Energía Natural Dominicana (ENADOM)

What it is

ENADOM is a Dominican limited-liability company whose sole purpose is to operate and manage assets tied to the natural gas business in the Dominican Republic — including storage, import, pipeline transport, and commercialisation of liquefied and regasified natural gas.

It owns a 50-kilometre gas pipeline, a 120,000-cubic-metre liquefied natural gas (LNG) storage tank, and other infrastructure, built with total investment exceeding USD 400 million since its founding in 2019. Combined with pre-existing facilities in operation since 2003, this positions the Dominican Republic as one of Latin America’s main natural gas hubs.

The initiative helped lift natural gas’s share of the Dominican energy mix from roughly 24% in 2019 to approximately 41% in 2024, and is projected to save the nation USD 3 billion over ten years.

Revenue is anchored by long-term contracts averaging ten years, denominated in US dollars and inflation-indexed — a “take-or-pay” structure in which customers pay whether they use the gas or not, making cash flow unusually predictable.

Who owns it

ENADOM is 99.99% controlled by Domi Trading, itself a joint venture between AES España BV (a subsidiary of the global AES Corporation) and Energas — each holding 50%. AES Corporation is a global energy leader operating in 14 countries; Energas, formerly known as Compañía de Electricidad de San Pedro de Macorís (CESPM), is a long-established Dominican power generator.

There is no public float: ENADOM is registered with the SIMV as a debt securities issuer, not an equity issuer, with authorised and paid-in capital of DOP 2,703,563,800 (~USD 46.2 m at current rates).

Who runs it

ENADOM’s top executives are Juan Ignacio Rubiolo (president of the board), Edwin De los Santos Alcántara (CEO), and Osvaldo Oller Bolaños (vice-president of finance). De los Santos is also listed as legal representative in the SIMV registry.

The company carries no direct payroll: all personnel services are provided by AES Andrés DR, S.A. under a ten-year administrative services contract, renewable automatically every five years.

The money, in plain words

Revenue reached USD 71.3 million in full-year 2024, a 27% jump from the prior year, driven by higher gas-transport volumes through the AES Andrés relationship. That growth came entirely from fees charged for using the pipeline and storage — ENADOM does not bear commodity price risk on the gas itself.

Net profit for 2024 came to USD 14.7 million, down 23% year-on-year, producing a net margin of approximately 35%. The drop was not an operational setback: it reflects the end of a construction-phase accounting treatment whereby interest on the new storage tank, once capitalised into the asset, now flows through the income statement as a direct cost.

Underneath the net profit, the cash-generation metric EBITDA (operating earnings before interest, tax, depreciation and amortisation — essentially the cash the business produces before financing costs) reached USD 53.7 million, up 19%, and the company generated USD 74.4 million in operating cash flow. That is healthy: the business converts nearly all its EBITDA into real cash.

For every dollar of owners’ equity, ENADOM earned back about 17 cents in net profit — a return on equity (ROE) of 16.8%, solid for an infrastructure company, though down from 22.7% in 2023 for the same financing-cost reason.

The balance sheet shows USD 369.2 million in total assets, of which USD 229.0 million are liabilities — largely the bonds and credit lines used to refinance a USD 180 million bank loan. At year-end 2024 ENADOM carried a negative working-capital position of USD 94.5 million, reflecting short-term credit lines taken to retire the bank debt early; by September 2025 the current-ratio liquidity measure had recovered to 1.7x from 0.3x at end-2024.

What it is doing now

Within its USD 300 million bond programme approved by the SIMV, ENADOM completed four tranches in 2024 raising USD 83.2 million in total, including a final tranche of USD 40 million that met its target with strong market demand. The strategy is to replace expensive bank debt with longer-dated, fixed-rate bonds — swapping a single lender for a broader group of Dominican investors.

In July 2025, ratings agency Feller Rate reaffirmed ENADOM’s AA-.do credit rating — the second-highest possible on the Dominican scale — with a Stable outlook, consistent with Moody’s Local RD’s January 2026 affirmation. The BVRD named ENADOM its largest fixed-income issuer of 2024 by trading volume.

Moody’s expects revenues to keep rising as ENADOM’s infrastructure matures, with a further boost anticipated when the San Felipe power plant comes online in 2027 and requires gas-transport services. To support that, ENADOM plans USD 47 million in capital spending over the next five years, including a second regasification train for the San Felipe connection.

This is news, not investment advice.