Spain's Endesa sees net profit down 41% y/y in Q1 2021

Control centre for renewable energy assets in Santiago de Compostela, Spain. Source: Endesa (www.endesa.com)

May 6 (Renewables Now) - Spanish utility Endesa SA (BME:ELE) posted an ordinary net profit of EUR 491 million (USD 590.5m) for the first quarter of 2021, down 41% on the year.

The huge year-on-year difference resulted from extraordinary items that boosted the results in the first quarter a year back

In like-for-like terms, the 2021 first-quarter profit declined by 13%, the company said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 31% to EUR 1.02 billion, and by 9% in comparable terms. Revenues were down by 1.5% to EUR 4.99 billion.

In the retail segment, Endesa’s sales of energy decreased by 3% to 23.2 TWh on the full impact of the COVID-19 pandemic. In the same period of 2020, the pandemic affected the results only in the second half of March, the company explained.

The utility’s electric mobility segment increased the number of charging points by 6% to 7,500, of which 2,000 stations have public access.

By the end of March, Endesa had about 17.3 GW of total net installed capacity in Spain. Of the total, renewables represented 7.7 GW. The remaining capacity is divided between 3.3 GW of nuclear energy and 6.3 GW of thermal power plants.

In the same period in 2020, the company had 19 GW of capacity, but has since shut down 2.1 GW of thermal power plants and added some 400 MW of renewables.

The total production output declined by 2% to 12.1 TWh in January through March.

As of the first quarter of 2021, Endesa has 44.4 GW of renewable energy projects in the gross pipeline, most of them in the early stage development. The mature pipeline totals 5.5 GW, while 2.3 GW of projects are being executed.

Endesa has set the target to connect 700 MW of renewables in 2021.

Battery storage projects are separated from the rest for the first time, with Endesa reporting that is has 6 GW of them in total in the pipeline, of which 0.4 GW are considered mature.

(EUR 1.0 = USD 1.203)

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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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