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Spain’s GNF sees electricity output drop in Q1 ‘12

08 May 2012 18:04:14 | edem

Spain's Gas Natural Fenosa (GNF) sold 10.3TWh of electricity in Spain in the first quarter of 2012, a 2.2% drop year on year.

Of the 10.3TWh generated, 9.6TWh came from ordinary regime generation (large hydro, nuclear and hydrocarbon generation). The drop was attributed partly to an 84% year-on-year drop in hydroelectric generation because of a long-running dry spell in Spain, and partly by a 14% drop in CCGT output to 5.8TWh generated in Q1 '12. These declines were offset slightly by a 12% rise in nuclear output with 1.2TWh generated. The influence of a Spanish decree in favour of domestically-mined coal multiplied GNF's coal-fired generation by a factor of seven, to 2.34TWh from 0.3TWh in Q1 '11.

Despite daily wholesale electricity pool prices being €6.10/MWh higher in Q1 '12 than in Q1 '11, GNF's profit fell by 14% to €251m, the company said.

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