Good morning, ladies and gentlemen, and thank you for joining us at this financial results presentation for the first half of 2022. The financial results were published this morning before the CNMV, before the opening bell, and they are available at www.enagas.es. Arturo Gonzalo, the CEO of Enagás, will lead this conference that will take about 15 minutes, to be followed by a Q&A session, during which we will try to answer any questions as fully as possible. Thank you very much for your attention. Now I hand the floor to Mr. Arturo Gonzalo.
Good morning, ladies and gentlemen, and thank you for joining us. I would like to welcome you to this presentation of financial results for the first half of 2022. Joining me today are the CFO, Luis Romero, the Legal Services and Corporate Affairs General Manager, Diego Trillo, the Communications, Public Affairs, and Investor Relations General Manager, Felisa Martín, the Investor Relations General Manager, César García, and the Control and Business Analysis General Manager, Natalia Mora-Gil.
I would like to start by announcing some very good news. Pontegadea has acquired a stake in our subsidiary, Enagás Renovable, with a 5% share. This is a very positive milestone and a new development since our announcements a fortnight ago on July 12, when we presented our 2022-2030 strategic plan. As we presented our plan just recently, my speech today will be short and very much focused on the results of the first half of the year, and also on how the milestones announced in our strategic plan for July are already taking shape.
I would like to remind you that through this new 2030 strategic plan, Enagás is repositioning its strategy along the same lines as Europe and the Spanish government, with the aim of contributing to the two priorities set by the new energy paradigm, that is security of supply and decarbonization. This new European paradigm that we have been talking about has been forged over the last 12 months, and especially in the first half of fiscal year 2022 through REPowerEU, the roadmap of the new European strategy. Also, the winter plan drafting that was addressed yesterday in Brussels by an extraordinary energy board taking gas supply security measures.
The conclusions of this board ratify, once again, the strategic value of gas infrastructures and highlight the strength of the Spanish gas system. We are the most important E.U.'s LNG entry point, with a very robust infrastructure network that enables Spain to make a distinct and strategic contribution to energy security for the rest of Europe. As pointed out yesterday by Vice President Teresa Ribera, we are keeping, and shall keep, a solidarity approach with Europe, and the agreement approved yesterday evidences that flexibility will be key to such solidarity to be as effective as possible.
With the utmost spirit of collaboration and responsibility, we shall contribute from Enagás to security of energy supply by making available all interconnection capacity at our disposal, as well as ship reloading capacity at our regasification plants. We shall also do so by contributing indirectly to making gas available for electricity generation. In fact, we are already doing our best to reinforce the coordination of European TSOs even further.
That is to say, the transmission system operators in Europe, advancing towards greater integration of the energy systems and consolidating a true common energy policy in Europe. In this backdrop, where a new energy and climate agenda is being promoted, and where the energy transition and the role that renewable gases can play are being accelerated, Enagás has a key role as a European TSO of reference, and will also have a key role as a future HNO, Hydrogen Network Operator. In order to address these challenges, we have a very clear guideline, our strategic plan, and let me remind you of its main indicators. We shall invest EUR 2.775 billion by 2030, rising to EUR 4.755 billion with the REPowerEU interconnection projects.
Through these investments, we are therefore returning to a profitable and sustainable growth path, which is reflected in a forecast increase in dividend Adjusted EBITDA of a 2% CAGR in the 2022-2030 period and a 4% as from 2026. This growth is compatible with maintaining our commitment to our dividend policy, with our solid balance sheet structure, and with the fulfillment of our credit metrics. Since we presented our 2022-2030 strategic plan on July 12, Enagás shares have outperformed its main peers on the stock market on a like-for-like basis. As I said, we are now fully focused on the implementation of the plan. All the actions foreseen and supported on four growth pillars are well underway.
In the past two weeks, we have already materialized the operations scheduled to take place in July that we announced to you at the time. First, the sale of our 45.4% stake in GNL Quintero, which accounts for an inflow of EUR 639 million and net capital gains of EUR 135 million. Second, the Hy24 Fund, a joint venture between Ardian and FiveT Hydrogen, that has acquired a stake in Enagás Renovable as a financial partner with an initial interest ownership of 30%. This transaction will generate net gains for Enagás of EUR 50.4 million.
