Nexus Energia 2011 Annual Report 2011


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Nexus Energia 2011 Annual Report 2011

  1. 1. Annual Report 2011
  2. 2. Index 3. Director’s Letter 11. Social Corporate Responsibility Mission, vision, values 4. Grupo Nexus Energía Economic, environmental and social dimension diagnosis Nexus Energía Quality Policy Nexus Energie Internal Communication Nexus Renovables Nexus Green Axon Time 14. Significant Data Electronosis 18. Domestic Expansion 6. What do we do? Electricity Supply 19. Internationalisation Gas Supply Germany Producer Services Portugal, France and Italy Energy Efficiency Services Brazil 10. Innovation TTR, PPS, Peaje Express and MIA 22. Shareholders, Directors, and the Management Team
  3. 3. Director’s LetterOur understanding of the business, our know how, the relations between the employees of the group andthe spirit of growth that drives us to cross new frontiers have helped make Nexus Energía what it is today:A company with talent and great people who guide it.On June 15th, 2011, the company celebrated It has been ten years of frenetic activity Nexus Energía will form part of thisits 10th anniversary, an important milestone and challenges to overcome day after revolution and will continue working tothat is a source of pride for both the day, culminating in record results for 2011: give customers and producers an excellentshareholders and the team that forms the turnover was increased 75% to €940 service at competitive prices and, of course,group of companies led by Nexus Energía. million, with managed energy increasing innovating with regard to new productsBut it’s also a major milestone for the 44% to 10,000 GWh/year. 2011 will also be and services.Spanish energy sector, that a company remembered as the year when the companydeveloped with the contributions of small went international, with the acquisition inbusinesses has been able to consolidate February of a German trading company,itself in a sector traditionally dominated by since renamed Nexus Energie GmbH.large energy groups. Although the economic situation we areWe like to say that Nexus Energía is proof living in can demoralize even the mostthat the liberalisation of energy markets optimistic, our company maintains thein Spain is a reality, but we also need to strength and enthusiasm of our first day,remember that there is still a long way to with new challenges ahead of us. In thego. The market power of the large energy coming years we expect a real energygroups is a major threat and requires more revolution, with new concepts such asregulation by the authorities to ensure smart grids, decentralised generation,that the separation of activities such as electric vehicles, grid parity and energygeneration, distribution, and trading is real efficiency slowly gaining weight in ourand effective, allowing smaller projects ours to compete under the same Jordi Sarrias Pratsconditions. Managing Director Director’s Letter p. 3
  4. 4. Grupo Nexus Energía “Nexus Energía is a comprehensive supplier of tailored electricity, natural gas, and related services for all types of end users (domestic, SME’s, large companies and multi-site clients), producers, traders and distributors” It stands for innovation, proximity, adaptation, service, and quality customer care. Nexus Energía represents freedom of choice. The company was founded in Spain in 2000 with the liberalisation of the electricity market, from the start counting on the capital support of more than forty electricity distribution companies that have been present in the Spanish market for almost a century. Nexus Energía is the parent company of Grupo Nexus Energía, a group of companies related to the energy sector, each focused on a different activity. - Nexus Energie, GmbH; A German subsidiary acquired by Nexus Energía in February 2011, specializing in the trading of electricity and natural gas to SME’s in Germany.Annual report 2011
  5. 5. - Nexus Renovables, S.L.U.; Dedicated to the commercialization of green energy andproducts related to energy efficiency in Spain.- Nexus Green, GmbH; A company homonymous with Nexus Renovables, but operatingin Germany.- Axon Time, S.L.U.; Specialising in computer systems and services to improve managementcapacity, providing greater control, economy, and reliability to the processes of producers,traders, and distributors.- Electronosis (Energías Intensivas, S.L.); Experts in the installation and maintenance offacilities and technical equipment for the energy sector.In 2011, Grupo Nexus Energía managed more than 10,000 GWh (+44% vs. 2010) whileachieving a turnover close to €940 million (+74% vs. 2010). It also advanced its processof internationalisation, gaining permits in Portugal, France, and Italy.For profitability, service, and dynamism, Nexus Energía is the alternative to the sector´slarge companies. Together with the rest of the companies in the group, it is now a leadingcompany that works so everyone, large or small, can choose their own energy supplier. Grupo Nexus Energía p. 5
