Spanish energy giant Endesa posts 2.5 billion euro profit in 2022
ENERGY ·
The group's profit increased by 77 per cent during the year in which energy prices soared to historic highs after the Russian invasion of Ukraine
Sections
Highlight
Sections
Highlight
ENERGY ·
The group's profit increased by 77 per cent during the year in which energy prices soared to historic highs after the Russian invasion of UkraineJosé María Camarero
Madrid
Friday, 24 February 2023, 16:22
Compartir
Spanish energy giant Endesa posted a profit of 2.54 billion euros in 2022, the year in which energy prices soared to historic highs after the Russian invasion in Ukraine.
The group's result increased by 77 per cent compared to the previous year, when its accounts were impacted by almost 500 million euros due to the deterioration of some of its non-mainland businesses.
The annual results come as Endesa's CEO, José Bogas, calculated that the company would have made more than six billion euros in profit had it not been for the Iberian cap – the limitation on the price at which energy companies can sell electricity from nuclear, renewable and hydroelectric plants.
After the government launched the extraordinary tax on energy and banking Endesa lodged an appeal with the High Court in Madrid, considering it «unjustified and discriminatory». This measure is in addition to an appeal lodged by the Spanish electricity employers' association Aelec a week ago. In Endesa's case, it estimates that the tax will costs the company 208 million euros this year.
The group calculates that the Iberian cap has allowed Spain and Portugal a «favourable comparison» of electricity prices, at around 168 euros/MWh on average, compared to other countries such as Germany (235 euros/MWh), France (276), Italy (304) or the United Kingdom (240). Endesa is in favour of the Iberian cap mechanism remaining in force beyond 31 May, when the exceptional permit granted by the EU to Spain and Portugal expires. However, it has also asked for the measure «to be extended to all European countries» so that they can compete under the same conditions.
At a press conference, Bogas also analysed the possibility of the government authorising an extension to the agreed timetable for the closure of nuclear plants, scheduled between 2027 and 2035. «Everything will depend on the guarantee of supply, the reduction of emissions and low prices for customers,» said the executive. Bogas said that «nuclear must be prolonged» and that «we are in the same boat as the government and we will work to provide the best service to Spanish citizens».
Publicidad
Publicidad
Publicidad
Publicidad
Reporta un error en esta noticia
Necesitas ser suscriptor para poder votar.