Isagen Full-Year 2024 Profits Decline 12.6% Year-on-Year
Medellin-based renewable electric-power generator Isagen announced March 31 that its full-year 2024 net income dipped 12.6% year-on-year, to COP$904 billion (US$216 million), from COP$1.03 trillion (US$246 million) in 2023.
Despite the profit decline, revenue increased 10% year-on-year, to COP$6.09 trillion (US$1.45 billion), versus COP$5.5 trillion (US$1.3 billion) in 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2024 declined 3.7%, to COP$3.12 trillion (US$740 million), from COP$3.24 trillion (US$859 million) in 2023.
“In 2024, our generation capacity exceeded 3.1 gigawatts of green energy, distributed across 27 power plants in seven departments: Antioquia, Caldas, Santander, La Guajira, Meta, Tolima, and Atlántico,” according to Isagen.
“With energy generation close to 16% of the country’s consumption in 2024, we have 15% of the installed capacity of the national interconnected system [SIN] and have maintained our position as one of the largest generators nationwide for three decades,” the company added.
Of Isagen’s 27 renewable power plants in Colombia, 15 are hydroelectric, 10 are solar photovoltaic, and two are wind-power plants.
“The El Niño [drought] phenomenon during the first half of 2024 created significant challenges [for power generation], but the most significant event has been the two consecutive years of low [hydroelectric water] inflows compared to historical averages. This has had a significant impact on the aggregate reservoir level,” the company added.