  6. 6. What do we do? “Nexus Energía has established itself as a very competitive Electricity Supply alternative in both price and service for customers in the corporate sphere, a fact confirmed by our high rate of client renewals” In 2011 Nexus Energía faced two major with Grupo Nexus Energía, especially the to our competitive price, but especially to challenges: Renewing a portfolio of more banking sector. Mergers in this sector, our excellent service. The next goal is the than 30,000 clients and managing major far from harming the company, actually cross-selling of new products to this client price increases, which stood well above allowed it to considerably increase the base, such as measurement services 2009 and 2010 values. Not only did more number of offices supplied. This was and capacitor banks etc. than 90% of clients renew their contract, thanks not only to keeping the majority but Nexus Energía also continued to of the merged entities as clients, but also increase its market share and the volume due to new acquisitions betting on Grupo of electricity sold. This was in spite of Nexus Energía on the advice of those who the prioritisation of renewals above the were already clients. acquisition of new customers, a policy designed to ensure the consolidation of In the domestic market, the number of internal and service improvements. clients remained stable, with only a slight decrease of 1%. In the business sector, we ended 2011 with approximately 17,500 clients, representing In 2011 it created a dedicated VIP an increase of 9% over 2010, coupled Management line for multi-site clients, with an annual energy growth of 14%. In something that has been highly valued addition to renewing their contracts, many by them and positively influenced clients increased their volume of business renewals. This loyalty is due in partAnnual report 2011
  7. 7. Gas SupplyDuring 2011 the number of ongoing remaining 26% Last Resource Electricity GROWTH OF SUPPLIED VOLUME TO END USERS DURING 2011 40 (in millions of kWh)contracts for the supply of Natural Supplier (CUR), positioning ourselves as aGas was around 130, each assuming an solid alternative to current operators. 35average volume of 3.000MWh per year 30 In 2011 Nexus Energía renewed accessper client. This business line was further contracts with ENAGAS increasing 25consolidated with projected annual sales both AOC contracted capacity of around 360,000 MWh per 20 (Storage Operating Transportation) and year, of which 74% 15 underground storage. The company is is to supply to already prepared for the exploitation of 10 end users contracted capacity on the Larrau pipeline 5 and the 1 1 1 11 1 1 1 1 -1 -1 1 1 1 1 -1 -1 -1 -1 -1 -1 that will connect Spain to Northern Europe, -1 -1 -1 b- ne pt ug ec ov pr ly ay ar n ct Fe Se Ja Ju Ju A M D N A M O and with which Nexus Energía will supply Nexus Energía also consolidated the gas to its clients during 2012. diversification of gas purchasing with different operators through different Nexus Energía participated in the different contract forms, whether fixed price or auctions that took place in the Spanish variable price, natural gas or liquefied gas system, being present in the Capacity natural gas, in order to obtain an optimal Auctions of the Underground Storage supply mix in our purchasing. It poses a and TUR Auctions. The latter is aimed at new challenge for 2012: Ensuring synergies fixing the last resort tariff (TUR) of gas with the German subsidiary, Nexus Energie, through the sale of raw materials to the which will allow the Group to optimise the Last Resource Electricity Supplier (CUR). supply of gas. What do we do? p. 7
  8. 8. Producer Services “Nexus Energía consolidated its leadership in the representation of photovoltaic producers with a 38% market share of settled production at National level” Nexus Energía continues to increase its market share of representation and also as the leader in the number of represented power plants in the free market, with more than 17,000 installations with a capacity of 2,400 MW giving a total power of 5.900GWh per year. This ranks Nexus Energía at number one in representing photovoltaic power plants, with a 38% market share of settled production at National level. During 2011 the energy sector was influenced by important 17.000 installations regulatory changes such as real-time telemetry, representated power plants payment of tolls to the distributor and the limitation of premium-entitled production hours. Nexus 2.400 MW Energía, in its quest to adapt to these changes power capacity and meet the needs of its clients, dedicated significant resources in 2011 to adapting 5.900 GWh/año systems and developing new products managed power that facilitate the activities of producers under this new regulatory framework. Nexus Energía has the systems, infrastruc- Nexus Energía is collaborating with ture and the employees to represent, producers in order to comply with with guarantees, a large number of current regulations and not risk their power plants. Thousands of installations economic returns, giving them the already entrust Nexus Energía, achieving option to insure their income from major cost savings and the simplification the sale of their energy. of their processes.Annual report 2011