In addition to these two transactions that we previously mentioned, and as I have already mentioned, this very morning we announced an agreement with Pontegadea, a major Enagás shareholder, to acquire 5% of our stake in Enagás Renovable, and therefore, becoming an investor in this subsidiary as well. Pontegadea and Hy24 commitment consolidates Enagás Renovable as a platform for the development of green hydrogen and biomethane, in line with what we announced in our strategic plan. On the other hand, and as you know, one of the commitments under our strategic plan is to strengthen the important role that the Trans Adriatic Pipeline, TAP, plays in European energy security.
The strategic partnership MoU signed by the EU and Azerbaijan on July 18 to double the supply of Azeri gas to Europe is no doubt an important endorsement that lays the groundwork for the potential expansion of TAP capacity to the 20 bcm target that we are promoting. By managing the Spanish Gas System during the first half of 2022, we have continued to guarantee operation and supply. Here are some facts. The technical and commercial availability of gas infrastructures stood at 100%. Underground storage facilities are already at 76.5%. That is more than five points above the obligations set by the European Commission by August 1st. LNG plants are becoming more than ever a strategic asset for security of supply.
Vessel offloading has stepped up with a total of 173 operations, compared to 111 in the first half of 2021. Also, the stocks of LNG in tanks have increased. In June, the so-called virtual pipeline was commissioned. This is a shuttle service for small vessels transporting LNG from Spanish plants in the Mediterranean to the Panigaglia plant in Italy. We continue contributing to European supply. Right now, 100% of the total interconnection capacity with France is currently contracted, and exports in the first half of the year amounted to 20.6 TW/h . This is equivalent to 20 methane tankers. Thus, we're proving that Enagás is ready to support energy security in Spain and Europe. Thanks to our infrastructure network, which makes us a benchmark in diversification of supply.
In the first half of the year, we received gas from 14 different sources. The United States has become our main supplier, with 34% of the total amount, to be followed by Algeria, with 25%, and Nigeria with 14%. LNG has accounted for 73% of Spain's gas supply, vis-à-vis 50% a year ago, which shows the flexibility of the Spanish gas system. All this has enabled us to provide an optimal response to a 10.1% growth in demand and exports of natural gas through interconnections in the first six months of the year. Particularly noteworthy is the 73.4% increase in demand for electricity generation in Spain, which has beaten three consecutive records since June. Now let me turn to the most relevant figures of our financial results for the first half year of the year.
Ordinary net profit after tax for the first half amounted to EUR 164 million. In our presentation two weeks ago, we gave you a preview of our investment in Tallgrass Energy impairment, tantamount to EUR 133.8 million. If in addition to this non-recurring effect, we include the capital gains from the two transactions closed in July, the net capital gains, that is the sale of GNL Quintero and Hy24's stake acquisition in Enagás Renovable, our net profit would amount to EUR 215.5 million. This is a 1.2% step-up compared to the first half of 2021, and is in line with achieving our year-end results. Both our cash flows and net debt have evolved in line with the budget for the first half of the year.
We have reduced our debt to EUR 4.099 billion and improved the cost of finance, which has fallen down to 1.6%. Also, our affiliates have performed very well, contributing EUR 99.8 million. This amount includes the deconsolidation of Gasoducto de Morelos as from December 2021, and GNL Quintero as from March this year. In addition, we received dividends from affiliates amounting to EUR 87.4 million, posting a significant increase compared to the same period the prior year. Our affiliates continue contributing to security of supply and decarbonization in the countries where we operate. Here are some milestones. Europe, as you know, is a key focus of our strategic plan until 2030. Trans Adriatic Pipeline remains a key contributor to the guarantee and security of supply, reducing dependence on Russian gas, especially in Italy and Greece.
With a 97% utilization, this pipeline has delivered 5.1 bcm of gas to Europe in the first half of the year. Under the current market test process framework that began in 2021, TAP continues to define the different expansion scenarios it foresees in order to increase its transportation capacity up to 20 BCM. The binding phase is scheduled for November 2022, with a second window in July 2023. In Greece, our affiliate, DESFA, is reinforcing the key role for the security of supply of the Revithoussa Terminal, which covered 44.5% of the country's total demand in the first half of the year, while taking measures to ramp up its capacity. In the United States, the Tallgrass infrastructure has seen a high level of contracting and utilization during the first half of the year.
