Ence continues renewable energy supply amid COVID-19 crisis

Ence Energia y Celulosa SA (BME:ENC) announced on Thursday that all of its renewable energy and pulp plants remain operational as the Spanish group undertook early and strict application of an internal Coronavirus Prevention Protocol.

Ence said it is working to ensure the supply of renewable energy to its clients during the coronavirus COVID-19 pandemic. The company also continues the production of cellulose – used for hygiene products like tissue paper – basic goods and services.

Ence states that supplying citizens with both renewable and stable electrical energy, as well as cellulose products is "a question of responsibility towards people and society, given the importance in this situation."

According to the company, about half of its headcount now works from home, while the shifts for employees at the different plants has been modified. The result is that over 12% of the workers currently do not coincide in person.

In February, Ence announced it recorded a net profit of EUR 5.3 million (USD 5.6m) for 2019, representing a 41.4% drop from 2018 levels. The decrease was owed to higher depreciation charges related to a concentrated solar power (CSP) plant acquired in December 2018 and net finance costs, which increased by a third.

(EUR 1 = USD 1.073)

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