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Spain's REE lifts net profit by 1.9% in 2019

Author: Rennett Stowe. License: Creative Commons, Attribution 2.0 Generic.

February 26 (Renewables Now) - Red Electrica Corporacion SA (BME:REE), the parent company of Spanish grid operator Red Electrica de Espana (REE), posted a net profit of EUR 718 million (USD 780.4m) in 2019, recording an increase of 1.9% year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 2.8% to reach EUR 1.58 billion, REE said today.

The company’s business as Spain’s transmission system operator (TSO) has been focused on facilitating the energy transition and enabling the proper integration of renewables into the grid. Over the year, renewables accounted for 37.5% of all electricity generation on Spain’s national territory.

Red Electrica Group’s performance is summarised in the table below:

in EUR million January-December 2019 Y/Y change:
Revenues 2,007.2 3.0%
EBITDA 1,582.4 2.8%
EBIT 1,081.4 1.1%
Pre-tax profit 948.7 1.3%
Net profit 718 1.9%

The group more than tripled its investments in 2019 compared to the previous year, disbursing a total of EUR 1.87 billion, with EUR 396 million earmarked for the development of the power transport network.

(EUR 1.0 = USD 1.087)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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