Specifically, the REX pipeline performed well with an average contracted capacity of 94%, showing its flexibility to adapt quickly to market dynamics by offering various commercial options to its customers. Furthermore, and in this new favorable gas context in the United States, other projects are being reactivated and new initiatives are being launched linked to the role of the United States as a reliable long-term energy supplier. In Mexico, the TLA Altamira plant had 100% availability in the first half of the year. With regard to our ESG performance, this is at the very heart of our strategy. We continue to evolve and improve constantly, which is why we stand in leading positions in the world's main sustainability indices. People are at the core of our company, and this is not a cliché.
They are so in terms of talent and also in terms of diversity and inclusion, health and well-being. Today, I want to mention two milestones in this regard of the past six-month period. First, the second Enagás equality plan has been approved, ratifying our commitment to guaranteeing real equality between men and women. Second, we have achieved the highest level of excellence, A+, in our certification as an EFR family responsible company, a benchmark in work-life balance. The first half-year results we are presenting today are in line with delivering on our 2022 targets, which are the following, to achieve a net profit between EUR 380 million and EUR 390 million. Without the extraordinary asset rotation and impairment of Tallgrass Energy.
We are talking about net profit of EUR 360 million, that's expected net profit, to achieve a dividend Adjusted EBITDA of EUR 740 million to reduce for the second consecutive year our net debt, that, with the cash inflow that we foresee from asset rotation by year-end will be around EUR 3.7 billion. Affiliates in turn will continue to contribute significantly both to cash generation and to our income statement. Finally, thanks to our strong cash position, we shall meet our dividend policy commitments, which in 2022 will account for a rise of 1% over 2021. That is EUR 1.72 per share. Let me close off by drawing three conclusions.
Today, we are presenting first half year results that are fully in line with our budget and on track to achieve the targets set for fiscal 2022. Second, we have already achieved the milestones laid down in our strategic plan for July. That is the sale of GNL Quintero and the acquisition by the Hy24 fund of a 30% stake in Enagás Renovable. In addition, today, we have also announced the 5% stake acquisition by Pontegadea. Third, asset rotation, which strengthens the company's balance sheet and Enagás' solid financial position to harness new opportunities in the current decarbonization process, both in Spain and Europe. Thank you very much, and we are now at your disposal to answer your questions.
Ladies and gentlemen, if you wish to ask any questions, press the asterisk plus one on your phones. First question by Ignacio Doménech, JB Capital Markets. The line is open. Please go ahead.
My question is regarding the equity stake purchased by Pontegadea into Enagás Renovable. Could you give us more color about that one?
Well, we signed the agreement yesterday by which Pontegadea is taking an equity stake in Enagás Renovable. It's a 5% equity stake, and it's been the same price that Hy24 paid a few days back for 30% of the shares. We're talking about a EUR 3.5 million transaction, and there are no capital gains as they were already declared when Hy24 became a shareholder, and that was formalized a few days back before the notary public.
Thank you very much to the CEO, Ignacio Doménech. Next question, please.
Next question by Fernando Lafuente from Alantra. Please go ahead. Hello.
Good morning, everyone. I have one question regarding Pontegadea and the potential sale of assets. This was mentioned briefly during the strategic plan presentation, but I would like to know what's your view on the assets owned by the company beyond Enagás Renovable abroad? What assets do you believe are mature already and might be more valuable to other investors? Could you please comment on that?
Thank you very much for your question, Fernando. As I mentioned during the presentation of the strategic plan, long-term strategic assets for Enagás are located in Spain and Europe. These assets are part of one common gas system in the long term to the eyes of Enagás. Every day, we see the premise of an integrated shared gas system in Europe reinforced. The energy board of the European Union yesterday reached an agreement whereby all member states must work to reinforce their energy interconnections. Therefore, our assets in Spain and Europe.
Will gradually be part of the same value chain and gas system. Our assets beyond Europe are not strategic in the long term, the same way European and Spanish assets are. They are very valuable and we can take them to maturity. When we consider they are mature and the right market situation is there, we could consider these assets for rotation as has been the case in the past. I think I'm being clear enough. Thank you, Fernando.
Thank you very much, Fernando, for your question. Let's move on to the next.
Next question by Javier Suarez of Mediobanca, please go ahead.
Hello, good morning, everyone. Thank you very much for your presentation. I have three questions. First, regarding the overview. Yesterday, there was a very important presentation by the Council of Europe.
