The gross operating result (leaflet) of the energy company also recorded a strong growth of 60%, reaching 1.462 million. improvement of evolution electricity generation business, both traditional and renewable and progressive normalization of marketing activity after the chaos caused by the energy crisis last year. The electricity company’s total revenue between January and March decreased slightly by 1.2% to 7,504 million.
Endesa undertook a fee of 208 million Euros for the new tax to large government-approved energy companies that impose a 1.2% tax on companies’ total income. The electricity company, which has challenged the new tax in the courts, increased its effective tax rate to 31% this first quarter (it would have been 25% without the new tax).
Endesa as a whole confirms its financial results targets for 2023, which envisage reaching an EBITDA in the range of 4,400 to 4,700 million euros and an ordinary net profit of 1,400 to 1,500 million euros.
All electricity sold
The group’s renewable generation (hydroelectric, solar and wind) increased by 32% compared to the first quarter of 2022, adding to nuclear generation, bringing the volume of electricity produced on the Peninsula without greenhouse gas emissions to 83% in Iberia. In the last twelve months, the utility company has added nearly 900 megawatts (MW) of new renewable capacity, reaching 9,300 MW, 10% more, at the end of March.
Likewise, the power company stated that it has already sold 100% of its own generation (hydroelectric, nuclear and renewable) in 2023 and 87% of its generation in 2024 at a price of 65 euros per megawatt hour (MWh). Regulations in force by the Government setting a ceiling of 67 euros per MWh for electricity purchase and sale contracts until the end of the year.