Latest news with #power
Reuters
a day ago
- Business
- Reuters
Endesa reports 30% profit rise but warns Spain's grid plan lacks incentives
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab reported on Tuesday a 30% rise in first-half net profit to 1.04 billion euros ($1.20 billion), while warning that a proposed remuneration framework for power grid investments in Spain fails to offer adequate incentives. The company, majority-owned by Italy's Enel ( opens new tab, has shifted its focus to expanding and upgrading power networks amid soaring electricity demand and connection requests, reducing spending on renewables. A massive blackout on April 28 affecting Spain and Portugal has reignited discussions about the investment needs for the country's power networks, which are regulated by Spain's competition and energy watchdog CNMC. The company criticised a proposal by Spain's competition and energy watchdog CNMC to update the remuneration framework for investments in grids in the coming year, including raising the guaranteed return on investments in power grids to 6.46%. "This proposal seriously jeopardises the level of investment Spain needs to achieve its decarbonisation, increase electricity demand and grid investment goals" included in the country's climate and energy plan, Chief Executive Jose Bogas said. Endesa booked a net profit of 1.04 billion euros ($1.20 billion) in the period. This compares with 800 million euros a year earlier, when results included a windfall tax on energy companies. The company said it is on track to meet its targets this year. "Endesa suffered a declining trend in its integrated electricity margin" in the second quarter "and lower, albeit still high, gas unit margins," RBC analyst Fernando Garcia said in a note. "We expect a declining trend in gas unit margins in the second half and beating guidance looks now more challenging," he said. ($1 = 0.8632 euros)
Reuters
a day ago
- Business
- Reuters
Endesa blasts grid remuneration proposal as 1H profit rises 30%
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab posted on Tuesday a 30% increase in first-half net profit and warned that the proposed remuneration framework for power grids investments in Spain doesn't offer the right incentives. The company, owned by Italian energy giant Enel ( opens new tab, booked a net profit of 1.04 billion euros ($1.20 billion)in the period. This compares with 800 million euros a year earlier, when results included a windfall tax on energy companies. The company criticised a proposal by Spain's competition and energy watchdog CNMC to update the remuneration framework for investments in grids in coming year, including raising the guaranteed return on investments in power grids to 6.46%. "This proposal seriously jeopardizes the level of investment Spain needs to achieve its decarbonisation, increase electricity demand and grid investment goals" included in the country's climate and energy plan, Chief Executive Jose Bogas said. ($1 = 0.8632 euros)
Reuters
a day ago
- Business
- Reuters
Endesa on track to meet targets after 1H profit rises 30%
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab said on Tuesday it is on track to meet its targets for the year after first-half net profit rose 30%. The company, owned by Italian energy giant Enel ( opens new tab, booked a net profit of 1.04 billion euros ($1.20 billion)in the period, compared with 800 million euros a year earlier. ($1 = 0.8632 euros)
Bloomberg
2 days ago
- Politics
- Bloomberg
Trump Dials Up Pressure on Russia With Tariff Risk in Background
This is Washington Edition, the newsletter about money, power and politics in the nation's capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what's been happening and what's coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here. When I drive into work in the morning, I often listen to music from the likes of Billy Joel, Madonna, Green Day, Metallica. Great songs that my son labeled as 'old man' music yesterday as he failed in his case for why I should play ' Soda Pop' from KPop Demon Hunters for the 153rd time. No deal, he had to suffer through Boyz II Men.
Fox News
2 days ago
- Politics
- Fox News
Mark Levin: Without power properly applied, you don't have liberty or rights
Fox News host Mark Levin discusses America's history as explained in his new book 'On Power' on 'Outnumbered.'
