AES Andes net income in the first half of 2021 affected by decarbonization and peaks in gross margin

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August 6 (Renewables Now) – South American power company AES Andes SA reported a loss of attributable income of $ 266.3 million (225.5 million euros) for the first half of 2021, after due recognize significant asset impairment for committing to shut down thermoelectric power plants in Chile.

In the same period a year ago, the company reported attributable profit of $ 137.7 million.

On the operating side, AES Andes reported gross profit of $ 619.1 million, up 125% year-on-year, and revenue growth of 34% to $ 1.49 billion .

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the six-month period reached $ 688.4 million, up 86% on the year, AES Andes said in its earnings report.

Based in Santiago, AES Andes leads operations in Chile, Argentina and Colombia for the US group AES Corp (NYSE: AES).

The key figures for the three markets are presented in the table:

In thousands of dollars, unless otherwise indicated: S1 2021 Y / Y change:
Chile
– total operating income 1 267 088 37%
– total gross profit 513 425 113%
– total energy sales 8,208 GWh unchanged
– total production (coal, hydro, biomass, wind, solar) 6 682 GWh -6%
Colombia
– total operating income 181,620 20%
– total gross profit 92 919 270%
– total energy sales 3,531 GWh 57%
– total production (hydro + solar) 2,137 GWh 133%
Argentina
– total operating income 46,357 21%
– total gross profit 13,558 41%
– total energy sales 2,469 GWh 24%
– total production (natural gas only) 2,049 7%

AES Andes continued to reduce the share of coal and fossil fuels in its production portfolio in favor of renewable energies, either through early retirement or through the sale of its coal-based capacity.

The company is currently building more than 1 GW of renewable energy in Chile and Colombia. In Chile, construction of most projects will be finalized by the end of 2021.

In Colombia, the 61 MW AES Andes solar project in San Fernando is expected to reach its commercial operation date in 2021, the company said.

Currently, AES Andes operates over 5 GW of diversified generation assets in Chile, Colombia and Argentina.

(USD 1.0 = EUR 0.847)


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