  9. 9. Energy Efficiency Services“Grupo Nexus Energía offers solutions that can help reduce client´s energy consumption, lowertheir bill, and contribute to environmental improvements”Through its subsidiary Nexus Renovables, renewable energy facilities to Nexus Measurement (MIA) which, using anNexus Energía offers clients products Renovables which ensures the technical intelligent digital counter and customizedand solutions to reduce their energy and economic viability of projects. Projects software, allows clients to receive ongoing falling into this category include thermal information about their consumption onuse, trades green energy, and acts biomass projects, efficient lighting, any computer connected to the internet,proactively to identify potential areas for capacitor banks, and high-efficiency enabling control of electricity consumptionimprovement relating to clients’ energy cogeneration. In a similar vein, in 2012 Nexus and the ability to optimise optimization of supplied power, Renovables will act as an energy managerelimination of reactive power, energy of 150 homes utilizing a centralized heating Nexus Energía has always shown a strongaudits, and feasibility studies to implement and hot water system, with high -efficiency and determined commitment to energymeasures to reduce consumption or to and renewable generation systems such as efficiency, and in 2012 plans to continuegenerate power by renewable sources micro-cogeneration and solar thermal. developing products and services(such as cogeneration, biomass, etc.). that help clients consume Nexus Renovables is investing in a new less, and consumeIn 201 1 N exus Re novables se r ve d better. manufacturing plant for wood pelletsapproximately 4,000 renewable energy near Barcelona, with the capacity toinstallations, designing and engineering produce 13,000 tons per year. Productiontheir real-time telemetry systems (TTR). is expected to begin in 2013, allowing Nexus Renovables to extend its rangeNexus Renovables also serves as an Energy of energy products with efficient andServices Company. This formula allows environmentally friendly fuel.access to energy discounts from day one,without any initial investment, outsourcing During 2011, Grupo Nexus Energía hasthe management and maintenance of consolidated its Assisted Intelligent What do we do? p. 9
  10. 10. “2011 marked a milestone in the Group’s ability to innovate by Innovation taking advantage of regulatory changes” TTR, PPS, Peaje Express and MIA PPS Several regulatory changes in the field premium-entitled production hours, and Convinced that, especially in the energy of energy production triggered the rapid Peaje Express, which automates the sector, the future lies in innovation, Grupo reaction of Grupo Nexus Energía to meet payment of tolls to distributors to avoid Nexus Energía is committed to keeping the needs of its clients with the creation possible penalties for delays, were created abreast of new developments, and betting of interdisciplinary teams offering effective in a short space of time and showed, once on new opportunities. solutions. again, the agility and creativity of the professionals who form Nexus Energía. With the TTR project (Real-Time Telemetry), Nexus Energía has been a With Smart Grids and other intelligent leader in the market and has gained a large networks on the horizon, Axon Time number of customers. The Nexus Energía created a new department focused on the Control Centre manages more than 10,000 development Tele-Management Systems. power plants that represent approximately The MIA Project (Assisted Intelligent 50% of the photovoltaic solar power that is Measurement) gives remote measurement sent in real time to the Spanish Electricity information to electricity consumers, and Grid System Operator (REE). was one of the first systems to allow its clients to access detailed consumption The PPS project (Solar Price Protection), data (active/reactive, power historical which offers a guaranteed price to minimize etc.) and a predefined analysis that the uncertainty of photovoltaic producers helps make decisions to optimise once they calculate they will reach their consumption.Annual report 2011
