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REN’s profit fell 10.1% to September to € 68.4 million – Energy

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REN's profit fell 10.1% to September to € 68.4 million - Energy

REN – Redes Energéticas Nacionais’ profit for the first nine months of 2021 was 68.4 million euros. This figure corresponds to a decrease of 10.1% compared to 76.1 million euros recorded in the same period last year.

In a statement to the Portuguese Securities Market Commission (CMVM) this Thursday, REN justifies the decline in net income by falling EBITDA, which fell 2.6% year on year to € 343.4 million. This drop was due to a € 6.6 million decrease in remuneration for the regulated asset base (RAB), which was “motivated by a decrease in the asset base” and remuneration rates, as well as a decrease in OPEX. contribution.

According to REN, RAB remuneration fell in all areas, “but especially in the power sector, as a result of a shrinking asset base.” The power assets base decreased by 80 million euros to 1,935.8 million.

The drop in EBITDA was partially offset by a “positive contribution to financial results,” which improved by 5.5 million euros to -31 million euros, as a result of a decrease in the average cost of debt (from 1.9% to 1.6%). “The National Grid Manager also highlights the positive impact of the reduction in the Energy Sector Extraordinary Contribution (CESE) on the € 1.1 million results.

The international segment made a negative contribution of 900 thousand euros, despite the improvement of Chile’s Transemel by 300 thousand euros. However, Eletrogas’s revenue fell 13.6% to € 20.8 million.

Energy’s net debt declined by 13.3% to € 2,378 million, “because it benefited from higher cash flow and the positive contribution of tariff variances, which in turn exceeded capital outflows and financing activities.”

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Investments increased by 36.7% to 141.7 million euros, “the amount within the plan in a reality less due to the pandemic,” underlines the company led by Rodrigo Costa.

REN emphasizes that last August, ERSE recommended a reduction in proposed investments in PDIRT and PDIRG related to electricity and natural gas networks, which “is contrary to current government policy and sector response.” In light of this regulatory opinion, the company “is currently assessing in detail the positions of ERSE on investment projects before including its vision in the documents that will be submitted to the Government.”

During the reporting period, the record for solar photovoltaic energy production was broken, reaching 200 GWh in July.

Otherwise, renewable energy production “provided 61% of the country’s electricity consumption in the first nine months of 2021,” which is comparable to 56% recorded in the same period last year.

Hydropower accounted for 28% of consumption, wind power 24%, biomass 7% and photovoltaic power 3.7%.

In turn, non-renewable generation provided the remaining 31% of consumption, REN notes, being divided between natural gas (29%) and coal (2%). The remaining 8% came from imported energy.

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Economy

European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute

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Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

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Economy

Will there be a Black Friday discount? Diesel and petrol prices fall again in a week

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Será desconto de Black Friday? Preços dos combustíveis voltam a baixar para a semana

After successive increases, fuel prices begin to fall, which ultimately reduces consumer spending significantly, especially for those who travel by car every day. Indirectly, this fall in prices will also affect the prices of the products we find in supermarkets (among many other sectors), which in a period of high consumption will be a welcome relief.

For the third week in a row, diesel and gasoline prices have fallen again.

Fuel prices continue to fall

Today's news shows that diesel and gasoline prices are expected to fall next Monday by 0.05 and 0.045 euros respectively.

According to the General Directorate of Energy and Geology (DGEG), next week's average prices should be 1.641 euros per liter of regular diesel fuel and 1.644 euros per liter of 95 petrol, not forgetting that prices can vary from gas station to post office.

Until the end of the year, consumers will continue to benefit from lower ISPs and the suspension of the carbon tax. Despite this decline, prices remain above pre-war levels.

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Economy

discover the 10 foods that have grown the most in the past week

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discover the 10 foods that have grown the most in the past week

A basket of essential products now costs 212.76 euros, which is 29.13 euros (15.87%) more than it cost on February 23, on the eve of the outbreak of the armed conflict in Ukraine. Over the past nine months, dairy and meat products are the categories with the largest increases of 20.79% and 19.41% respectively.

According to the organization, “however, growth is being felt across all food categories. In the analyzed period, frozen food, fruits and vegetables, fish and grocery stores also rose in price by 17.96%, 14.45%, 14.38% and 13.34% respectively” compared to February.

Between October 16 and 23, the top ten products with the highest price increase were horse mackerel (24%), quick-frozen peas (18%), ground roasted coffee (13%), sea bass (11%), cereal flakes. (9%), sea bream and extra virgin olive oil (8%), port wine and hake medallions (6%) and finally dried garlic (4%).

From February 23 to November 2: fresh hake (50%), white sugar (49%), tomato pulp (48%), oranges (41%), UHT semi-skimmed milk (37%), turkey steak (33%). , cookies “Maria” and eggs (32%), carrots and a whole chicken (31%).

The Consumer Advocacy Association monitors weekly prices for a basket of 63 staples that includes turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar, ham, milk, cheese and butter.

The association explains that this increase is due to the fact that Portugal is “heavily dependent on external markets to guarantee the supply of cereals needed for domestic consumption”, which “currently represent only 3.5% of national agricultural production: mainly corn (56 %). , wheat (19%) and rice (16%).

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“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and obliges the country to import about 80% of grain. ” adds Deku.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union and Portugal come from, has put even more pressure on the sector, which is struggling with the consequences of the pandemic and drought. with a strong influence on production and stockpiling.”

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

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