Due to the rate increase, Edesur’s income grew 19% although its energy sales fell 1%

Edesur presented its condensed interim financial statements as of September 30, 2024. In that period, the electricity distributor recorded an increase in revenue of 19% despite the fact that energy sales, in physical terms, fell 1%. This is explained by the impact of rate increases that the Government authorized.

In turn, the company presented a 41% improvement in its operating result, but the net result implies a drop of 50% in the year-on-year comparison as a consequence of the impact of the Income tax.

Thus, according to the figures reported by Edesur to the National Securities Commission, the income recorded during the first nine months of 2024 reached the $976,589 million.

The company explains that this was mainly due to the rate increase determined by Resolution 101/2024 of the ENRE, later modified by Note 25656727 of the same organization, which was applied as of February 1 of this year.

And also due to the rate increases determined by ENRE resolutions 518 and 589/2024 effective as of August 1 and September 1, 2024, respectively, and which incorporated VAD increases of 3% in both cases.

This allows us to understand the increase in income despite the 1% drop in energy sold, in physical terms, in the first nine months of 2024 compared to the same period in 2023.

EBITDA as of September 30, 2024, for its part, reached $22,637 million, that is, 133% higher than that registered in the same period of 2023. This was mainly due to the increase in income, Edesur clarified.

But that strong improvement growth is cut to 41% in the operating result (EBIT), which is mainly explained because the higher revenues explained in the preceding paragraphs were partially offset by higher operating, marketing and administration costs.

Then, for a higher charge for the income tax Compared to the same period in 2023, the operating result changes sign to a decline of 50%with a balance of $59,937 million.

On the other hand, net debt improved compared to December 2023, due to the fall in financial debt and an improvement in current investments. Investments in the first nine months of 2024 reached $128,423 million.

Edesur’s main operating indicators

Edesur reported that during the nine-month period ended September 30, 2024, the accumulated demand for electrical energy in its concession area decreased 2% compared to the same period in 2023, having reached 16,392 GWh, a value that does not include exchanges with other distributors.

Analyzing demand by type of user, small or residential demand, linked to a greater or lesser extent to temperature, reflected a reduction of 1.4%.

Likewise, intermediate and large demands linked to the commercial and industrial sectors They had a fall of 2.4% and 5%respectively, maintaining the trend of what happened during the first semester.

Energy sales for the first nine months of 2024 (12,563 GWh) recorded a drop of 1% compared to the same period of the previous year (12,733 GWh).

The number of clients increased by 59,000 new usersconcentrated mainly in small demands for residential use.

The accumulated energy losses in the first nine months of 2024 were around 18%, remaining at the levels of the same period in 2023.

The service quality index measured by the duration of outages in number of hours (SAIDI YTD) showed an improvement of 14%, having gone from 16.1 hours in the first nine months of 2023 to 13.9 hours in the same period of 2024.