In the first quarter of 2022, REN - Redes Energéticas Nacionais reported a net profit of €6M, a year-on-year increase of 32.6% (+€1.5M). The good EBITDA performance (+€4.3M) and the 12.2% improvement in the financial results (-€9.4M) were instrumental in achieving this net result, despite the increase in taxes, including the EESC (+€1.8M).
EBITDA reached €118.4M, an increase of 3.5% (+€4M) when compared to the same period of 2021, thus reflecting the positive performance in Portugal and Chile (+€2.1M). This figure is, however, ultimately impacted by the decrease in regulated incentives and by the increase in electricity costs.
In the first quarter, electricity consumption grew 1.3% year-on-year, or 2.5% when correcting for temperature and working days. Natural gas recorded a year-on-year variation of 6.6%. During this period, renewable generation supplied 49% of electricity consumption, split between wind with 28%, hydropower with 12%, biomass with 6%, and photovoltaics with 3%. Generation from natural gas supplied 30% of consumption, while the import balance supplied the remaining 21%.
It should be noted that this quarter of 2022 was the first in which there was no coal-based electricity generation in Portugal, a milestone in the history of electricity generation in the country and in its progress as regards energy transition.
In the first three months of the year, the Sines LNG Terminal received 19 ships, a 27% year-on-year increase and a new all-time high. This Terminal was responsible for 99.7% of the supply of natural gas in Portugal in the first quarter.
On 28 December 2021, REN commissioned the Ribeira de Pena substation - a project that was scheduled for delivery by the end of 2021 - enabling, in this substation, direct connection to the grid of power plants that are of major importance to the country. These power plants are currently in the testing and trial phase. This infrastructure is part of the 400 kV axis that connects the Gouvães, Daivões, and Alto Tâmega plant to the Portuguese National Electricity Transmission Grid (RNT - Rede Nacional de Transporte).
The first quarter of the year was also marked by the entry into force of the new regulatory model for the electricity sector, defined by ERSE, and by the entry into force of the new law that establishes the organisation and operation of the Portuguese National Electricity System.