Endesa (NYSE:ELE)
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ENDESA (NYSE:ELE):
-- Growth in generation in Europe of 58% underpinned the sharp
rise in production.
-- The company produced a total of 77,632 GWh in the first five
months of 2005, of which 39,293 GWh were in Spain, a slight
increase of 0.1% on the previous year due to drought.
-- Generation at ENDESA's CCGTs increased by 29% to May 2005 and
now contributes 19% of the Group's global output.
-- 50% of ENDESA's total energy is generated outside Spain.
ENDESA (NYSE:ELE) produced a total de 77,632 GWh in the first five
months of 2005, which represents growth of 8.4% with respect to 2004.
This increase is due mainly to the areas of generation located outside
of Spain: the increase of 58% in Europe and increase of 3.2% in Latin
America are particularly noteworthy. In Spain, output stood at 39,293
GWh between January and May, which represents a slight decrease of
0.1% with respect to the same period the previous year. ENDESA
currently generates 50% of its power outside Spain.
We highlight the 29% increase in generation at ENDESA's CCGTs (to
14,922 GWh), while coal-fired production increased by 32% (to 24,840
GWh). However, ENDESA's hydro output fell 7% (to 19,287 GWh) on the
back of the 33% fall in production in Spain owing to the low levels of
rainfall during the period. Nonetheless, this was far lower than the
average decline of over 50% for the entire sector in Spain.
The low rainfall was also behind the surge in fuel-powered
generation, while on a global level this type of production decreased
by 6.75% to 8,200 GWh. Nuclear generation decreased 12.8% (to 9,557
GWh) and renewable/CHP output increased by 10% (to 826 GWh).
ENDESA boasts a balanced production mix: 25% of GWh produced at
all its plants is hydro based, 32% is coal, 12% is nuclear, 11%
fuel-oil/gas, 19% 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 39,293 GWh of power in Spain in the first five
months of the year, a decrease of 0.1% on the same period of 2004.
Power output in the ordinary peninsula system was 33,052 GWh -a 2%
decrease- and in the Balearic and Canary Islands and Ceuta-Melilla
systems the Company produced 5,427 GWh, an increase of 6.2%. Energy
produced via CCGTs and renewables/CHP rose 8.4% (to 814 GWh) and via
wind power by 15%.
ENDESA's hydro output in Spain which was 3,532 GWh, fell by 33%
compared to 2004 levels owing to the low level of rainfall in the
first five-months of the year.
The rest of ENDESA's technologies recorded sharp increases in
production. Generation by coal plants (15,573 GWh) and CCGTs (3,114
GWh) increased by 7% and 31%, respectively, due to a higher load
factor. Nuclear generation (9,557 GWh) decreased by 12.8%, due mainly
to the fact that in April Vandellos II was out of order due to a
breakdown. Net output from fuel plants stood at 5,331 GWh, a 34%
increase.
Latin America
ENDESA produced 23,878 GWh in Latin America in the first five
months of 2005, an increase of 3.3%. Driving this growth was the
recovery of demand in Argentina and Peru, which resulted in a sharp
increase in the countries' energy needs. ENDESA's output in Argentina
rose 10.4% to 7,586 GWh and in Peru by 25.3% to 2,614 GWh. Also
noteworthy was the 3.5% increase in generation in Chile (to 6,764
GWh). Production fell by 5.7% in Colombia to 4,871 GWh, and by 17.3%
to 2,043 GWh in Brazil due to the lack of gas.
Europe
ENDESA also posted a substantial 58% rise in production in Europe
to 14,461 GWh, driven in part by the consolidation of the French
generator Snet, over which ENDESA secured control at the beginning of
September last year.
Production in Italy between January and May was 9,642 GWh, 5.5%
higher than the 9,142 GWh produced in the first five months of 2004.
The significant boost is due to the recent operation of CCGTs
(generation with this technology has increased by 84%, up to 4,353
GWh), as well as the increase in hydro output (the increase was 7.6%,
up to 1,188 GWh). Coal production was broadly unchanged at 2,428 GWh,
the result of the 'repowering' strategy that ENDESA is carrying out in
Italy which entails the replacement of fuel oil (1,661 GWh) with coal
and gas.
Snet produced 4,819 GWh of output in the first five months of
2005.
For additional information please contact David Raya, North
America Investor Relations Office, telephone # 212 750 7200
http://www.endesa.es
* 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 Folleto
Informativo Continuado 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, 2003. For all of these forward-looking statements, we
claim the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.