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Spanish renewables developer Ecoener SA (BME:ENER) saw its net profit plunge by 71% year-on-year to EUR 3.5 million (USD 3.7m) in the six months through June 2023, as revenues declined on significantly lower electricity prices compared to those in the year-ago period.
Revenues totalled EUR 29.3 million, down by 24%, affected by the drop in both regulated prices and prices in the pool. Regulatory changes brought down average electricity prices for Ecoener’s regulated assets to EUR 104/MWh from EUR 186/MWh, the company said.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) sunk by 50% to EUR 12.4 million.
Ecoener said that without the regulatory intervention, its half-year results would have been similar to those in the same period in 2022.
The company has 300 MW of renewables in operation, spread between small hydro, wind and solar farms, with 82 MW of these power plants earning regulated revenues. It is currently building 258 MW of wind and solar.
Between January and June, Ecoener generated 206 GWh of electricity, increasing production by 20.5% on the year.
(EUR 1.0 = USD 1.06)
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