Edison: EBITDA and net profit grow in Q1 driven by renewable production

MILAN, Italy, May 08, 2023 (GLOBE NEWSWIRE) -- Edison closed the first quarter of 2023 with revenues of ?6.1 billion, EBITDA and profit up to ?544 million and ?288 million respectively, thanks to a strong operating performance.

Edison's Board of Directors reviewed the Interim Report on Operations at March 31, 2023, which showed a solid performance across all lines of business. In the first quarter of the year, EBITDA grew to EUR 544 million (+52.4%) from EUR 357 million in Q1 2022.

Driving the growth was the contribution of renewable generation and the good performance of sales in the Gas&Power segment in the end market, after a very difficult 2022.

The Edison Group ended the first quarter of 2023 with a net profit of ?288 million, an increase from ?27 million in the first quarter of 2022, which included an initial estimate of the extraordinary contribution provided for in the 'Price Cuts' decree. Financial debt at March 31, 2023 stood at ?169 million from ?477 million at December 31, 2022, an improvement thanks to good operating results that consolidate the Group's position in the energy transition business.

In terms of context, electricity demand in Italy stood at 77.4 TWh in the first quarter of 2023, down 4% compared to the same period in 2022. All sources of production declined: thermoelectric generation, which remains Italy's leading source, showed the most marked contraction (-13.9% to 45.1 TWh from 52.4 TWh in Q1 2022), hydroelectric generation was also down (-1.5% to 5.7 TWh from 5.8 TWh), while renewable generation from wind and photovoltaic power was broadly in line at 12.1 TWh. On the other hand, imports rose during this period to 13.7 TWh (+43.4% from 9.6 TWh). Overall, domestic production contributed around 82.4% of total electricity demand.

More decisive was the reduction in domestic gas consumption, which fell by 18.9% to 20.7 billion cubic metres from 25.6 billion cubic metres in Q1 2022.  

Edison ended the first quarter of 2023 with sales revenues of ?6,120 million from ?7,111 million in the same period last year, impacted by the contraction in volumes of natural gas sold, which brought the revenues of the Gas Operations to ?4,317 million (down 23.5% compared to Q1 2022). Revenues of the Electric Power Operations increased by 15% compared to Q1 2022, to ?2,620 million, mainly due to an increase in the average contracted price.  

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