Colombian power company Celsia reported a significant dip in its first-quarter consolidated net profit, plummeting by 75.7% year-on-year to COP 29.69 billion (USD 7.6m/EUR 7.1m) attributed to the impacts of El Nino droughts.
Despite challenging conditions, Celsia revealed revenues of COP 1.38 trillion for the quarter, marking an 8.7% decline compared to the same period last year, primarily attributed to reduced hydro power generation. The El Nino phenomenon contributed to increased generation costs, resulting in a 6.4% rise in cost of sales to COP 1.06 trillion.
The company's total EBITDA also witnessed a notable decline, dropping by 36.6% to COP 325.98 billion, with an EBITDA margin of 23.7%.
Celsia expressed optimism regarding the results, noting improvements compared to losses incurred during the first quarter of 2016 amid Colombia's 2015-2016 El Nino season. The challenges spurred the company to reevaluate its generation strategy, diversifying its predominantly hydro-based power mix with solar energy and reconfiguring its thermal power portfolio.
Celsia's solar platform, C2 Energia, specializing in solar farms exceeding 8 MWp, demonstrated significant growth, with revenues and EBITDA increasing by over 150% year-on-year during the first quarter. Conversely, the Laurel platform, focusing on solar projects below 8 MWp, experienced a profit decline of 47.9% compared to the previous year.
Currently, C2 Energia boasts a total installed solar capacity of 300 MW across 17 operational plants. Meanwhile, Laurel has developed 90 solar power systems with a combined capacity of 34 MW, generating 10.13 GWh in 2024.
