April 29, 2020 / 6:08 AM / a month ago

Spanish grid operator REE sees no significant coronavirus hit on 2020 results

April 29 (Reuters) - Spanish electricity grid operator Red Electrica Corporacion does not expect the coronavirus pandemic to have a “very significant” effect on its 2020 results, it said on Wednesday.

Red Electrica said the utilities sector is unlikely to be affected greatly by the crisis despite the uncertainties that still persist.

The company said that most of its employees are working remotely and it has built a liquidity position of 3 billion euros as of mid-April.

The company’s first-quarter net profit fell to 173 million euros ($187.8 million), down from 191 million euros in the same period a year ago. ($1 = 0.9214 euros) (Reporting by Inti Landauro Editing by David Goodman)

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