Half Year 2024 Acciona SA and Corporacion Acciona Energias Renovables SA Earnings Call Transcript
Key Points
- Corporacion Acciona Energias Renovables SA (FRA:5BP) has a strong commitment to climate action and is advancing towards a net zero economy.
- The company has a substantial share of regulated and contracted volumes, which has been crucial in navigating unfavorable market conditions.
- Corporacion Acciona Energias Renovables SA (FRA:5BP) anticipates significant growth in capacity additions, expecting to reach approximately 15 gigawatts by the end of the year.
- The company has observed increasing market interest in its asset rotation policy, receiving formal offers for approximately 6 gigawatts of its asset base.
- Corporacion Acciona Energias Renovables SA (FRA:5BP) has a robust pipeline of battery energy storage systems and new projects in various geographies, indicating strong future growth potential.
- The first semester of 2024 was characterized by weak electricity demand in Spain due to mild winter temperatures, leading to some of the lowest pool prices in the Spanish power market history.
- The company had to significantly reduce production as it was often not economically viable due to low prices.
- Non-Spanish operations also faced an adverse semester with weak volumes and grid output limitations.
- Corporacion Acciona Energias Renovables SA (FRA:5BP) experienced curtailments equivalent to 9% of potential output, impacting overall production.
- The company reported a 39% decline in EBITDA to EUR419 million due to lower prices and higher depreciation and net interest charges.
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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