10 November 2022

Positive results in the first nine months of the year

  • EBITDA grows 5.1% to €360.9M
  • CAPEX decreases to €126M
  • Natural gas supplied 33% of energy consumption
  • Renewable generation supplied 44,4% of electricity consumption
  • Activity related to energy transition strengthened

REN - Redes Energéticas Nacionais ended the first nine months of 2022 with an EBITDA increase of 5.1% (+€17.5M) to €360.9M, which mostly stemmed from the increase in the domestic EBITDA (+€12.5M), thus reflecting a higher return on assets and OPEX (+€16.4M).

The international area also reflected positively on EBITDA, especially Electrogas (+€3.5M). The increase in operating costs, namely electricity spending in the Sines LNG Terminal (+€7.9M), affected EBITDA negatively.

It should be noted that REN's activity does not include the purchase or sale of any type of energy and, as such, it is only affected by fuel price changes as a consumer.

Net profit was €81.4M, a year-on-year increase of 19.1% (+€13.1M). The positive contribution of EBIT (+€11.5M) and the improvement of financial results (+€5.3M) were key, despite the increase in paid taxes, namely the CESE (€1M).

CAPEX decreased 11.1% (-€15.7M) when compared to September 2021, reaching €126M. Transfers to the RAB increased €2.8M to €83.2M. The positive change in the area of electricity was completely cancelled out by gas transmission.
In the first nine months of the year, renewable generation supplied 44.4% of electricity consumption, split between wind (23%), hydro (9%), biomass (7%), and photovoltaics (6%). Natural gas generation supplied 33% of consumption. The remaining 22% came from imported energy. Up to September, the capability index stood at 0.37 (historical average of 1) for hydropower, 0.96 for wind, and 1.10 for solar. Photovoltaic generation continues to show very significant growth - almost 50% - as a result of the increase in installed power, with peaks above 1300 MW.

Between January and September, the consumption of natural gas maintained the trend of the same period in the previous year (it recorded a year-on-year change of -1.2%), stemming from a drop of 21% in the conventional segment as well as from an increase of 38% in the electricity generation segment.

During this quarter, we must note the awards given to speed-E, the innovative mobility solution created by REN that enables charging electric vehicles directly from the Very-High-Voltage lines. The project won in the 'Charging & Energy' category of the sixth edition of eMove360º, one of the largest mobility 4.0 fairs in the world. This project also won the 'Good Practice of the Year' award in the 'Technological Innovation & System Integration' category, bestowed by the Renewables Grid Initiative and presented by the European Commissioner for Energy, Kadri Simson, during the third edition of the 'PCI Energy Days', hosted by the European Commission.

Also worthy of note is the fact that Portgás, fully owned by REN, now has over 400 thousand customers, on the 25th anniversary of starting supply. Portgás, a natural gas distributor in 29 municipalities in the districts of Porto, Braga, and Viana do Castelo, is currently the largest distributor, as regards grid size, and serves over 25% of the customers in Portugal.

For more information, find here the presentation of consolidated results for the first 9 months of 2022.


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