000,000 or EUR 600,000,000, but are not related to the ones I mentioned before for a period that I don't dare To say right now, it could be 4, 5 years.
These investments will be made as from 2023, 2024 or 2025. This will depend on the decisions made by the European Union generically. So this would be a regulated investment That could be around EUR 100,000,000 a year for around 5 to 6 years. As for the schedule, we could 2024 or 2025. And the second bundle, direct investments in projects, So, as a result, these would be deregulated.
And considering our knowledge, All the gas transmission will be deregulated. And this I've given the figure before and that this could be developed as I say as from 2023 or 2024, But we're still awaiting the type of objectives of the hydrogen projects all across Europe. But the European Commission and all the national regulators need to say How we ought to act with these sort of these two investments that we're working with. So we are working in a parallel fashion. And As you said and Javier Suarez said this as well, the hydrogen and renewable gases is speeding up.
Some years ago, no one spoke about this. And right now, it's all very certain, and we have had different types Wait. I think this is going to speed up the decision making processes that the European Union is going through, related to taxonomies and more specifically with regards to the regulated roles of the TSOs Every quarter and in between quarters, we will be ready to provide more information To the extent of our knowledge, of course. Thank you very much. So we are ready for the next question, Chairman.
The next question is from Javier Garrido from JPMorgan. Go ahead. Hello, good morning. With regards to the agreement With Bridget, you cannot give further details, but there's one question with regards to work here in the presentation. You said that 95% Of cases, if there are preferential installations, it means that it will this will happen For duration, specific duration of time, what does that 95% mean In your presentation with regards to this, and there's been an update published On the European TSO plans with regards to the needed investments up to 2,040 to adapt the network to the hydrogen based economy.
If that's the case, could you Tell us, is there any news and any changes? Because I see that there might be some different criteria with regards to building new pipelines or to have to adapt the new the existing ones, If you can provide further detail on this. Thank you. So we will Thank you very much, Javier, and Arrigo. We will reply Two, three questions.
Martinja, CEO, if you can please give more details. As We said we have announced the closing of the operation, but it's not fully closed. We see it 95% is defined and 5% is not defined because we're still waiting the final agreement. And with regards to the EBITDA and the profit, The situation is improving in terms of Pony Express, and we need to consider the future flows of that asset. We increased the capacity of Pony Express and including fixed assets.
And we provide access to Pony of new we can get to access to new accounts. We link up with the 2nd biggest producer, which is cruise, and this can lead to increasing the value of this infrastructure, which is a critical infrastructure in the north and south of crude in The United States. Thank you very much, Marcelino. I'm going to answer the second question. You're right, Javier, there's been an update Of the Hydrogen European backbone, which brings together different TSOs, The first update is the difference between the first document and the second document that is There's been a doubling of the number of companies that are related to this or partners.
So this is there are many players that were not there before. So there's been more people joining. That's one of the changes. Another thing Is that for 2,040, there would be a European consolidated network For hydrogen transport in different ways and that's for the north south south north backbone And it's based on 2 principles. So this is a requirement by the European Commission And the European Commission has expressed this in different documents, I.
E. That the hydrogen thought it mustn't be an unnecessary extra investment. So we need to make the most of what we already have. So it would be far more Economic to use the existing high pressure network if whenever possible. That's the first criterion.
The second criterion, the map suggested by the European backbone publication is that for 2,040, the entire hydrogen volume, I can't remember the figure, that 3 quarters of this hydrogen could flow through existing pipelines and the 4th could flow through networks that have to be built purposely. And that would be the nitty gritty of the latest update. And we are partners of this association. This association is doing an excellent job with regards to seeing the outlook of how hydrogen will develop in Europe, how green hydrogen is going to work Thank you very much, Javier. Thank you very much, Chairman.
We are ready for the next question. We are ready. The next question is from Lillian Stark from Morgan Stanley. Go ahead. Good morning.
