Preliminary Data for the First Nine Months of 2005; ENDESA Raises Its Global Power Output by 5.3%
November 03 2005 - 12:06PM
Business Wire
ENDESA (NYSE:ELE): -- Growth in generation in Europe of 43.3%
underpinned the sharp rise in production. -- The company produced a
total of 136,956 GWh in the first nine months of 2005, of which
69,697 GWh were in Spain, a decrease of 3.7% on the previous year
mostly due to the drought. -- Generation at ENDESA's CCGTs
increased by 20% to September 2005 and now contributes 18% of the
Group's global output. -- Roughly half of the total energy ENDESA
generated was outside Spain. ENDESA produced a total de 136,956 GWh
in the first nine months of 2005, an increase of 5.3% from the same
period last year. Growth came primarily in the areas outside of
Spain where ENDESA generates power, with increases of 43.3% in
Europe and 5.4% in Latin America. In Spain, output between January
and September reached 69,697 GWh, 3.7% lower than in the year-ago
period. Roughly half of the total energy generated by ENDESA at
present comes from outside Spain. By technology, ENDESA's CCGTs
generated 20% more in 9M05 (24,707 GWh) and its coal-fired plants
17.7% more (42,108 GWh). ENDESA's hydro output (36,435 GWh) was
slightly lower (-0.3%) owing to the scant level of rainfall in
Spain during the period. In Spain, ENDESA's hydro production was
down 30% through September, far below the average decline in the
industry of approximately 40%. The low rainfall led to a sharp
increase in fuel-powered generation in Spain, although globally
this type of production decreased 5.9% to 15,357 GWh. Nuclear
generation decreased 14% (to 16,761 GWh) while renewable/CHP output
rose 15.3% (to 1,588 GWh). ENDESA boasts a balanced production mix:
27% of GWh produced at all its plants is hydro based, 31% is coal,
12% is nuclear, 11% fuel-oil/gas, 18% is from CCGTs and 1% from
renewables/CHP. This balanced mix provides ENDESA with stable
generation in different scenarios, making it less vulnerable to
hydro volatility in the mainland or to swings in oil and gas
prices. Spain ENDESA produced 69,697 GWh of power in Spain in the
first nine months of 2005, a decrease of 3.7% on the same period of
2004. Power output totalled 57,734 GWh in the ordinary mainland
system -a 5.5% decrease- and 10,394 GWh in the Balearic and Canary
Islands and Ceuta-Melilla systems -an increase of 5.2%-. Energy
produced via CCGTs and renewables/CHP rose 14.2% (to 1.569 GWh) and
via wind power by 41%. ENDESA's hydro output in Spain was down 30%
yoy at 6,086 GWh owing to the low level of rainfall so far this
year. The rest of ENDESA's technologies recorded mixed
performances. Generation by the coal plants (29,737 GWh) was
largely unchanged from 9M04, while generation by the CCGTs (5,641
GWh) increased by 25%. Nuclear generation (16,761 GWh) fell by 14%,
due mainly to the shutdown of the Vandellos II plant for several
months. Net output from fuel plants stood at 9,903 GWh, an 18%
increase. Latin America ENDESA produced 42,869 GWh of power in
Latin America through to September this year, 5.4% more than in the
same period last year. Driving this growth was the recovery of
demand in Argentina and Peru, which resulted in a sharp increase in
those countries' energy needs, as well as increased production in
Chile. ENDESA's output in Argentina rose 3.2% to 12,046 GWh and in
Peru by 23.2% to 5,061 GWh. Also noteworthy was the 14% increase in
generation in Chile (to 13,778 GWh). Production fell by 1.8% in
Colombia to 8,855 GWh and by 17.3% in Brazil to 3,130 GWh due to
the lack of gas. Europe ENDESA posted a substantial 43.3% rise in
production in Europe to 24,390 GWh, driven in part by the
consolidation of French generator Snet, over which ENDESA secured
control at the beginning of September last year. Production in
Italy through to September totalled 17,309 GWh, 9% higher than the
15,872 GWh produced in the first nine months of 2004. Behind this
sharp increase was the start-up of CCGT production (generation
using this technology rose 91% in 9M05 to 8,322 GWh), while hydro
output in Italy fell 2.5% to 1,819 GWh. Coal-fired output rose 7.4%
to 4,402 GWh, while fuel-oil production fell 50% to 2,747 GWh.
ENDESA produced 19 GWh of wind power in Italy in the period. Snet's
output in the first nine months of 2005 was 7,081 GWh. * This
document may contain certain forward-looking statements regarding
anticipated financial and operating results and statistics that are
subject to risks and uncertainties as well as to material risks,
changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the
Comision Nacional del Mercado de Valores and in the Form 20-F of
Endesa filed within the Securities and Exchange Commission, both
for the fiscal year ended December 31, 2004. For all of these
forward-looking statements, we claim the protection of the safe
harbour for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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