  11. 11. Social Corporate Responsibility “Creation of the Corporate Social Responsibility group” In 2011, Nexus Energía hired an external consultant and established a multidisciplinary working group in order to understand the vision of employees and identify both strengths and aspects that could be improved upon. This work was developed under the three dimensions of CSR: economic, environmental and social. In addition, in 2011 Nexus Energía redefined the Mission, Vision and Values of Grupo Nexus Energía. The Group’s mission is to be a comprehensive supplier of energy and related services, with the ability and willingness to provide personalised attention and to innovate by adapting to both the client and the market, providing returns to shareholders and always acting on the basis of sustainability criteria. With a wide experience in the market and its presence in the representative segments, the Group has focused its vision on growing and positioning itself as a benchmark supplier of flexible energy services with which clients can identify. To achieve these objectives, Grupo Nexus Energía is based, along with technical excellence, on a range of values: flexibility, experience, innovation, the pursuit of excellence, closeness, enthusiasm, collaboration, professionalism, results orientated, integrity, humanity, creativity, independence and sustainability. Innovation / Social Corporate Responsibility p. 11
  12. 12. Social Business Responsibility: commitment to the people “Nexus Energía aims to be at the forefront of social welfare” A survey was conducted to all staff of Grupo Environmental Dimension - Work / Life balance. The Group applies Nexus Energía in order to know the current on a daily basis a relaxed, hands-off policy Strengths in this area highlight the situation and the strategies needed in both and shows trust in its employees. control and reduction of emissions and the medium and long term. The main results - Social Action. Employees have the option consumption, as well as waste management. emerging from the initial diagnosis are: to participate in various voluntary schemes. Nexus Energía removed individual bins For example, during Christmas 2011, they from their offices and replaced them Economic Dimension conducted a campaign to collect food for with waste-specific recycling containers. the Spanish Red Cross. Furthermore, to minimize the use of The strengths in this dimension were: printed paper, it was decided not install - Good governance and transparency. drawers in the offices, in order to avoid the Grupo Nexus Energía complies with the law accumulation of unnecessary printouts. and works with a criteria of transparency, auditing and publishing their accounts in the Annual Report. Social dimension - Investment Policy. Plans, invests and acts Standout strengths include: consistently. - Diversity management. Grupo Nexus The areas for improvement are client Energía has a high degree of equal satisfaction, on which Nexus Energía opportunity between men and women, is already working on through surveys as well as a multicultural workforce which have yielded positive results, and represented by over 12 nationalities which the remuneration policy, which is being improves the working environment and optimised from the beginning of 2012. increases the efficiency and competence of the organization.Annual report 2011
  13. 13. As something to improve, it should be QUALITY POLICY DATAnoted that the participatory system, In late 2010, Nexus Energía began a processalthough always under the CSR action plan, of continuous improvement that took placehas already made the following progress: throughout 2011. It defined a quality policy- Selection of the logo, slogan and the through external consultancy, reflecting inNexus Energía website by opinion polls written form the procedures to be followedand an employee vote. by the organization to facilitate the transfer- Annual meeting of all professionals of of knowledge. In addition, it also improvedGrupo Nexus Energía. instructions for the annual appraisal that applies to all staff of Grupo Nexus Energía- Development of a Code of Best Practice. and created templates that facilitate the continuous improvement of processes.During 2011 an event was organized to celebrate The workforce of Grupo Nexus Energíathe tenth anniversary of Nexus Energía and, is composed of 52.59% men and 47.41% INTERNAL COMMUNICATION women, with an average age of 35. in the preparation as well as the attendance, employees Gr u p o N ex u s E n e rg í a cor p orate were highly headquarters contain screens that display participatory. interesting and relevant information for staff which branch employees can also view through Nexus’ Intranet. Moreover, within the quality policy, it defined an internal communication process that facilitates the flow of information in all directions and continues to work to find ways to improve communication even more and increase employee participation in the Group. In terms of employment contracts, 88.31% of staff have a permanent contract, with 11.68% on a temporary contract. Social Corporate Responsibility p. 13
