Spanish utility company Endesa SA has disclosed a net ordinary profit of EUR 1.06 billion (USD 1.13bn) for the period spanning January through September 2023, representing a decline of 27.9% year-on-year, as outlined in the company's financial report for the period released on Tuesday.
The reported net profit, which factors in various elements, experienced a more substantial drop of 35.9% compared to the previous year. This downturn can be attributed to a combination of factors, including the imposition of a 1.2% windfall tax on revenues generated from power production and retail sales at unregulated prices in Spain, as well as the presence of extraordinary earnings recorded in the corresponding period of the previous year.
Endesa's revenues for the period witnessed a significant decrease of 22%, amounting to EUR 19.21 billion. Gross earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at EUR 3.35 billion, reflecting a year-on-year decline of 9.6%.
The company also reported a 1% reduction in its overall net electricity sales, totaling 59,506 gigawatt-hours (GWh).
In a positive turn, Endesa saw a 13.8% increase in renewable power generation, amounting to 10,159 GWh during the January to September period. Notably, generation from the company's wind and solar farms surged by 10% and an impressive 49.6%, respectively.
Endesa's renewable energy capacity, spanning hydro, wind, and solar photovoltaic sources, remained constant at 9,337 megawatts (MW) at the close of September, maintaining the level from the end of 2022.