I have two questions. 1, with regards to Tallgrass, just to understand if that joint venture will affect the dividend policies of Pony Express. And could we keep that dividend flow towards the joint venture where Energas is present after the joint venture with Bridger. And coming back to the European hydrogen backbone, so that I don't understand the plan, how do you The evolution of the demand, whether do you consider a scenario that we should have So many points of demand. How can you manage that So what's the scenario the NIMAS scenario that you consider so that we can reach the guideline of 2,040?
Thank you very much, Lillian. Thank you very much for your questions. We will close the lines With regard to the first question, please, Marfelime, if you can give further detail on Torquoise. Thank you, Chairman. Thanks, Pepe.
For the economic flows and the dividends from Tongass to Belagas And from PolyPres will not be affected. Actually, the opposite, a crude producer will ensure Future flows, north and south and economic flows. So in the states assets that work in the center are working. So For the infrastructures operations, we are contributing with value. So we are ensuring a longer term operation using this infrastructure.
So this is operation this is an operation that we will complete in the future weeks. Coming back to what the CEO has said, I remember that in the results We made a comment that we would anticipate that with the change of President in the U. S. Would have an impact in the energy sector. And one thing that would happen is already happening.
So The new infrastructure projects have been stalled They have and the developers have said that they won't develop these projects. This is something that we anticipated. And in line with what Marfelino has said, this provides greater strength to the existing infrastructures and they have the opportunity to enlarge The transport levels and the number of customers, we think that this will happen in the years to come. And this agreement will be very much in line with this pragmatical line with all the operators of leaving to side new projects that could make And to focus more on what we already have on the existing projects. And coming back to the second question, In the second agreement of the or publication of the European Highway Backbone, what's stated is that studies show that there could be an acceleration of the hydrogen demand increase and then maybe in near future, more Complete figures will be given.
The figures that discussed, which I know I won't quote because they're not definite, In line with the greater acceleration compared to 6 months ago. We will provide More information as soon as we have access to that information. Thank you very much. Thank you very much, Chairman. The next question is from Ignacio Dominik from JP Capital.
The first question With regards to Tallgrass, I know that you cannot provide more details And with the relationship with Bridger, what's the increase of crude capacity Increase. And you mentioned that the good results in Tokas, they could get to the high end of object And the EBITDA would be around EUR 735,000,000 in 2021. If that's the case, would be the Non cash and cash EBITDA. And the third question, if you can provide further comments on the impact to on with regards to the exemption by the Biden authorities or administration To keep in operation the pipeline and what percentage of the Network of Enagas could be used? Thank you very much, Ignacio.
We will discuss Thank you very much, Ignacio. The first and third question with regards to Tallgrass, Marcelino Dezio will reply. The second question, we will give the floor to the CFO, and I will finish with the last question. So Martelina, can you go with number 1 on number 3. Thank you very much, Chairman.
With regard to volumes of Pony Express, The infrastructure has a volume of about 420,000 barrels a day. With this operation, We are ensuring a greater volume than what we had before and had contracted. So we have more guarantees that the forecast that we had in February will be complied with and we will ensure this. How much will be hired in a fixed form between 7 or 12 years according to the agreement. And this will be thanks to the operation that works With short, mid- and long term contracts, the infrastructure won't increase the rated capacity.
It will increase The contracting, it would be a critical infrastructure in crude transport North sell in the United States. With regards to the third question, Yes. The Pony Express question, yes. So we've done a temporary authorization of the used infrastructure. And the base case is that the infrastructures will work as usual.
And with the crude transport, there will be other infrastructures that won't be built. Others have been stalled and stopped and there will be other infrastructures that have been planned and will affect the position, the crude position with regards to crude transport to other parts of the country. Thank you very much for the second question. Please, Borja, you can provide the EBITDA data. In the February presentation, we provided guidance between $685,000,000 $735,000,000 The company expects that we will be in the high end and the latest The figure for the entire year is $278,000,000 for EBITDA.
