• Security of energy supply ensured in year of war, drought, and with no coal-fired generation
• EBITDA and Net Profit grow 5.7% and 15.0%, respectively
• International operation with a very positive impact.
• Renewable sources represent 49.4% of electricity consumption
• CO2 emissions decrease by 37% compared to 2019
REN - Redes Energéticas Nacionais reported a net profit of €111.8M in 2022 (+15.0% vs. 2021), due to improved operating performance, which boosted EBIT by 8.7% to €238M. This result was affected in part by the reduction in financial results (-€1.4M), by a higher tax burden (+€2.2M), and by an increase in the Extraordinary Contribution for the Energy Sector (+€1M), following the increase in the regulated asset base.
EBITDA grew 5.7%, to €487.3M, driven by the improvement in revenues from the domestic activity (due to the increase in the regulated rate of return on assets, which is indexed to interest rates) and by the favourable performance of the activity in Chile. Net debt (excluding rate deviations) fell by 3.3% to €2.543B.
In 2022, there was an increase in the regulated asset base (RAB), despite there being a slowdown in transfers to RAB and CapEx compared to 2021, resulting from delays in some projects.
The consumption of electricity in Portugal from renewable sources represented 49.4% of the total supply (approximately -10.27 p.p. than in 2021). Electricity consumption increased by 1.8%. Natural gas consumption decreased by 3.2%, despite combined-cycle power plants being called on to compensate for the end of coal-fired generation and the significant reduction in hydroelectric generation stemming from the extreme drought that affected the country until the end of 2022.
Service quality levels remained very high, with electricity transmission losses in line with the previous year's figure. In combined gas transmission, the availability rate reached 100%.
Despite the challenges currently faced by the energy sector, REN met all the objectives outlined in the 2021-2024 Strategic Plan, including operational and financial performance, as well as ESG commitments. Among these commitments, the 50% reduction in CO2 emissions by 2030 vis-à-vis 2019 (-37% in 2022) stand out.
At the General Meeting of Shareholders to be held on April 27, and taking into account the 2022 results, REN's Board of Directors will propose the payment of a dividend of 15.4 cents per share, with 6.4 cents already paid in December 2022, and the remaining 9 cents to be paid in 2023.