The echoes of the energy crisis lived in Europe – and Spain – are barely heard at the moment. That has led to Endesa to have a growth in its benefits greater than 100%. A situation, however, has been obtained by absence … of extraordinary elements that were in previous exercises. Although the essential element has been the recovery of normality in the energy sector.
Given this context, Endesa has closed the year 2024 with a Consolidated net profit of 1,888 million euros154% more than in 2023 – exercise that was affected by extraordinary impacts.
The company directed by José Bogas It highlights the standardization of energy prices in 2024, which manifested, first, in the drop in the average gas price (PVB, reference index in Spain, 12% up to 35 euros/MWh was reduced). And, as a consequence, in the price of the Iberian electric pool, which stood at 63 euros/MWh, 28% less than the average of 2023.
Nevertheless, Endesa still points out that the tax burden grew by 130% compared to a year earlier Up to 696 million paid taxes on benefit. This represents a fiscal rate of 27%, negatively impacted by the extraordinary rate of 1.2%, which has ceased to be in force as of this year 2025.
As for the evolution of the main businesses, Endesa has allocated around 900 million to “expand and modernize the distribution network, in which it is the leading operator in Spain.”
The company expects to increase its investments, in line with the announced in the past ‘Capital Markets Day’ of November, subject to the improvement of the remuneration of the network for the 2026-2031 period that is planned to be known throughout this year. This greater investment effort is directly related to “the need to increase supply security, as well as deal with new connection requests,” as they point out from the company.
With regard to the business lines, in generation, 86% of the electricity produced in the Peninsula The installed peninsular generation capacity increased by 200 MW in the yearuntil closing at 17,200 MW. 78% of the peninsular capacity is already free of emission. In this sense, Endesa has closed this February the purchase of hydroelectric assets by 626MW announced last November.
In marketing, one of the negative legs of the balance for the loss of customersthe aforementioned standardization of electrical prices in the Iberian pool has resulted in greater competitive pressure. The volume of customers in the free market has been at 6.7 million at the end of the year, 3% less. Of the total electricity sold to customers of the free market – which amounted to 71 TWH -, 80% came from generation sources without emissions. The unit margin in the electric market stood at 55 euros/MWh, 5% more, complying with forecasts.
As for the gas marketing business, the unit margin returned to the positive sign after the extraordinary impacts recorded in 2023. It stood at 4 euros/MWh, above the target of 3 euros/MWh planned. The volume of marketed gas decreased by 8%, up to 78 TWH, mainly due to the lowest consumption in combined cycle plants but also due to the lower demand for the final customer.
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