Thank you very much. I will reply to the last question. With regards to the ranges of the high pressure network and transport hydrogen, In a summarized manner, it would be as follows. Up to 2% of the total volume, we mustn't invest Specifically, and we could be to it at the moment where we can have green hydrogen. So we are in contact with the regulator to look at the different topics, the regulatory topics to finish putting this possibility in writing.
The second level is to reach 5% And the 3rd range, which is more linked to the European Commission's policy, is to reach 10%. Generally speaking, the European network and more specifically, the In a blending fashion, green hydrogen, even in a greater extent than 10%, 10% would be a further stage. It's still pending a technical decision, and it would be a form part of other decisions that are related to the regulatory framework. So it could be around 500 of €400,000,000 or €600,000,000 over a period of time, which are technical to changing compresses in certain points. And these investments will allow to reach blending levels, which would be very high, Hydrogen blending levels.
So for this to happen, there need to be many green hydrogen manufacturing point or producing points. And this is where we're working on right now. All TSOs, what we are saying is that networks can play a very important role, but it's very difficult for me to provide figures, specific Hydrogen figures because right now no green hydrogen or in other country is produced in a very significant manner is more at a lab level. As these projects go forward And as this hydrogen is consumed and transported in a parallel fashion, all the TSOs, we will have to adapt Up to 1st 2% so up to 2%, there's no significant investment needed. From 2% then we do need an investment and that we are pending other countries.
This has sped up a lot a year ago. We can speak about this and now we are speaking a lot about this. We will provide further detail as we see that the European Union and different countries Finish or give further information on these measures. Thank you.
Okay. So we are ready for the next question. The next question is from Fernando La Fuente Alantra. Please go ahead with your question. Good morning, everybody.
I have two quick questions from my side. The first question concerning the dividend Payout policy from affiliates, taking into account the improvements reported over the past months, Which is your guidance with regards to dividend for this reporting period? Do you think that this could have some kind of impact on your key financials. And as for M and As, When you presented the strategic plan, you said that this is something that you are considering. So I would like to know the alternatives to this or your vision in this regard.
And even if we do not consider this to be a state of assets, are you planning at any point in time to sell the Peruvian business, taking into account that we are still 3 years ahead Before the arbitration ruling is awarded, are you planning to do that? Thank you, Fernando, for your question. Again, we will discuss your question and will answer shortly. Thank you. Thank you, Fernando, for your question.
Let me answer the question with regards to the sale of the assets package and then I will hand over to the CFO. As we have already And, humbly speaking, we are not a very large company. However, we do have experience investing, etcetera. And therefore, that's, of course, within the scope of our regular, that is to say, to do some disposal of assets at some point in time, but we are not planning To do that for the time being. So this is something that we, of course, bear in mind, and we analyze this situation whenever an interesting possibility may arise.
As for the guidance with regards to dividend and I would like the CFO to confirm the data we already provided during the results presentation. So Borje, you have the floor. Thank you, Mr. Chairman. In fact, as we mentioned, our guidance for the overall period amounts to €120,000,000 With regards to dividends coming from the affiliates, we feel pretty comfortable with that guidance.
And we intend to keep that guidance that we reported And to keep that guidance that we reported approximately 1 month ago. Okay, good. Thank you, Fernando. And we can move on with the next question, please. The next question comes from Jorge Ruiz From Barclays.
Please, you have the floor. Good morning. I have one question. Could you provide us with some guidance as To natural gas demand growth for 2021. Thank you for your question.
We will answer shortly. Thank you. So twice a year, we had some guidance at the beginning of the year. And in June, we are going to have a second guidance for the rest of the period until the closing of this year. So at that time, we might provide you with more accurate data.
However, today, we are already A little bit ahead of what we had estimated under the guidance. Thank you again for your question. Thank you, Mr. Chairman. Thank you for your question.
Next question please, if any. There are no further questions All the Spanish room and in over the telephone conference call. So we are going to give the floor to Mr. Velasquez to close the conference. Thank you very much.
If there are no further questions, We've thus come to the end of this conference call. And again, if you have any further questions, do not hesitate to contact the Investors Relations team