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Third quarter’s results in line with the previous period. EBITDA decreases 4% reflecting the reduction in remuneration rates in effect and the positive impact of the international operation

 

REN - Redes Energéticas Nacionais ended the first nine months of 2020 with a net profit of 76.1 million euros, 10.3 million euros (-12%) less than in the same period of 2019, with the international business contributing with 10.4 million euros (13.6%). This result is penalized by the CESE, which amounted to 28.2 million euros. Financial results improved by 2.8 million euros (7%) to -36.7 million euros, sustained by the lower average cost of debt (1.9% versus 2.2%). 

Until September 2020, EBITDA fell 4% (-15.5 million euros) to 352.5 million euros, mainly due to the reduction in the value of the return on assets (-15.6 million euros) and the higher contribution from OPEX (6.9 million euros). In contrast, and largely due to the consolidation of Chilean Transemel, the international segment made a positive contribution (5.4 million euros). 

CAPEX reached 103.7 million euros (-6.6 million euros), 73% of which related to the electricity business and 8.5% benefiting from business in Chile. Transfers to gross annual income fell by 38.3 million euros to 21.9 million euros, largely due to the suspension of work between March and April as a result of the Pandemic. Since the beginning of the year, net debt has fallen to 2.743 billion euros, a decrease of 83 million euros (-2.9%), with S&P already reaffirming its BBB rating in November. 

Our teams and external partners have shown great professionalism and organisational skills, with no operational failures. They are aware of the difficult moment experienced by the country since the beginning of the pandemic caused by COVID-19, and they have been working constantly in order to ensure the management of the critical operations for which they are responsible, without ever jeopardising the safety of their employees. 

Pandemic marks drop in electricity and gas consumption 

At the operational level, the first nine months of the year were unavoidably marked by the impacts of the COVID-19 pandemic on economic activity. In electricity consumption, the annual change recorded a negative variation of 3.5%, or -4.2%, when correcting for temperature and working days. Natural gas consumption also presents a negative result, -1.5%, with the conventional segment showing a negative variation of 6%, while the power production segment gained 6.9%.  

At the end of the first nine months of the year, the annual hydropower capability index stood at 0.97 (historical average of 1), whereas the wind-power capability index was 0.89 (historical average of 1). During this period, renewable production supplied 56% of consumption, broken down into 24% for hydropower, 22% for wind power, 7% for biomass and 3% for photovoltaics. Non-renewable production supplied 38% of consumption, mainly with natural gas, with coal accounting for around 3% of consumption. The balance of trade with foreign countries has supplied the remaining 6% of the domestic consumption.  

In the first nine months of the year, the Sines LNG terminal recorded 47 ship unloading operations with a total volume of 47.218 TWh, which represents about 93% of the energy for natural gas supply in Portugal. 

After the close of the first nine months of the year, REN was considered the third best company to work for by the "Most Attractive Employers in Portugal" in the energy category. The result was the result of the voting of over 11,200 students from Management, IT and Engineering courses from several Portuguese universities.