Endesa boosts profits by 30% despite the blackout

Endesa warns the government that investments are at risk if the CNMC does not increase network fees.

Endesa recorded consolidated net profit of €1.041 billion in the first half of the year, up 30%, and gross profit of €2.711 billion, up 12%, thanks to both the absence of extraordinary items recorded in 2024 and the strong performance of its deregulated generation and marketing businesses, the company explains. The boost in profits also comes at a time of price fluctuations , aggravated by the massive power outage suffered in Spain on April 28.

"The price environment, especially since the blackout on April 28, has been marked by volatility, which is exacerbated by the system's operating mode since that date," Endesa officials stated in their earnings report.

The company reiterates that all its generating plants operated as planned on April 28, complying with the orders of the system operator (Red Eléctrica, part of the Redeia group) , and that the plant shutdowns occurred in all cases due to exceeding established technical safety levels. It thus once again avoids any potential blame that could fall on Endesa for this blackout, a matter already before the courts.

The company highlights the growing demand trend observed in the first half of the year, which adds to the exponential growth in requests for new connections to the distribution network, which has continued uninterruptedly since 2021.

In this context, Endesa "warns that the National Markets and Competition Commission's (CNMC) proposed remuneration rate and remuneration model for the distribution network for the 2026-2031 period threatens the government's energy policy objectives as it limits the investment in networks necessary to electrify our economy."