Endesa profit falls 11%

 In Energy, News

Spanish energy company Endesa, which operates in Portugal, saw its profits fall 11% in 2021 to €1.9Bn.

Some 80% of this profit will be paid out to shareholders it was announced on Tuesday.
“Endesa obtained an ordinary net profit of €1.902Bn, 11% less than in 2020,
But at the same time, 12% above the €1.7Bn estimated amount predicted in November last year.
In a communiqué, the electrical energy company said it would distribute a dividend that would exceed the estimates by 11%, achieving €1.44 per share. In total, the company will pay 80% of its net profit from 2021 in dividends “a percentage which will be 70% of profits for this year (2022), 2023 and 2024 in line with the gross investment expected for the next few years: €7.5Bn between 2022 and 2024”.
In turn, the EBITDA was up 6% on 2020, to €4.2Bn.
Endesa is the main electricity operator in Spain and the second largest in Portugal. It is the largest electricity company in the Iberian Peninsula, with 21.9 GW of managed capacity, and has the largest electricity distribution network, with a grid that spans more than 300,000 kilometres and with 12.5 million end users connected to the most advanced digitised networks in the country.
Endesa manage a significant base of 11.9 million customers in Spain and Portugal, aiming to take advantage of the opportunities arising from the Spanish Integrated National Energy and Climate Plan and the recovery funds that will come from the European Union.
The company plans to invest €31Bn euros by 2030. Of the estimated investment, more than €12Bn will be allocated to new renewable power to reach the operational 24 GW. This investment is 20% higher than that estimated a year ago. This will triple the 8.3 GW volume of renewable power reached at the end of 2021.