Endesa, the Spanish energy group controlled by Enel, closed the first quarter of the year with a Net income ordinary orders down by 51%, reaching 292 million in a market context that returns to normal levels after last year's peaks. The EBITDA was 1.079 million, 26% less compared to the same period in 2023, when it marked the historical record for the company's EBITDA.
Endesa started the year “in one situation of progressive normalization of the energy market after the extraordinary circumstances experienced the previous year" reads the press release. “Proof of the changing trend is the 53% price drop due to a situation of high renewable production, especially hydraulic, and weak demand".
Almost half of the investments went to networks, 26% to renewables
The Spanish utility now aims to adopt a more selective approach in its investment policy: of the total investments in the quarter, which reached 412 million, remaining stable compared to 2023, 45% went to networks and another 26% at renewable.
In this context Endesa “reconfirm the achievement of goals set at Capital Markets Day and still hopes for an improvement and update of the regulation of the electricity distribution business to enable the Energy Transition".
Recently the financial director of Endesa, Marco Palermo, said the Spanish utility is in advanced negotiations for the sale of stakes in renewable assets and could have news on the process in the first half of this year. Like the competitors Repsol e Iberdrola, Endesa is also trying to raise liquidity to invest in new projects renewables by selling the most developed ones.
