Since January 1st the Global Networks Business [PDF] includes the energy Transmission and Distribution businesses, as well as those of any other regulated nature, originating in Spain, the United Kingdom, the United States and Brazil. This will implement best practice in Group´s Networks business:
- Increase the quality and reliability of supply
- Optimise Operating Expenses
- Leverage the transformation based on technology
- Identify business growth opportunities
Networks EBITDA up 10.5% to €2,684 million with growth in all geographies.
During the first nine months, EBITDA by geographical areas have been:
- In Spain, EBITDA from networks increased +1,113.4%, improving from last year due to efficiency measures despite the impact of positive settlements accounted for in Q3 2014 (€40 million).
- In the UK, EBITDA reached £597.4 million, as a result of increasing asset base partially compensated by RIIO-ED1 revenue profiling, that started in April 2015.
- In the United States, networks increased EBITDA by $641.7 million, with results affected by IFRS – US GAAP adjustments, impacted by IFRIC 21 (to be partially compensated in Q4), accounting reclassifications that increase expenses vs depreciation and additional maintenance costs.
- In Brazil, EBITDA it stood at R$614.1 million in nine months 2015 no drought impact has been recorded vs R$298.3 million in 9M 2014. To be reversed in Q4 2015 as regulatory assets are registered from December 2014.
REGULATED BUSINESS EBITDA BREAKDOWN (% )