The financial engineering of energy giants is once again exposed in the pages of the BOE. Under the lethargy of the registry data from April 6, 2026, a maneuver that directly links Enagás with the fiscal opacity of Madeira has been certified. The companies ‘Puerto de Agaete SL’ and ‘Puerto de Adra SL’, registered in Santa Cruz de Tenerife, have officially mutated to fall under the absolute control of a Portuguese parent company: Marítima Americana Unipessoal LDA, based in the Portuguese archipelago, known for its advantageous tax conditions for non-resident companies.
The movement is a choreography of retreat and concentration of power. In a striking declaration of unipersonal nature, Enagás has dismantled the boards of directors of these Canary Islands subsidiaries, resulting in the wholesale cessation of significant players such as Bansabadell Inversió Desenvolupament and, most notably, the Instituto de Crédito Oficial (ICO), which until now occupied the vice-presidency. The departure of the state’s financial arm from these management bodies coincides with the delivery of total control to the Madeira entity, leaving administration in the hands of two key figures: Laudelino Alperi Baragaño and José Ramón Fernández García.
This tax restructuring, hidden behind a symbolic capital increase of barely one euro to adjust balances, reveals the hidden side of the strategy of Enagás Financiaciones SAU. While the parent company acts as president and outgoing director, the operational structure moves to a ‘black box’ in Portuguese territory. The replacement of the Board of Directors with joint administrators simplifies the chain of command and dilutes internal oversight, facilitating the flow of assets to the single-member parent in Madeira.
The registry chronology leaves no doubt about the electric company’s intention: to cleanse the structure of institutional and Spanish banking partners to consolidate a scheme where the port of arrival of the profits is not Canary soil, but the Free Trade Zone of Madeira. In a context of maximum sensitivity regarding energy profits, Enagás plays its card in the Atlantic, using the flag of convenience of a Portuguese single-member company to shield its financial architecture from the state tax authorities.
