The high price of gas depresses Endesa's profit by 31%.

Endesa posted a net profit of E338 million in a first quarter of the year marked by extreme volatility in the electricity sector and high gas prices, 350% more expensive than the average for the first quarter of 2021, representing a drop of 31.2% compared to the same period of the previous year.As a result of the anomalous situation in the quarter, the energy company has ratified its targets for the whole of 2022.Endesa's gross operating profit (Ebitda) at the end of March stood at E914 million, down 10.4% compared to the first three months of 2021, but up 10% if last year's atypical results are not taken into account, mainly the E188 million from a court ruling relating to CO2 rights.The revenues of the company led by José Bogas in the period from January to March amounted to E7,596 million, with a growth of 59.1%.Thus, Endesa, which sells more energy than it produces and needs to buy energy in the market, benefiting when prices fall but being harmed in its accounts if they are high, recorded these numbers in a period strongly marked by the deterioration of the macroeconomic scenario and the high prices of raw materials and, singularly, of gas, which led thus to maintain high prices in the wholesale electricity markets, with an average of 229 euros in Spain.However, despite this drop in profit, Endesa ratified its financial targets for 2022 of a net ordinary result of 1.Endesa's CEO, José Bogas, pointed out that the year begins "facing an even more challenging situation than the previous one, marked by macroeconomic tensions derived from the impact of the war in Ukraine and by the transfer of this conflict to a raw materials market that has already been highly inflated for months".In this regard, he emphasized that the group "remains confident in the strength of its vertically integrated company model to meet the 2022? objectives. "And we also maintain our strategy of advice and assistance to all customers, under any type of tariff, to overcome the turbulence of the energy market in their homes and businesses," he added.In addition, Endesa had at the end of March 100% of its own energy (nuclear, hydroelectric and non-regulated renewable) sold for this year, and 82% already for 2023.On the other hand, the complex situation of the raw materials markets, together with an increase in regulatory items pending collection, have negatively affected the working capital necessary to finance the company's operations, which has placed cash flow from operations in the negative by 476 million euros.Endesa stressed that the coverage of this negative cash flow, the disbursement of investments in the period for 533 million and the payment of dividends for 529 million underpin the rise in net debt to 10,334 million at the end of the quarter.In any case, the cost of liabilities was in any case at its historical minimum, 1%, half a point below that reported at the end of 2021. And the percentage of debt linked to criteria ofWith regard to the promotion of 'green' energies, the company has 90% of the renewable power that it expects to come into operation in 2022 already in operation or in execution, and 70% of that scheduled for 2023.Specifically, the energy company has 2,000 megawatts (MW) of renewable power in execution, half of the target set out in its 2022-2024 strategic plan, and has 8.In terms of its commercial activity, it recorded a growth of 800,000 customers in the deregulated market in the last 12 months, reaching 6.4 million in Spain and Portugal, a 13% increase.As for electric vehicle charging points, they grew by 36%, to 10,200 at the end of the quarter, including public and private, compared to the same period in 2021.