Acciona Energia boosts net profit by 155.5% y/y in H1 2022
Ken Teegardin/CC BY-SA 2.0
Spanish renewables company Corporacion Acciona Energias Renovables SA (BME:ANE), better known as Acciona Energia, on Wednesday reported a 155.5% year-on-year net profit growth for the first half of 2022, recording EUR 390 million (USD 396.2m).
It said the boost was underpinned by increased financial efficiency, a growing commercial policy and the evolution of prices in all of its markets.
EBITDA from January through June came at EUR 909 million, up 81.7% year-on-year, driven by better results from the business in Spain, which offset for lower contributions from international markets.
Revenues surged by 111.9% to EUR 2.21 billion. Operations in Spain accounted for EUR 1.63 billion of the total amount, up by 189% on the year, mainly due to a sharp increase in electricity prices which benefited Acciona Energia’s generation and supply businesses, the company said.
The revenue increase in Spain came despite the power production there dropping by 5.9% to 4,917 GWh.
Consolidated production across all markets combined increased by just 0.2% to 10,247 GWh on lower resources and curtailments in some places.
Acciona Energia started building 1,464 MW of renewables during the reporting period. It said it expects to add around 540 MW this year, which would be 290 MW less than initially planned due to disruptions in the supply of PV modules to the US market as a result of the anti-circumvention investigation by the US Department of Commerce.
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