In 2009, Red Eléctrica Group achieved a consolidated after-tax profit of 330.4 million euros, representing an increase of 15.5% with respect to that registered in 2008, in which it registered earnings of 286 million euros.
Investment over the last year rose 19.4%, reaching 759 million euros. Transmission grid investment, which represents 96.8% of the total, grew to 735 million as compared to 614 million allocated in 2008, representing a growth of 19.7%.
The gross operating result (EBITDA) was 845.6 million euros, 9.6% higher than the previous year, resulting from a 6.6% increase in net turnover, which reached 1,200 million euros, and a containment of the operating costs.
Key financial figures
Strategic Plan 2010-2014
Red Eléctrica de España presented the Group's strategic plan for the 2010-2014 period, as well as the consolidated results for 2009. The strategic plan considers investments of 4,000 million euros in the transmission grid over the next five years which, that together with those carried out in 2007, reach an investment figure of 6,000 million euros for the period 2007-2014 (the infrastructure plan 2007-2016 considers an investment of 8,000 million euros for the same period). The strategic plan considers the reinforcement of grid meshing and the international interconnections, not only to increase the capacity and to improve the quality and security of supply, but also to contribute to the operation of an integrated and competitive electricity system, where the integration of renewable energy is facilitated, and losses and system costs are reduced.
The cornerstone of Red Eléctrica's strategy for the next five years is to consolidate the role of the company as TSO, implementing the necessary investments to be able to adapt to the changes within the Spanish electricity sector and also acquire those transmission assets which are not currently owned by Red Eléctrica.
Additionally, an objective of this plan is to facilitate the introduction of an increased percentage of renewable energies into the generation mix, driving demand management strategies which allow it to become an efficient and reliable system tool, and maintain the maximum level of service quality and security of supply, whilst maintaining operational and financial efficiency
Over recent years, three special projects were undertaken, with a joint investment of 1,000 million euros, and are due to be commissioned in the period 2011-2014.
Within its function as system operator, Red Eléctrica gives special importance to actions that help in demand management in order to contribute to the most efficient functioning of the system. Pumped storage, which allows renewable energy to be taken advantage of during valley hours, international interconnections, a flexible generation and the electric car, are some of the options backed by the company in order to optimise system operation and generation capacity.