October 26, 2020

Endesa raises questions about the nuclear shutdown plan | Economy



Endesa He has sown doubts about the agreed plan for the closure of nuclear power plants. While for the two Almaraz groups it plans a repayment term of 44 and 45 years, for the Ascó and Vandellós plants it is maintained in 50 years and this has been reflected in accounting. This decision on the Catalan plants calls into question the National Integrated Energy and Climate Plan (PNIEC) approved by the Government according to the electricity companies which provides for the phased closure between 2027 and 2035 and a large deployment of renewables.

According to these plans, the company should have noted in its accounts amortization of the Catalan plants in 46 and 47 years. According to José Bogas, CEO, the company “will not modify the amortization policy as long as we request the standard increase, then it will be decided if we ask for the extension of the useful life 10 years or less.” “We want stability and as soon as we see the closing we will adjust the amortization, meanwhile, we will continue with the planned amortization policy,” he added at a press conference.

In this way, Bogas has not cleared the question about Endesa’s vision that the forecasts can be fulfilled. “The important thing is that the National Integrated Energy and Climate Plan is fulfilled. The basic hypothesis is that the protocol be met, that is, that the nuclear shutdown be in 2035; but we are aware that it is a long-term plan and can many things happen and we leave the doors open to everything, “he stressed.

Endesa extended the life of the nuclear from 40 to 50 years, given the prospect of continuing to operate. As a result of the agreed calendar, it reduced to 44 and 45 years groups I and II of the central Extremadura of Almaraz, in which it has no majority. However, in those of Ascó and Vandellós, where if it has a majority, it maintains the useful life of 50 years, although according to the planned calendar, these plants must operate a ceiling of 46 and 47 years. The agreement signed by Endesa, Iberdrola, Naturgy and Viesgo with the Executive foresees that the Almaraz I, Almaraz II, Ascó I and Cofrentes plants will close progressively between 2027 and 2030. While Asco II, Vandellós II and Trillo will they will do at the latest in the year 2035.

Less benefits

The news was announced on Tuesday during the presentation of energy results, according to which Endesa obtained an attributed net profit of 171 million euros in 2019. The figure represents a drop of 87.9% compared to 1,417 million euros. euros from the previous year. This steep descent It is explained by the total accounting impairments in its assets of 1,873 million, the company argued.

Specifically, the energy company has charged to the results of 2019 a deterioration of 1,469 million for coal plants and an allocation for 404 million for extrapeninsular plants, as a result of the calculation of remuneration for the activity of electricity production in these territories non-peninsular for the period 2020-2025, which has suffered a significant decrease in regulated remuneration. According to the group, this accounting impairment has no impact on the company’s ordinary net profit, and, consequently, also on the remuneration to shareholders through the dividend. The ordinary net profit was 1,562 million, which represents an increase of 3%.

Suspension of coronavirus transfers

The Endesa group, in which the Italian firm Enel has 70% of the capital and management control, has a good number of Italians in high and middle positions. As a result, transfers between your country and Spain occur every week and also daily. Likewise, many of the Spanish employees move to Italy with the same frequency. However, since the outbreak of coronavirus has spread throughout part of Italy, the group has ordered orders to suspend travel in one way or another. The decision is temporary, but according to the sources of the company consulted its permanence will depend on the evolution of the epidemic. At the moment, in any case, at the company’s headquarters in Madrid, no prevention system has been implemented and no alarm has been extended.

Endesa has increased its investments in 2019 in renewable energies (+ 211%), and has become the first company to incorporate into the system all the power awarded to it in auctions organized by the Government in 2017 (879 MW). So that about 70% of Endesa’s development investments went to renewable generation projects, which has allowed 73% of the peninsular generation and 59% of Endesa’s total generation in 2019 already Be free of CO2 emissions.

Energy transition

The CEO of Endesa, José Bogas, said that “Endesa will lead the energy transition in Spain, for which we are making a huge investment effort in renewable energy and digitalization, key to continue offering good results in a market every time more complex. Our portfolio of new renewable projects is now around 20,000 MW, of which 5,700 MW have already been awarded connection points. “

With a view to the 2020-2022 triennium, the company predicts a growth of 4% year-on-year in ebitda, reaching 4,300 million in 2022, an increase in ordinary net profit of 7%, to 1,900 million that year, while the dividend will slow down, to 1.3 euros per title (70% of the profit), to increase investments, which will reach 2,200 million. Of that dividend, 70% will go to the coffers of the Italian Enel.

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