ENGIE Energía Perú, one of the largest power generation companies in the country, published its financial results for the first quarter of 2023. Net sales for the period were US$140.3 million, 16% higher than in the same period of 2022 (US$121.1 million), mainly due to higher demand from its customers and higher prices for energy contracts indexed to natural gas.
EBITDA amounted to US$56.3 million, representing an increase of 13% compared to the same period of 2022 (US$49.7 million). Net income amounted to US$21.2 million, representing a decrease of 5% compared to the same period of 2022 (US$22.3 million).
The company reported that, as of March 31, electricity demand in the Peruvian electricity system (SEIN) reached 14,523 GWh, an increase of 5.8% compared to the same period of 2022 (13,724 GWh). In this context, ENGIE Energía Perú’s energy production amounted to 1,745 GWh, an increase of 77.9% compared to the same period of the previous year (981 GWh).
The company reported that its main project under construction, the Punta Lomitas Wind Power Plant (Ica), completed the assembly of the 57 wind turbines that make up the wind farm (including its expansion) with which it expects to reach a total capacity of 296.4 MW of renewable energy and whose entry into commercial operation is scheduled for the second quarter of 2023.
ENGIE Energía Perú maintained the risk rating of its debt instruments (Corporate Bonds) of AAA and the common shares of 1ª.pe, issued by Apoyo & Asociados Internacionales and Moody’s Local PE Risk Rating Agency. This category corresponds to the highest level of solvency, stability and payment capacity.
In terms of social investment, the company provided more than 450 kg of non-perishable products, water and fuel donations to the communities neighboring its operations and projects affected by the rains and landslides in the country.
On the other hand, the company reported that, as part of its environmental commitment, it launched the project “Green Educational Bus: The Magic of Electricity”, which is a 100% electric bus that aims to raise awareness of energy, science and climate change issues in public schoolchildren in Metropolitan Lima and Chilca.
You can review the Financial Results here.