Endesa beefs up revenues by 59% y/y in Q1 2022

Endesa team building a solar farm in Andalusia. Image by Endesa (www.endesa.com)

May 10 (Renewables Now) - Spanish utility Endesa SA (BME:ELE) on Tuesday reported revenues of EUR 7.6 billion (USD 8.0bn) for the first quarter of 2022, up 59.1% year-on-year, highlighting strong sales at almost all segments.

The company drew roughly EUR 5.3 billion of its revenues from electricity sales, up 57.7%, and EUR 1.6 billion from gas sales, the latter representing an increase of 138.6% year-on-year. The results came mainly on the back of the increase in prices, and despite lower sales in terms of units of electrical power during the quarter and variations in customer numbers between the two comparable periods.

Net ordinary profit for the January-March quarter came at EUR 338 million, lower by 31.2% year-on-year since the bottom line in the same period in 2021 had been inflated by extraordinary income. For the same reason, EBITDA of EUR 914 million represented a decrease of 10.4% in annual terms. Without the impact of the last year's one-off, net profit would have grown by 14%, Endesa said.

Selected figures for the period are presented in the table below:

Figures in GWh: Q1 2022: y/y change:
Electricity generation 15,462 4.5%
Renewable electricity generation 2,980 -31.7%
-- Hydro 1,137 -51.7%
-- Wind 1,551 -16.4%
-- Solar PV 292 96.0%
Net electricity sales 19,593 -5.5%
Gas sales 20,514 -8.8%

Endesa close the reporting period with 8,445 MW of net installed renewable energy capacity across hydroelectric plants, wind and solar farms in Spain, compared to 8,389 MW it had at the end of December 31.

Endesa said that it maintains the forecast for the current fiscal year despite the deteriorated macroeconomic environment, high prices of raw materials and gas. The utility expects to close the year with an ordinary net profit of EUR 1.8 billion and EBITDA of EUR 4.1 billion.

(EUR 1.0 = USD 1.057)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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