Global Power Generation posts net profit of 41 million euros in first quarter of 2018

Parque-Sobral Hydroelectricity

The consolidated EBITDA posted by Global Power Generation in the first quarter of 2018 stood at 69 million euros, practically 3% more than in the same period of the previous year, while net income rose by 31% to 41 million euros.

Once again, this improvement was achieved despite a dollar devaluation against the euro, the former being the currency in which the company receives most of its revenue. When disregarding the exchange rate effect, the EBITDA would have improved by 12 million euros.

Mexico is contributing to this business improvement thanks to good energy surplus sales performance, especially in Norte Durango and Tuxpan, and the improved capacity payments stemming from a more favourable downtime schedule in this first quarter. Bií Hioxo also managed to significantly improve its result, both in terms of energy sales and operating cost containment.

The results at solar plants in Brazil should also be highlighted in this first quarter of the year, which entered service in September last year, as well as the improved performance by assets in Costa Rica as a result of the achievements reached with ICE to compensate low sales over previous years.

In contrast, the plants in the Dominican Republic suffered the consequences of a year of increased hydropower in the country, which reduced both the market price and the sale of our assets.

In turn, Puerto Rico posted similar figures to the previous financial year despite the difficult situation being experienced by the country following last year’s hurricanes, confirming its position as the most efficient generator in the country and a key part of its electricity system.