Redeia Corporacion S A : Financial results (January - June 2023)
July 26, 2023 at 02:35 am EDT
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26 July 2023
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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
The demand for electricity at busbars during the first six months of the year in Spain reached 120 TWh, down 4.4% year-on-year.
In the first six months of the year, 73% of the electricity generated in Spain came from sources that do not generate emissions, with the mix led by wind power which accounts for 24.6% of the total generated. It is worth highlighting the strong momentum experienced by photovoltaic solar generation, whose production has increased by almost 33% year-on-year and represents 14% of total generation in the country. As a result, 52% of the electricity generated in the first six months of the year came from renewable sources, versus 45% in the same period last year.
The average price of electricity in the first six months of the year on the spot market stood at EUR 88 per MWh, which contrasts sharply with the more than EUR 200 price in the same period in 2022, reflecting the progressive normalisation of market conditions and the progress of electricity from renewable sources in our country.
National Integrated Energy and Climate Plan (PNIEC)
On 28 June, the Spanish government published the draft PNIEC that updates the objectives contained in the 2021-2030 PNIEC. This draft is the basis for discussion of the final document to be published in mid-2024.
The new targets proposed give greater prominence to renewable generation and emissions reductions than those set out in the PNIEC. In particular, these include:
A 32% reduction in greenhouse gas emissions versus 1990 emissions, compared to the 23% included in the previous 2021-2030
PNIEC;
The share of renewable energy in final energy use has been set at 48%, up from 42%;
81% of electricity generated must be from renewable sources, up from 74%.
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Red Eléctrica Corporación SA published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 06:34:05 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. 
