Acciona Sa (ACXIF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to ACCIONA's first Have Results presentation for the year 2024. As usual, we will start with ACCIONA Energía and then we'll follow on to ACCIONA Results as a whole. On the table on my right, Rafael Mateos, CEO of ACCIONA Energía, To his right, Jose Entre Canales, Chief Financial Sustainability Officer at Acciona Energía. And to my left, Jose Ángel Tejero, Chief Financial and Sustainability Officer at Acciona SA. Global commitment to climate action is unquestionable. Despite slower than necessary, we are, however, advancing towards building a net-zero economy. Fossil fuel consumption declining, peak oil expected to happen within this decade, a consistent reduction in global emissions and renewables accounting for more than one-third of global generation by as early as next year. However, like All transformations, the energy transition is not linear and it has cycles. Some of them, like the one we have been through, involve challenges that require adjustment and adaptation that always offer opportunities for improvement and growth. First semester of 2024, as you all know, was characterized by a series of of exogenous factors that combine into an atypically negative period for the renewable energy sector. In Spain, weak electricity demand due to mild winter temperatures, exceptionally high hydro and wind production together with high LNG reserves have resulted in some of the lowest pool prices in the Spanish power market history. Consistently with these low prices, we have had to significantly reduce production, as it was often not economically viable. As for our non-Spanish operations, it has also been an adverse semester. In combination of weak volumes with grid output limitations, ACCIONA Energías However, substantial share...