business plan for 2004 - EDP

2003 - Annual Report - EDP
In electricity generation, the company was able to achieve
a high level of availability and efficiency of the electricity
generating facilities in 2003, reflected in the large volume
of energy produced, although the above average rainfall
meant that prices fell on the wholesale market.
Net Generation
HidroCantábrico (100%) GWh
2003 2002 Var. %
Hydroelectric 861 771 11.7%
Thermo Electric 10 491 10 997 (4.6%)
Nuclear 1 257 1 212 3.7%
Combined cycle 1 546 328 371.4%
Net Generation 14 155 13 308 6.4%
Net generation delivered to the grid exceeded
expectations at 14,155 GWh, an increase of about 6.4%
over 2002, which, since it was a dry year and therefore a
very good one for the HidroCantábrico asset portfolio,
was itself an exceptional year.
Net Generation
HidroCantábrico (100%) TWh
Combined cycle
Nuclear
Hydroelectric
Thermo Electric
HidroCantábrico’s market share of electricity
generation, in accumulated terms, stood at 7.6% at the
end of December slightly lower than the figure of 7.7%
at the end of 2002.
For the Elerebro em Castejón Power Station, 2003 was the
first full year in operation. It is HidroCantábrico’s first
CCGT Power Station and it was in operation during more
than 4 000 hours during the year, even though it was a
wet year, which is not as good for thermal generation.
The average price of energy sold on the wholesale market
stood at €35.83/MWh, about 19% less than the figure of
€44.15 MWh in 2002, partly caused by high hydroelectric
productibility during 2003 and the greater generation
capacity available within the Spanish electricity system.
Special Regime Generation in 2003 amounted to 233.3
GWh, 47.3% more than in 2002.
Gas and Electricity Distribution Customers
The total number of customers of the electricity
distribution business stood at 561 208, 2.2% more than in
2002. The number of customers in gas distribution more
than tripled, to 542 794, driven by the acquisition of
NaturCorp.
Distribution Customers
HidroCantábrico (100%)
2003 2002 Var. %
Electricity Distribution 561 208 549 091 2.2%
High voltage 19 19 -
Medium voltage 690 649 6.3%
Low voltage 560 499 548 423 2.2%
Gas Distribution 542 794 157 051 245.6%
Distribution Customers
HidroCantábrico (100%) thousand
Electricity Distribution Gas Distribution
Electricity sales amounted to 8 659 GWh, 2.5% more than
in 2002, while gas sales amounted to 9 627 GWh as a result
of the inclusion of NaturCorp in the HidroCantábrico
consolidation perimeter as from August 1, 2003. If the
sales of NaturCorp during the whole of 2003 were taken
90/91