Celsia's Q1 2024 profit plummets due to El Nino-driven costs
- Admin
- May 7, 2024
- 1 min read
Celsia, a Colombian power company, reported a significant decline in first-quarter net profit by 75.7% due to the El Nino droughts impacting hydro power generation. Revenue also fell by 8.7%. Despite these challenges, the company improved its approach by incorporating more solar energy into its power mix, which offset some of the losses. C2 Energia and Laurel, sub-units of Celsia focusing on different scales of solar projects, experienced varying financial results, with C2 Energia seeing a substantial increase in revenues and EBITDA.
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