Renewable producers make their August in the middle of the gas price crisis
The gas crisis in Europe is making the renewable energy in the new manna, having seen the results presented by the independent producers of the sector at the end of September. Although they are far from extensive profits accrued by heavyweights -group in which Iberdrola, Endesa, naturgyRepsol or EDP-, the small firms that are also part of the energy transition have registered exceptional numbers compared to previous years.
It is not new that the expansion of green energy has triggered the number of companies dedicated to the generation of electricity through photovoltaic solar energy, something that facilitates the low price of these facilities. To get an idea of the magnitude of this growth, UNEF, the benchmark association for the sector, currently brings together 117 production companiesincluding the large ones mentioned above.
Nevertheless, most of them have an independent character and they have seen their business margins grow by not being impacted by the tension in the gas market, something that has happened to the integrated companies or to those who opted for the commercialization of this resource, who could not transfer the costs to their clients without break contracts or stop providing their service, as the Catalan company Holaluz has done.
The Bank of Spain already pointed out in its last Economic Bulletin -published with the data for the second quarter- how they had substantially increased the margins of the companies dedicated to the generation by up to 20 points, while those of the marketers decreased. The high price of gas during the summer has intensified this situation, which is reflected in the results presented in recent weeks.
The numbers of the independents
One of the clear winners of the new energy context is the company EiDF Solarwhich is listed on BME Growth and has increased its turnover by 933% to 316 million euros at the end of September, resulting in an Ebitda of 47 million.
Similar path has shown solaria, listed on the Ibex35 and focused on the development of photovoltaic solar plants, which in the first nine months of 2022 has increased its net profit by 86% to 69.7 million euros. Good fault for this is the growth of its income by 51%, to reach 121 million.
Also opdenergy has increased its turnover by 75% year-on-year up to the third quarter, scoring profits of 11 million compared to losses of 9 million obtained in 2021. Its revenues have improved 73% year-on-year and amounted to 52.3 million euros. This situation is replicated in the case of grenergy, whose last result presented corresponds to the second quarter. Already then it saw its profits grow by 29% to 8.8 million, something possible due to the increase in income by 30%, to 107.4 million.
Others listed on BME Growth, such as solarprofit, entered more in the first half of 2022 than during all of 2021, up to a total of 42 million euros. others like enerside They have gone from invoicing 0.4 to 11 million as of June 2022 compared to a year earlier, multiplying the profits by five to 4.3 million.
The unstoppable transition to green energy continues to condition the future of these companies, which They do not stop announcing new projects in recent weeks. While EiDF accumulates 305 projects in its portfolio to develop 2,600 megavaries (MW), Solaria will add another 1,200 MW of capacity to its 8 GW that it already has spread across Spain, Italy and Portugal.
Another of the major players in the independent sector, Opdenergy, has also informed the CNMV that it has obtained environmental authorizations for all its projects in Spain, totaling another 1,146 MW. It has also signed a financing agreement with Sabadell to develop projects in Castilla y León for 285 MW.
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