Endesa finished 2022 with a net profit of 2,541 million euros, a 77% rise from 2021. The year faced asset impairment that weighed on certain markets, especially electricity production outside the peninsula in the Canary Islands, Balearic Islands, Ceuta, and Melilla, where 489 million euros were affected along with the steady operation of the gas business. The group’s ordinary net profit and dividend distribution also climbed, with the ordinary net profit reaching 2,398 million and a distribution rate to shareholders of 1,585 euros per share, up 6% from prior expectations. These outcomes reflect a year of mixed pressures and resilient performance across diverse activities .
The so‑called extraordinary context in the gas market drove higher generation from gas combined cycle plants to fuel electricity production and improved the wholesale gas trading performance. As a result, the trading margin for gas rose to 6 euros per megawatt-hour over the year from a markedly low 1 euro per megawatt-hour in 2021, underscoring a strong rebound in market conditions and the company’s ability to capitalize on gas‑driven demand .
Gas served as a counterbalance to weaker performances seen in other sectors of the business. Endesa maintained its policy of affordable prices in a period of high market prices, while renewable output faced constraints from lower hydraulic generation and regulatory factors affecting electricity distribution. Despite these challenges, the company continued to expand in the free market where its profitability surpassed that of the regulated market. Customer growth was robust: approximately 900,000 additional customers brought total electricity customers to 6.8 million, with about 400,000 companies now served—an increase of around one hundred thousand from the prior year. Regulated-rate customers reached 3.7 million. Across Spain and Portugal, the total customer base grew by 2% to reach 10.5 million. These shifts illustrate a strategy focused on expanding in the moredynamic free market while managing the regulatory and competitive pressures that shape the industry .
EBITDA for the year stood at 5,327 million, marking a 25% year‑over‑year increase. The investment program hit an all‑time high, totaling 2,343 million and rising by 8% versus the previous year. The company expects to carry this momentum forward with an anticipated 20% increase in investment through 2023, signaling a continued emphasis on asset development and long‑term growth through capital expenditure .
Extraordinary income tax
The energy company led by Jose Bogas also announced a challenge to a 1.2% income tax rate before the National Court. The company argued the levy is discriminatory and unfair, aligning with an objection already filed by the electricity sector group Aelec. In presenting quarterly results, Endesa noted that if no update is made, this tax could have an impact of around 300 million euros on its accounts this year. The discussion around this tax reflects broader regulatory and fiscal tensions that energy companies face as governments seek to balance consumer prices with revenue needs during periods of high energy prices .
Overall, the year highlighted Endesa’s ability to navigate a dynamic energy market. While some geographic and regulatory headwinds affected certain operations, the company demonstrated resilience through gas trading strength, a growing presence in the free market, and an ambitious investment plan aimed at sustaining long‑term profitability. The balance between maintaining affordable prices for customers, expanding in the most profitable market segments, and pursuing strategic investments remained at the core of Endesa’s approach in 2022 .