Eneva Boosts Profit and Ebtida With Exports to Argentina and Optimizes Gas Reserves

Written by Paulo Nogueira

Published on 04/06/2023 at 07:13

Updated on 04/06/2023 at 07:22

Fonte: BNCA Amazonas

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Argentinian Opportunities Boost Eneva and Generate Expectations of Additional Ebitda of R$ 346 Million

In the past three years, hydrology in Brazil has experienced high volatility, affecting Eneva’s production (ENEV3) equally. According to analyses from Itaú BBA, Eneva has envisioned a new path to monetize its gas reserves with competitive prices and substantial volumes, amid significant fluctuations in gas emissions.

Eneva Diversifies with Energy Exports to Argentina

Faced with the recovery of Brazilian reservoirs to historical levels after dry seasons, the company sought a new strategy: exporting energy to Argentina. The Itaú BBA report revealed that Eneva was one of the main energy exporters in 2022, adding approximately R$ 320 million to its Ebitda through this strategy.

Analyzing the scenario where Eneva maintains its share in Brazilian energy exports from the fourth quarter of 2022, a potential additional Ebitda of approximately R$ 346 million is estimated. BBA’s forecasts indicate that without exports and with zero dispatch from flexible thermoelectric plants, the company’s leverage would reach around 4.4 times in 2023. However, considering the expected profit of R$ 346 million in Ebitda from energy exports to Argentina, leverage would be reduced to 3.9 times by year-end.

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Growth Prospects and New Opportunities for Eneva

In terms of growth, BBA sees room for Eneva to increase the total volume of its export operations compared to 2022 levels, which could result in gains above expectations. Last year, part of the energy generated by the Parnaíba I thermoelectric plant was allocated to tests conducted during the commissioning of the Parnaíba V plant, sold at spot price.

It is expected that Parnaíba I will now be fully focused on generating electricity for export to Argentina through bilateral contracts, following the full start of operations of Parnaíba V.

However, there are associated risks, as highlighted by analysts. Hydroelectric generators’ exports could usurp the share of thermoelectric generators in the future. In the first quarter of 2023, it was observed that most of the demand driven by energy exports was met by the turbine-able flow from hydroelectric plants during the rainy season.

In recent news, hydroelectric generators requested the continuation of these exports, given the maintenance of still high reservoir levels and the potential to mitigate the impacts on GSF (hydrological risk measure). However, it is important to consider that the discussion between hydroelectric generating companies and the Ministry of Mines and Energy (MME)/National Electric System Operator (ONS) is still ongoing, with little visibility on potential outcomes.

Itaú BBA maintained the performance rating in line with the market and a target price of R$ 16.80, indicating a potential appreciation of 45.1% compared to last Monday’s closing (29) of R$ 11.58.

Eneva Boosts Profit and Ebtida With Exports to Argentina and Optimizes Gas Reserves

Argentinian Opportunities Boost Eneva and Generate Expectations of Additional Ebitda of R$ 346 Million

Eneva Diversifies with Energy Exports to Argentina

Growth Prospects and New Opportunities for Eneva

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Eneva Boosts Profit and Ebtida With Exports to Argentina and Optimizes Gas Reserves

Argentinian Opportunities Boost Eneva and Generate Expectations of Additional Ebitda of R$ 346 Million

Eneva Diversifies with Energy Exports to Argentina

Growth Prospects and New Opportunities for Eneva

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