The company shoots nearly 60% of its electricity sales
In a first quarter marked by extreme volatility in the electricity sector, Endesa achieved a net profit of 338 million euros. This result, announced by the company on Tuesday, represents a decrease of 31.2% compared to the same period of the previous year, although it has reaffirmed its targets for the full 2022 of a net ordinary result of 1,800 million euros and an Ebitda of 4,100 million euros.
Despite this, the revenues of the energy company led by José Bogas in the period from January to March amounted to 7,596 million euros, with a growth of 59.1%. Thus, the group’s ordinary net profit reached 338 million in the first quarter, a decrease of 31%, although without the exceptional impact of 2021, this result would have increased by 10%.
Endesa’s gross operating profit (Ebitda) amounted to 914 million euros at the end of March, a decrease of 10.4% compared to the first three months of 2021, but 10% higher, if not, given the atypical results of last year, mainly the 188 million of a court ruling regarding CO2 rights.
Endesa, which sells more energy than it produces and has to buy energy on the market, benefits from falling prices but loses its bills when they are high, recorded these figures in a period marked by the deterioration of the macroeconomic scenario and the high prices of raw materials and especially of gas, which were on average 350% more expensive than in the first quarter of 2021, thus leading to prices in the wholesale electricity markets remaining high, with an average of 229 euros in Spain.
Endesa CEO José Bogas emphasized that the year is starting “with an even more challenging situation than the last, marked by the macroeconomic tensions resulting from the impact of the war in Ukraine and by the transfer of this conflict to a commodities market has been inflated for months.
In terms of promoting ‘green’ energy, the company has 90% of the renewable energy it expects to deploy in 2022 already in operation or in progress, and 70% of that planned for 2023. Specifically, the power company has 2,000 megawatts (MW) of renewable energy in progress, half of the target foreseen in the strategic plan for 2022-2024, and has 8,000 MW of power in an advanced state of accounting, all in Spain and Portugal.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
