Redeia earns 690 million, 4% extra, and will increase its funding to accommodate renewables | Companies | EUROtoday

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Beatriz Corredor, president of Redeia, and Roberto García Merino, CEO, in February 2023.
Beatriz Corredor, president of Redeia, and Roberto García Merino, CEO, in February 2023.Pablo Monk Fernandez

Redeia, the group to which Red Eléctrica de España (REE) and Hispasat belong, recorded a internet revenue of 689.6 million euros in 2023, 3.7% greater than in the identical interval of the earlier 12 months. The firm, 20% owned by the State and wherein no non-public shareholder can exceed 5%, lowered its complete investments by 3.5% however considerably elevated (by 55%) these destined for Spanish electrical infrastructure. Mostly, to accommodate the rise of renewable tasks.

The gross working outcome (Ebitda) was near 1,508 million, 1.1% greater than in 2022, with a very essential contribution from the worldwide enterprise, which grew by 16% year-on-year, in keeping with figures despatched early within the morning of this Wednesday to the National Securities Market Commission (CNMV). Redeia's inventory began the buying and selling session with an increase of barely greater than 0.5%.

The earnings of the corporate chaired by Beatriz Corredor, together with these of its investees, grew by simply over 3% final 12 months, to 2,129 million euros, with “increases in all businesses, being more notable in the diversified ones.” The improve was decrease than the common within the case of the administration and operation {of electrical} infrastructure (REE's foremost enterprise), which closed final 12 months with a turnover of 1,625 million, just one.6% extra. Its satellite tv for pc subsidiary, Hispasat, elevated its earnings by greater than 9%.

The most detrimental be aware in Redeia's annual outcomes is the rise in internet debt, which grew by 7.4%, going from 4,634 to 4,975 million euros. In addition, in the course of the speed hike cycle, the common curiosity on the group's debt went from 1.62% to 2.14%. The different aspect is – additionally as a result of improve within the worth of cash: financial savings yield extra – monetary earnings, which greater than doubled the earlier 12 months's determine.

The new cable with France, in 2027

The electrical energy grid supervisor maintains that the second main reference to France – very important to supply an outlet for the more and more giant Spanish renewable technology and keep away from power waste – will likely be prepared in 2027, a 12 months sooner than the National Commission believes. of Markets and Competition (CNMC).

“The interconnection through the Bay of Biscay continues to advance within schedule,” notes the corporate's administration. “In June, the cable and converter contracts were awarded, and in December the land civil works contract was awarded, to continue with the work and reach the commissioning milestone.” The funding on this chapter exceeded 170 million euros on the finish of final 12 months.

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