There is a plan to reduce the consumption of energy of gas by 15%. That's on a voluntary basis, but most likely it will become compulsory if the situation continues to deteriorate. My question to you is, what do you think the role of Spain in general, and Enagás in particular, is to proactively collaborate toward the European goal to reduce the consumption of energy? In that context, how can the political debate be geared towards the improvement of infrastructure, and what impact this might have on the plant in Musel? First question. Now, second question. Could you give us more color about the performance of Tallgrass over the second quarter of the year?
The third question, I know that you just made your strategic presentation recently, but I would like to know if you've been in touch with the administration in Peru over the last few days. Do you have any updates to share about the situation in Peru?
Thank you very much, Javier, for your questions. Good morning. Regarding the European board that just met, we still must make a detailed analysis. As you know, all relevant documents have not been made public yet. As mentioned by the Third Vice-President of our government, Mrs. Teresa Ribera, Spain has undertaken two main lines of action. First of all, Spain will meet the goals to reduce consumption, will meet its quota.
Taking into account the technical terms set in the agreement, it seems Spain can apply to reduce consumption by 7% compared with the average of the last five years. Now, Spain is entitled to this because of the interconnection capacity between Spain and France, the neighboring country. In this case, this interconnection capacity is operating at 100%, and it has been used for more than 50% of the time during that period of reference, and that's why we believe we are entitled to that smaller percentage. At the same time, the Spanish government and Madame Ribera have mentioned how they will exert their utmost efforts to enhance the export capacity, gas export capacity towards Europe. Now, mainly this is export of gas through our land interconnections with France, where we can still increase capacity.
Second, it would be through LNG, through the vessel, loading in our regasification plants. Now, there are two highlights to be made about this last point. First, the Musel plant that will be starting to work as a logistics plant in the first Q of next year. This is going to enable us to receive biomethane tankers to this plant, and this LNG can be temporarily stored in tankers and then reloaded to smaller vessels later to then travel to other plants in Europe. Musel, therefore, as a logistics plant, will offer a capacity to store LNG and to offload and reload tankers that will be super valuable for Europe. Another point or highlight about this is that we can use the virtual gas pipeline connecting Enagás in the Mediterranean with Italy.
For the time being, it's been one vessel per month to take LNG through that virtual pipeline, but important capacity remains open to keep transporting gas from Spain to Italy. This, of course, is a driver of the political debate and a reminder of how important infrastructure is for the security of supply. At the same time, I'd like to make the point that the security of supply is a commitment that is very much compatible with the decarbonization towards 2030, as we're talking about infrastructure that can be used for green hydrogen going forward. Regarding the performance of Tallgrass Energy. The business shows clear improvements over the first half of the year, and we're projecting those figures for the whole of 2022. In fact, we contemplate that EBITDA for...
By year end will be at the high end of the guidance, $715 million-$760 million. We also consider new contracts. The lead pipeline, gas pipeline, will be connected to the Pony Express Jersey Expansion Project. We see that the rates are higher, and this connects well with the, an increase in inflation. We also see the spreads increase during the first half of 2022. This applies to the REX gas pipeline. There's been a 50% increase over the last six months. Therefore, the businesses has been doing well over the last six months, and that has offset the positive non-recurring impact that took place in 2021. I believe this is very, very relevant. Luis, CFO, would you like to add anything to this point?
Thank you, Arturo. Let me just add, as our CEO correctly said, that there was a cold wave in the first half of 2021, and that yielded, well, a 41% worsening year-on-year. This will be offset now because of the greater flexibility given by REX and also the better margin we get in the water business. It will be a 54% improvement. We're going to be towards the high end of the guidance. Regarding Peru, the CEO speaking again, nothing to add. I will just say that we're getting closer and closer to the witnessing between the parties, and that will take place in September. As you know, that unleashes a process that takes some two to four months before the award is given. We've been very conservative in our planning.
We believe it's gonna take some six months, but by the second half of 2023, the latest, we should have the award, this arbitration given. As weeks go by, we get more visibility and certainty, and we see this project or this arbitration coming to an end.
Thanks to the CEO and the CFO, and Javier, thank you for your questions. Let's move on to other questions, if there are any. There are no more questions in the Spanish room. Let's move on to the English room.
Thank you. If you would like to ask a question, please press star followed by one on your telephone keypads now. As a reminder, for any questions on the phone lines, please press star followed by the number one on your telephone keypads now. Okay.
Well, if there are no further questions, this conference is coming to an end. Thank you very much for connecting. The investor relations team is fully available in case you would have any more questions through the morning. Thank you very much.