Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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As Return of Political Risk Brings Gravity Back to European Utilities, We Favor Naturgy

Tancrede Fulop

Feb 12, 2026

Ahead of an EU summit in Antwerp that started Feb. 12, industry leaders urged EU leaders to slash energy prices. German Chancellor Friedrich Merz backed them by calling for a postponement of the phase-out of free carbon allowances for industrials, which was due to commence in 2026.

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Naturgy Energy Group SA

As Return of Political Risk Brings Gravity Back to European Utilities, We Favor Naturgy

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