Half Year 2024 Acciona SA and Corporacion Acciona Energias Renovables SA Earnings Call Transcript
Key Points
- Acciona SA (ACXIF) has a strong commitment to climate action and is advancing towards a net-zero economy.
- The company has a substantial portfolio of 14 gigawatts of highly liquid renewable assets, providing P&L predictability.
- Acciona SA (ACXIF) is on track to deliver another record year in capacity additions, with significant growth in its pipeline.
- The company has received formal offers for approximately 6 gigawatts of its asset base, providing flexibility in optimizing outcomes.
- Acciona SA (ACXIF) has a strong infrastructure business, with excellent performance in construction and new project awards, particularly in Australia and Latin America.
- The first half of 2024 was characterized by exogenous factors leading to an atypically negative period for the renewable energy sector.
- Weak electricity demand in Spain due to mild winter temperatures and high LNG reserves resulted in some of the lowest pool prices in history.
- The company had to significantly reduce production as it was often not economically viable.
- International operations also faced adverse conditions, including weak volumes and grid output limitations.
- EBITDA fell by 39% to EUR419 million due to lower prices not being offset by higher production.
Good morning, ladies and gentlemen. Welcome to Acciona's first half results presentation for the year 2024. As usual, we will start with Acciona Energias and then we'll follow on to Acciona results as a whole. On the table on my right, Rafael Mateo, CEO of Acciona Energias. To his right for Jose Entrecanales, Chief Financial and Sustainability Officer at Acciona Energias. And to my left José Ãngel Tejero, Chief Financial and Sustainability Officer at Acciona SA.
global commitment to climate action is unquestionable despite slower than necessary. We are, however, advancing towards building a net zero economy. Fossil fuel consumption declining, peak oil expected to happen within this decade, a consistent reduction in global emissions and renewables accounting for more than one-third of global generation by early as next year.
However, like all transformations, the energy transition is not linear and it has cycles. Some of them like the one we have been through involve challenges that
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