REN recorded a profit of 3.7 million euros in the first quarter of this year, which represents a drop of 71.1% compared to the same period in 2023. The result is mainly the result of lower financial results, higher charges for extraordinary contributions on the energy sector and a tax reduction.
In the first quarter of the year, EBITDA – earnings before interest, taxes, depreciation and amortization – stood at 128.9 million euros (a decrease of 2.3%), “reflecting a slight decrease in domestic activity (-2 .6 million) as well as international activity (-0.5 million euros)”.
REN also states that operating costs decreased to 42.4 million euros, which represents a drop of 1.4%, despite the increase in the number of employees, from 724 to 759 (+4%), in line with the growth in operational activity.
Net debt reached 2,670.4 million euros. Disregarding the effect of tariff deviations, the debt would have decreased by 59.8 million euros, standing at 2,361.4 million euros. The average cost of debt increased to 2.8% (compared to 2.42% in the same period last year).
Electricity consumption registered a year-on-year growth of 1.2%, or 2.7% when correcting for the effects of temperature and number of working days. During this period, renewable production supplied 89% of consumption, divided between hydroelectric power with 47%, wind power with 31%, photovoltaic power with 6% and biomass with 5%.
Natural gas production supplied 11% of consumption, with the balance of exchanges with abroad being exports. In terms of gas consumption, there was a 10% reduction in the quarter, representing the lowest consumption since 2014, as a result of a 43% contraction in the electricity production segment. In the conventional segment there was an increase of 6% in the quarter.
