Ence Energía y Celulosa obtained net losses of Euro 13 million in the 2Q of the financial year 2020 as a consequence of the prices of pulp, which remain at the lowest levels recorded in the last 10 years, as well as the low prices of energy. In the semester, the company accumulates net losses of Euro 24.6 million.
In contrast, the company’s productivity has led to a significant improvement thanks to the consolidation of investments made last year, which has led to an increase in sales of both pulp (19%) and energy (27%), and a reduction in production costs.
The EBITDA of the Pulp business reached Euro 8.9 million in the first half of the year, which represents a decrease of 87% compared to the first half of 2019 as a result of lower pulp prices.
On the other hand, the EBITDA of the Renewable Energy business improved 24% year-on-year in the second quarter, to Euro 15.5 million, and 5% in the whole of the semester, to Euro 27 million. The incorporation of the two new agricultural and forestry biomass plants in Huelva and Ciudad Real contributed to 51% growth in sales in the second quarter and offset the decrease in the average sales price to the minimum set by the regulator.
Ence continues with the development of new renewable energy projects. The 405 renewable MW in the portfolio, with access to the network and secured locations, are awaiting the next call for auctions for the implementation of the National Plan for Renewable Energies, while completing its administrative processing, between the 3Q 2021 and the 1Q 2022.
