Isagen 2Q 2024 Net Income Plunges 81% Year-on-Year

Medellin-based renewable-power generation giant Isagen announced August 14 that its second quarter (2Q) 2024 net income fell 81% year-on-year, to COP$57 billion (US$14 million), from COP$302 billion (US$75 million) in 2Q 2023.

Revenues also dipped 4% year-on-year, to COP$1.23 trillion (US$306 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 12% year-on-year, to COP$755 billion (US$188 million).

The revenue drop came despite a 1.4% year-on-year hike in electricity demand through Colombia´s national power grid (SIN), at 20,295 gigawatt-hours (GWh) in 2Q 2024, from 20,005 GWh in 2Q 2023.

Isagen´s mainly hydroelectric power generation network depends heavily on average rainfall here in Colombia.

But during 2Q 2024, water contributions to the SIN were 63% below the historical average — and the aggregate level of hydroelectric-dam reservoirs closed 47% below the historical average, the company noted..

As a result of these water shortages, Isagen´s power generation during 2Q 2024 plunged 24.7% year-on-year, to 2,949 GWh, the company explained.