Medellin-based electric power giant Celsia – a division of Grupo Argos – on February 21 announced an 18.7% year-on-year decline in 2022 net income --at COP$442.8 billion (US$89.6 million), versus COP$544 billion (US$110 million) in 2021.

Gross revenues rose 36% year-on-year, to COP$5.58 trillion (US$1.13 billion) in 2022, versus COP$4.1 trillion (US$830 million) in 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose 30% year-on-year, to COP$1.7 trillion (US$344 million), versus COP$1.28 trillion (US$259 million) in 2021.

The decline in net income came from “higher financial costs and a higher level of taxation,” according to Celsia.

The boost in revenues came from “a greater amount of energy sold” in Colombia, although Panama sales suffered from a decline in hydropower at its Celsia Dos Mares complex.

During fourth quarter (4Q) 2022, revenues rose 46% year-on-year, with Colombia representing 92% of the total, according to Celsia.

“The fourth quarter was framed by short-term events in the sector, especially the related to the reduction of electricity tariffs promoted by the Colombian national government,” according to Celsia.

“Celsia’s energy customers in Valle del Cauca and Tolima received a reduction in electricity rates on the bill they received from the months of November and December 2022.

“With the accumulated reduction of both months, the rate in these regions decreased between 2.5% and 8%, depending on the particular conditions of each market.

“As a generator, Celsia made an average decrease in the price of close to 9% to the marketers with whom it has contracts for the sale of energy,” the company added.