*Enagás raises H2Med to €6.7 billion and strengthens the H3!Enagas SABME_DLY:ENGActivTradesEnagás raises H2Med to €6.7 billion and strengthens its shift toward hydrogen By Ion Jauregui – Analyst at ActivTrades Enagás estimates at €6.7 billion the investment required to develop the hydrogen backbone network in Spain and the European H2Med corridor, a key project to connect the Iberian Peninsula with France and Germany within the EU energy strategy. The BarMar subsea section, between Barcelona and Marseille, will span around 400 kilometers and have capacity to transport 2 million tons of hydrogen annually. The consortium is composed of Enagás together with NaTran and Teréga. Total investment includes around €4.170 billion for the backbone network and €2.5 billion for H2Med, with operating costs estimated at €150 million per year. The project strengthens Enagás’ transition toward hydrogen as a new business core amid the decline of natural gas. The initiative could generate around 19,000 jobs and contribute nearly €980 million in tax revenues in Spain, although the market continues to monitor the high capex and the future profitability of green hydrogen. Technical analysis Enagás (Ticker AT: ENG) Enagás maintains a bullish bias in the medium and long term, with a sideways bias in the short term. Since the bullish gap on March 27, the price structure has formed a new channel between the highs at €17.37 and the latest double support around €16.39. The current price of €16.98 is slightly above the mid-range. The 50-period moving average is supporting the current move, suggesting that the ongoing moving average expansion could push the price to retest the new ceiling formed on April 8 near the highs. Immediate support below the range lies at €15.47 and €14.74, with the previous range high acting as a third support at €14. If the resistance at the highs is broken, an advance toward €18.50 could be seen as the first psychological target. If not, the price would likely retest the lower bound of the range. As long as the 100-period moving average is not broken to the downside and price does not fall below the first support, Enagás can be considered to maintain a lateral-bullish bias. A breakout to the upside would consolidate momentum linked to interest in European energy infrastructure. Green transition extends H2Med consolidates Enagás’ positioning in the hydrogen transition, enhancing its strategic profile within European energy infrastructure. The market will remain focused on project execution and on the ability to convert long-term investment into stable returns, in an environment where hydrogen monetization remains uncertain. ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance and forecasting are not a synonym of a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk. Political risk is unpredictable. Central bank actions can vary. Platform tools do not guarantee success.