Endesa foresees that Congress will also eliminate the ‘hack’ to electricity companies due to CO2 – CVBJ | #government | #hacking | #cyberattack

11/03/2021 at 21:06 CET

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Endesa insists that the government’s ‘hack’ to the income of nuclear, hydroelectric and renewable plants that have internalized the price of gas will have “no effect” on your accounts after the Executive exempted from the cut the contracts signed at a fixed price. But the company now hopes that the same thing happens with the cut expected by the rise in CO2, which maintains the same philosophy as that of gas (eliminate the extra income from these plants) but which was processed as bill by the Executive and it is in parliamentary process for approval by the Congress of Deputies.

“We expect a major modification that exempts fixed-price contracts, similar to gas (…) There are already five parties (political) that they will present amendments “, has assured Bogas during the analysts’ conference to present the results of the electricity company for the first nine months of the year. These accounts do not include any impact from the rise in gas, which, had it been maintained, would have had a negative effect on 110 million euros during those first 15 days of September, as explained by the financial director of the electricity company, Luca Passa.

The company assures, and this has been sent to the Government, that all its own base generation, from hydroelectric, nuclear and non-regulated renewables (the plants penalized by the Executive), is sold in advance to cover fixed-price contracts with industrial and residential clients at prices “much lower” than those currently set by the pool (wholesale market) – around 50 euros per megawatt-hour, as suggested by Bogas.

Despite not noticing the effect of the ‘hack’, the power company owned by the Italian semi-public group At got a net profit during the first nine months of the year of 1,459 million euros, 3.4% lower than the same period of the previous year. The company justifies this drop by the exceptional rise in electricity prices due to the very high prices of gas and CO2 emission rights in recent months. The benefit ordinary net followed the same line: 1,459 million euros (14% less).

Faced with the fall in profits, the rise in income that skyrocketed 43.6% in the period, to 18,603 million euros, driven by an increase of 4,383 million in the variation of ‘energy derivatives “(risk coverage) that represented 4,139 million euros in expenses.

The company confirms its main financial and business objectives for the whole of the year. Although the CEO of Endesa has estimated that the price of electricity in the wholesale market it will remain “high for the next several months.” But Bogas has also assured that he expects “some kind of extraordinary regulation in 2022 to reduce the price of the ‘pool’ (wholesale market) “, since it considers that for many companies it will be”very difficult “to make offers to your customers “if they have to buy energy on the market.”

Endesa has doubled (45%) its net debt up to 10,000 million euros, for him dividend payment charged to the results of 2020 paid during the year and the decrease in operating cash flow to 862 million.

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