Red Electrica de España S A : Financial results (January - December 2022)
February 28, 2023 at 03:25 am EST
Share
Financial
Results
28 February 2023
redeia.com
The Consolidated Financial Statements included in the financial information presented in this document have been audited. This information was drawn up in accordance with the International Financial Reporting Standards (IFRS). For the purpose of facilitating the understanding of the information provided in this document, certain alternative performance measures have been included. Their definition can be found at
Throughout 2022, we have seen the strategic nature of energy for developed economies and, in particular, the electricity sector, due to their central role. At the European level, we ended one year with extreme price volatility in the electricity market. The link between the cost of electricity and fossil fuels, and in particular the price of natural gas, as this energy sets the marginal price of electricity systems, the scarcity of this raw material or the concurrence over time of several adverse events, such as the unavailability of the French nuclear power plant or a large drought in several European countries.
Thus, in view of the need to accelerate the energy transition to achieve energy independence and maintain the competitiveness of our economies, we must decisively increase renewable energy generation and increase storage and interconnection capacity between electricity systems, making companies like Redeia in some ways essential to achieving the energy transition.
The volatility of the price of KWh highlights the insufficient electricity interconnections, outlining the advantages of a single European electricity market. The situation experienced may be mitigated to a large extent by strong interconnections that make the surplus electricity generated in some areas available to deficit countries.
The demand for electricity in our country exceeded 250,000 GWh in 2022, 2.3% lower than levels recorded in the previous year. In contrast, electricity generation exceeded 272,000 GWh, which represents an increase of almost 6% with regard to electricity generated in 2021. The adverse weather conditions experienced during the year, characterised by the absence of wind and rain during much of the year, have caused the electricity generated from non-CO2sources to be 63% in the year as a whole, compared to 68% in 2021, while in December 2022, with more favourable conditions, this percentage rose to 69.3%. This trend has continued in the first weeks of 2023; this January had the highest level of renewable energies in the history of our electricity system and electricity from non-CO2 sources has reached 80% of the total generated.
redeia.com
Attachments
Original Link
Original Document
Permalink
Disclaimer
Red Eléctrica Corporación SA published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 08:24:03 UTC.
Redeia Corporacion S.A. (formerly Red Eléctrica Corporación, S.A.) specializes in electricity transmission services and operation of electric networks. Net sales (including intragroup) by activity break down as follows:
- management and operation of electrical networks (82.7%): owning, at the end of 2022, of a network of 45,019 km of high-voltage lines and over 600 substations. The group also offers consulting, engineering, construction and maintenance services. Spain accounts for 95.8% of net sales;
- management and operation of satellite telecommunications networks (11.2%);
- management and operation of fiber optic telecoms networks (4.8%);
- other (1.3%).
Net sales are distributed geographically as follows: Spain (88.9%), Europe (1.6%) and other (9.5%).
REDEIA CORPORACION S.A. 
