CPFL Energia (CPFE3) achieved a net profit of 1.75 billion reais in the first quarter, an increase of 6.3% compared to the same period in 2023, driven mainly by a better performance of the group’s energy distributors.
Earnings before interest, taxes, depreciation and amortization (Ebitda) of the electric company controlled by the Chinese State Grid reached 3.86 billion reais in the quarter, a record figure that represents an increase of 9.5% on an annual basis.
CPFL concessionaires, which distribute energy to cities in the State of São Paulo and Rio Grande do Sul, saw a consolidated growth of 5.1% in energy load, net of losses, in the quarter, with double-digit growth for the classes residential and commercial.
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CPFL (CPFE3): Results
According to the company, this is due to the high temperatures recorded across the country at the beginning of the year, which increased the use of devices such as air conditioning, but also due to a structural change in customer consumption habits, said the company’s CEO, Gustavo Estrella .
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Energy consumption by industry increased by 2.2% in the quarter, showing signs of recovery. “We saw in April and early May that this trend appears to be continuing,” Estrella said.
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CPFL has an important role in distribution, transmission and generation in Rio Grande do Sul, a state that has been hit by serious floods since last week.
The company estimates that between 30,000 and 50,000 electricity consuming units from its Rio Grande do Sul distributor RGE “disappeared” due to the floods, said Estrella.
Tags: CPFL CPFE3 profit R1 .75 billion #1st quarter annual increase
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