REE earned 8.4% less by the cut in the remuneration and the integration of Hispasat

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Javier Gonzalez NavarroSEGUIRMadrid Updated: Save Send news by mail electrónicoTu name *

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Power Grid achieved a net profit of 331,7 million between January and June, 8.4% less than a year before, burdened by cuts in the remuneration approved by the National Commission of Markets and Competition (CNMC), and the costs associated with the incorporation of Hispasat.

In terms of the impact of the Covid-19 in its accounts, the group explains that although their activity has been marked by the pandemic, the measures implemented have allowed us to minimize the effects, although some items, such as those related to the construction of new infrastructure in Spain and Latin america, have experienced temporary delays for the paralysis of the economy.

In the accounts submitted to the supervisor of stock, notes that the complexity of the situation prevents to know with accuracy their consequences on the activities of the group and the value of their assets. However, it will continue to assess the situation and perform a follow-up of incidents that can be registered in the infrastructure and the impact that external factors might have on its financial statements.

At the economic level, the turnover fell 1.5% in the first half, until 977,9 million, by the application of the new parameters for remuneration of the transport activity of electricity (-7,3%), and despite the inclusion, for the first time, of Hispasat in the consolidation perimeter of the group (contributed income of 79.2 billion).

The costs of supplies and other operating expenses fell 2.3%, despite incorporating 13.4 million euros from Hispasat and a provision for the incident that occurred on the island of Tenerife in September 2019; so long that the staff were up 13.6% with the addition of the template company of satellites.

According to the same source, the increase of more than 10% of the depreciation and amortization for the incorporation of Hispasat and the increased financial burden associated to the increase of the debt, reduced the net profit at 8.4%.

In the first half of the year, electricity demand was reduced an average of 8%, although during the alarm state (march 15-June 21), the retreat came to 13.3%.

Between January and June, Red Eléctrica invested 567,3 million euros (compared to 166 last year), of which 130.5 million was earmarked for the development of the transport network, a Spanish and 374,3 million to the purchase of the 50% of the brazilian Argo.

To June 30, the net financial debt of the group was 6.266,2 million euros, compared to 6.038,1 that is presented at the end of 2019, reports Efe.

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