Adjusted EBITDA increased by 26.8% (R$1,439.1 million in 3Q23 compared to R$1,134.9 million in 3Q22)
CURITIBA, PARANA, BRAZIL, November 9, 2023 /EINPresswire.com/ -- Adjusted EBITDA, considering the results of discontinued operations (referring to Compagas and UEGA, which are in the process of being sold) and excluding non-recurring items, reached R$1,439.1 million, an amount 26.8% higher than the R$1,134.9 million recorded in 3Q22, reflecting, above all, the better result of Copel GeT (+58.1%), Copel Distribuição (+7.0%) and the better remuneration on transmission assets of jointly controlled ventures, partially offset, mainly, by the lower result from Elejor ( -43.6% ) and Compagas (-14.3%). Disregarding the equity in earnings of subsidiaries, adjusted EBITDA increased by 21.8% (R$1,371.2 million in 3Q23 compared to R$1,126.0 million in 3Q22).
The main factors explaining the result are:
(i) the better performance of Copel GeT in the results of the purchase and sale of electricity (+R$201.8 million), mainly due to the 13.3% growth (+R$130.3 million) in electricity sales to distributors, effect (a) of the greater volume of energy sold in the regulated market (ACR) (+1,446 GWh) given the validity of another contract during the third quarter of 2023, whose origin was the renegotiation of the hydrological risk in the ACR, resulting in the postponement of this contract in the amount of 478 average MW with a sales price for this energy of around R$250 per MWh; (b) the most favorable hydrological scenario in 3Q23, with an average GSF of 80.5%, compared to 75.1% in 3Q22; and (c) for the acquisition of the Aventura and Santa Rosa & Mundo Novo – SRMN Wind Complexes;
(ii) the superior result of Copel Distribuição, mainly due to the tariff readjustment in June 2023, with an average effect of an increase of 6.32% in the Tariffs for the Use of the Distribution System (TUSD), the 1.0% growth in billed grid market and the 42.2% increase in other operating revenues, due to higher revenue from leases and rents from pole sharing contracts; and
(iii) the higher remuneration on transmission agreement assets, mainly due to the periodic tariff review applied to contracts in July 2023 and the inflation (IPCA) of 0.61% in 3Q23 compared to deflation in 3Q22 (-1.32%), with a positive effect on the use of the main distribution and transmission grid revenue from Copel GeT (+R$132.9 million) and on the equity in earnings of subsidiaries result (increase of R$58.9 million) in the comparison between periods.
These events were partially offset, mainly, by (i) the increase of R$101.7 million in provisions
and reversals (on a recurring basis), the effect, above all, of the provision of R$66.1 million relating to regulatory litigation within the scope of Copel GeT, effect of Aneel Order No. 2,094 of June 28, 2023, which deals with the methodology for calculating the Surplus and Deficit Compensation Mechanism (MCSD)1; (ii) the growth of R$69.6 million in “third-party services”, basically due to higher expenses with maintenance of the electrical system, consultancy services and expenses related to obtaining waivers in the company's transformation process in True Corporation; and (iii) Elejor's lower margin in the sales of electricity when comparing periods.}
The complete release is available at the Company’s website: ir.copel.com
Conference Call: November 9, 2023 – Thursday
English: 08:00 a.m. – UST
Broadcast through Internet
Live webcast at ir.copel.com
The main factors explaining the result are:
(i) the better performance of Copel GeT in the results of the purchase and sale of electricity (+R$201.8 million), mainly due to the 13.3% growth (+R$130.3 million) in electricity sales to distributors, effect (a) of the greater volume of energy sold in the regulated market (ACR) (+1,446 GWh) given the validity of another contract during the third quarter of 2023, whose origin was the renegotiation of the hydrological risk in the ACR, resulting in the postponement of this contract in the amount of 478 average MW with a sales price for this energy of around R$250 per MWh; (b) the most favorable hydrological scenario in 3Q23, with an average GSF of 80.5%, compared to 75.1% in 3Q22; and (c) for the acquisition of the Aventura and Santa Rosa & Mundo Novo – SRMN Wind Complexes;
(ii) the superior result of Copel Distribuição, mainly due to the tariff readjustment in June 2023, with an average effect of an increase of 6.32% in the Tariffs for the Use of the Distribution System (TUSD), the 1.0% growth in billed grid market and the 42.2% increase in other operating revenues, due to higher revenue from leases and rents from pole sharing contracts; and
(iii) the higher remuneration on transmission agreement assets, mainly due to the periodic tariff review applied to contracts in July 2023 and the inflation (IPCA) of 0.61% in 3Q23 compared to deflation in 3Q22 (-1.32%), with a positive effect on the use of the main distribution and transmission grid revenue from Copel GeT (+R$132.9 million) and on the equity in earnings of subsidiaries result (increase of R$58.9 million) in the comparison between periods.
These events were partially offset, mainly, by (i) the increase of R$101.7 million in provisions
and reversals (on a recurring basis), the effect, above all, of the provision of R$66.1 million relating to regulatory litigation within the scope of Copel GeT, effect of Aneel Order No. 2,094 of June 28, 2023, which deals with the methodology for calculating the Surplus and Deficit Compensation Mechanism (MCSD)1; (ii) the growth of R$69.6 million in “third-party services”, basically due to higher expenses with maintenance of the electrical system, consultancy services and expenses related to obtaining waivers in the company's transformation process in True Corporation; and (iii) Elejor's lower margin in the sales of electricity when comparing periods.}
The complete release is available at the Company’s website: ir.copel.com
Conference Call: November 9, 2023 – Thursday
English: 08:00 a.m. – UST
Broadcast through Internet
Live webcast at ir.copel.com
Relações com Investidores
COPEL
+55 41 3331-4011
ri@copel.com
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