•EBITDA reached €242.7M
•In the first half of the year, natural gas consumption was the highest ever, at 33.6 TWh
•45% of the domestic power production came from renewable sources
REN - Redes Energéticas Nacionais had a net profit of 53 million euros in the first half of 2017, a 30.7% year-on-year growth. The first half of the year was marked by a record in the consumption of natural gas in Portugal, surpassing the previous record, achieved in the first half of 2011.
EBITDA amounted to €242.7M, a year-on-year increase of 1%, reflecting the contribution of the stake REN has in the Chilean Electrogás. The Net Profit grew €12.4M in the first six months of the year, driven by the operational efficiency and by a robust financial performance, sustained by the decrease in the average cost of debt to 2.6%, which compares to 3.5% in the first half of 2016. The financial performance continues to be affected by the negative effect of the Energy Sector Extraordinary Contribution (CESE), which amounted to €25.8M in this period.
REN's quality of service in the first half of 2017 remained at high levels, despite the great challenges arising from the country's forest fires, effective and preventive management of resources allowed the conclusion of the semester with interruptions of 0 seconds in natural gas and 5.4 seconds in electricity.
Natural gas was the dominant source of energy in the production of electricity in Portugal during the first half of 2017, providing 30% of the energy in the production of electricity, up from 13% in the first half of 2016, ahead of coal, which accounted for 25% of the energy, rising from 16% in the same period of the previous year. The prevalence of hydropower recorded in the first six months of 2016 was undermined this year by meteorological conditions. In 2017, hydropower amounted to 15%, a sharp decline in comparison with the 41% recorded in the first half of 2016. Wind power remained stable as a source of energy, with 24% in both periods.
In the first six months of the year, Electrogás, in which REN has a 42.5% stake, had an operational and financial performance in line with the expectations, while maintaining high levels of service quality.
RECORD SIX-MONTH PERIOD IN NATURAL GAS CONSUMPTION
The total consumption of natural gas in Portugal in the first half of 2017 was the highest ever, surpassing the previous record, achieved in the first half of 2011. In the first half of 2017, total natural gas consumption in Portugal amounted to 33,550 GWh, 40% more than in the first half of the previous year, and above the previous all-time high of 30,156 GWh, reached in the first half of 2011.
After the end of first half of the year, REN recorded a new record in the daily natural gas consumption, in the segment of combined cycle power stations. The previous maximum of 117 GWh, which took place in 2011, has been repeatedly surpassed this year, reaching 127.9 GWh on July 26. The combined cycle consumption concerns the technology of producing electricity by using the energy released in the burning of natural gas.
The Sines LNG Terminal unloaded 19 ships in the first six months of 2017, 125% more than in the same period of the previous year (8 unloads), and the highest value since 2009 (22 unloads).