Copel, an electric company from Paraná, recorded an adjusted net profit of R$ 403.4 million between July and September this year, 46.9% lower than the one reported a year earlier, according to a balance sheet released on Thursday night (10).
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) dropped 11.8% to R$1.13 billion in the quarter.
The adjustments made to net income and Ebitda mainly reflect the exclusion of the recognition, in the third quarter of 2021, of the compensation referring to the renegotiation of hydrological risk (GSF). This measure, which extended the concession of Copel’s hydroelectric plants, had an effect of more than R$ 1.5 billion on the result of a year ago.
The quarterly performance of the state-owned electric company was mainly affected by the non-activation of the Araucária thermoelectric plant in the period, which reduced energy supply revenue, and by the negative effect of the IPCA on energy transmission assets.
On the positive side, Copel highlighted a better result from its energy distribution unit in the quarter, in addition to the positive impact of the improved hydrological scenario on generation assets.
In a report, the electric company from Paraná also highlighted the acquisition, announced last month, of wind generation complexes from EDP Renováveis. The transaction, which totaled R$ 1.8 billion, involves generation parks in Rio Grande do Norte with 260.4 megawatts (MW) of installed capacity.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
