This is how the four major energy companies have dealt with the shock of the power outage

MadridThe four major energy companies listed on the Ibex 35, Iberdrola, Endesa, Naturgy, and Repsol, have just presented their results for the first nine months of the year, that is, between January and September. And although themassive power outage of April 28 It has had an impact on their accounts, but in one way or another they have managed to navigate the effects of the blackout that plunged the Iberian Peninsula into darkness, to the point that three of them (Iberdrola, Endesa, and Naturgy) expect to close 2025 with record profits. However, the businesses of the four companies are not the same, although some have more in common, as is the case with Iberdrola and Endesa. Therefore, the underlying reasons for how they have managed to avoid the impact are also different.

Repsol's comeback

Inch by inch. Initially, Repsol was the first to suffer the shock of the blackout, seeing its profits plummet in the first half of the year because the power outage forced the shutdown of its five refineries, as well as its three major petrochemical plants in Spain and Portugal. This was compounded by the inactivity of its service stations and other establishments. The oil company, chaired by Antoni Brufau, has estimated the impact of the blackout and other incidents at €175 million and has opened the door to "possible legal action." In other words, to claiming that money, which puts the electricity companies in the spotlight.

Now, Repsol seems to have recovered. While in the first half of this year – between January and June – profits fell by 63% – to €603 million – between January and September it posted a profit of €1.177 billion. This means the oil company has managed to earn almost as much in the previous six months (July to September) as it did in the previous six months, which it attributes to the return to normal operations, particularly at its refineries. In any case, the company maintains its intention to claim the €175 million compensation for the disruption. However, profits through September are 34% lower compared to the same period in 2024. This is where the instability and weakness of crude oil prices comes into play.

The response to the blackout, a headache for Endesa and Iberdrola

Immediately after the blackout, Iberdrola and Endesa announced that they had no intention of setting aside any funds to cover the potential consequences of the massive power outage, including the possibility of a flood of multimillion-euro claims. In any case, the Investigations into the causes are still openHowever, this does not mean that the incident has not affected their results. Unlike Repsol, the negative impact they have reported up to September – €180 million for Iberdrola and €150 million for Endesa – is not directly related to the power outage itself, but to one of its consequences: the reinforcement mode of the electrical system that Red Elé has since implemented. This reinforcement of the system has a direct impact on the price of electricity, which translates into an increase in the electricity bills of those households with regulated tariffs. However, in cases where contracts are already fixed – users in the free market – the companies cannot pass on the increase, so they must absorb it.

Although Iberdrola posted a profit of €5.307 billion through September, a 3% decrease compared to the same period last year, the electricity company, chaired by José Ignacio Sánchez Galán, expects to close 2025 with record profits and dividends. It should be noted that this slight drop in profits in the first nine months of the year is partly explained by the extraordinary gains—sales—recorded a year ago when it divested its Mexican business. As for the impact of the €180 million, it is mitigated by diversification: the US and UK markets are currently Iberdrola's strongest assets.

Endesa, although unable to play this card—its activity is primarily focused on Spain—has seen How did it cope with the impact of 150 million with the increase in electricity consumption? in the Iberian Peninsula, especially thanks to the proliferation of new activities such as data centers. The electricity company earned €1.711 billion through September. In this case, it also expects to close 2025 with record profits approaching €2 billion.

Gas, Naturgy's lifeline

Naturgy also expects to close the year with a profit of €2 billion. In this case, its profits have soared to €1.668 billion in the first nine months of the year, and unlike Endesa and Iberdrola, it is the system's "boost mode" that benefits the gas company. Since the blackout, its combined cycle plants—that is, its gas-fired power plants—have been operating at full capacity. This boost mode essentially means that more than twenty plants are kept running at idle. They are not generating electricity, but they are available to be activated at any time, especially if demand surges and renewables cannot meet it, or if technical problems are detected again in the system. And they are being paid for this.

Although the company has not set aside any funds for a possible impact from the blackout, it has followed Repsol's lead and warned that it "is assessing the expenses incurred due to this interruption in order to claim them back once the cause is known."

The future of Almaraz

The blackout and the debate over security of supply have coincided precisely with the intention of Iberdrola, Endesa, and Naturgy to extend the lifespan of the Almaraz nuclear power plant in Cáceres (Extremadura), which is scheduled to close in November 2027. The three companies jointly own the plant until this week of 2030. Until now, Pedro Sánchez's government had been opposed, or at least had established three "red lines" when it came to considering a possible modification of the schedule. The proposal from the electricity companies, however, opens the door to overcoming these obstacles. "It is the companies that have taken action, that have made the decision to submit the request," stressed the Minister for Ecological Transition, Sara Aagesen, who affirmed that they have submitted a request "without conditions [...] What they are doing is waiving the tax break, which is the red line we had drawn from the beginning: the consumers," Aagesen told the media.