Endesa obtained a profit of 951 million euros last year, 60% lower than in 2022, which was exceptional when energy prices skyrocketed with the Russian invasion of Ukraine. Last year, on the other hand, there was what the company describes as “a process of progressive normalization”, with decreases of 64% in the price of gas and 48% in that of electricity, to which is added a decline of 2 .1% in demand.
These factors explain the 23% decline in the group’s income, to 25,459 million euros. There are also other additional elements such as the extraordinary tax on energy companies and banks that affected the gross operating profit (ebitda), which fell by 18%, to 4,392 million euros. The interest rate increases increased financial costs by 256 million.
Endesa alludes to the “difficult market context” as a negative element of last year. However, he highlighted positively its ability to generate cash, for around 4.7 billion euros, with which to finance, among other things, new projects in electrical and renewable networks, and offset the increase in the cost of debt. There is, he says, a “broad financial capacity to boost investment in the energy transition.”
The context is now marked, indicates the company, by the gradual recovery of energy taxes lowered with the war in Ukraine, such as VAT, electricity or the 7% on production, and also by the foreseeable modification of the extraordinary tax with new deductions linked to strategic investments.
The company maintains its policy of distributing 70% of the profits among shareholders, among which the Italian Enel stands out with 70% capital, and of guaranteeing a minimum of one euro per share per year. This will be the amount distributed from the 2023 accounts.
During the year, the electricity company added 600 megawatts (MW) of new renewable capacity, reaching 9,900 MW. Their combined power is 21,200 MW, after the closure of the 1,400 MW As Pontes coal-fired power plant. If nuclear energy is included, 80% of its peninsular production is emissions-free. In the Canary Islands, however, the plants are gas, fuel or coal-fired.
Electricity customers in the free electricity market have almost reached 7 million, compared to 10.5 million in total. There are now 19,300 electric car charging points, 39% more. Altogether, the company invested 2,304 million euros last year, 72% in electricity and renewable distribution networks.