  14. 14. Relevant Data Grupo Nexus Energía, at the end of 2011, consists of 17 companies, representation of producers in the wholesale electricity market, as all located in Spain and Germany, among which we have highlighted well as asset investment in renewable and highly efficient energy Nexus Energía, S.A., Nexus Energie, GmbH, Nexus Renovables, production. As of the 31st December 2011, Grupo Nexus Energía S.L.U., Axon Time, S.L.U. and Energías-Intensivas, S.L. had a total staff of 291 people. Net sales have continued to grow organically outstripping the previous year´s growth, reaching record highs. Consolidated Turnover Growth The total increase was 74.7%. 1000 800 Grupo Nexus Energía’s main activities focus 600 on the trading of electricity and gas, the 400 (millions of euro) 200 0 2006 2007 2008 2009 2010 2011 This graph shows the dramatic growth of Grupo Nexus Energía, which has risen from a turnover of €19.3 million in 2006 to €939.7 million in 2011, representing almost a 50-fold increase in turnover in just five years and during the world-wide economic crisis.Annual report 2011
  15. 15. The most significant figures are the following: • €939.7million. Consolidated Turnover • €10.1 million. Consolidated EBITDA • €12.4 million. Consolidated Operating Cash Flow • €5.2 million. Consolidated Net Profit • €23.0 million. Grupo Nexus Energía Consolidated Funds It is significant that in 2011, besides acquiring the German company, Grupo Nexus Energía raised a further €3.5 million in working capital, in part to cover some of the needs of Nexus Energie in Germany, and also to consolidate growth in Spain. Relevant Data p. 15
  16. 16. Turnover Growth 2010 2011 Increase % Increase 537.8 939.7 +401.9 +74.7% (Millions of euros) Growth of Consolidated Results EBITDA in 2011 amounted to €10.1 million, representing 1% of net sales. Cash flow amounted to €12.4 million. Net profit was €5.2 million. 2010 2011 Net Sales 537.8 939.7 EBITDA 15.5 10.1 Cash Flow 17.9 12.4 Net Profit 9.5 5.2 (Millions of euros)Annual report 2011
  17. 17. Breackdown of sales by business line Electricity trading 447.3 Power Plants Representation 446.8 Gas trading 41.1 Principal ratios Trading 3.8 ROA 4% NFD/ EBITDA 0.98 Energy production 0.2 ROE 28.26% NFD / Equity 0.43 Others 0.5 Fin.Debt / Equity 3.07 NTD / EBITDA 4.92(Millions of euros) CAPEX (MM€) 1.106 EBITDA / FE 5.05 Per profit earning ratio 4.62Financial structure Financial Debt / Equity includes off balance sheet debt 2010 2011 NFD refers to net financial debt (bank debt minus cash) and the Equity 16.2 23.0 NTD includes bank debt off-balance sheet. Financial Debt 16.8 31.4(Millions of euros) ROA_Return of Assets ROE_Return of EquityThe increase in debt was due in part to the acquisition of the CAPEX_Capital ExpendituresGerman subsidiary, and also to fund the working capital increase NFD_Refers to net financial debt (bank debt minus cash) NTD_Includes bank debt off-balance sheetrequired for the strong growth in trading activity during 2010 and FE_Financial Expenses2011. Relevant Data p. 17
  18. 18. Domestic Expansion “Two new branches in Spain: Malaga and Las Palmas” In early 2011 Nexus Energía opened two new offices in Spain, located in Malaga and Las Palmas, expanding its presence in Spain to a total of 14 branches located throughout the country. Nexus Energía comes to Las Palmas with the aim of offering its services to all the Canary Islands. This new physical location allows both prospective and existing customers in the area to receive closer, and more personalised attention. The Malaga branch is the second to be opened in Andalusia, after Seville, which allows greater proximity and closeness to our clients, especially those located in eastern Andalusia. In both Malaga and Las Palmas, the presence of a salesforce allows direct contact with clients, in both electricity and gas supply and the representation of renewable energy producers. The ongoing territorial expansion of Nexus Energía in Spain, together with the work done to expand product and service knowledge of the salesforce, has allowed the company to improve its adaptation to client needs, as well as a more efficient customer service, one of the keys to its success.Annual report 2011
  19. 19. Internationalisation“Nexus Energie: Germany, the first step towards theinternationalisation of Grupo Nexus Energía”Germany. In early 2011, Nexus Energía The creation of a new management teamacquired PCC Energie GmbH, a German at the German subsidiary was a majorsupplier of gas and electricity based in turning point in the company and marksDuisburg. the beginning of an intense process ofAfter this operation, Nexus Energía initiated integration into the Spanish parent. the integration process and The main activity of Nexus Energie is renamed the company the provision of electricity and gas to Nexus Energie. small and medium-sized enterprises throughout Germany, and the added value is a permanent and personalized customer service through its 13 regional branch offices. Nexus Green GmbH was also created during 2011, whose aim is the trading of renewable energy to its clients. Group’s parent. In the short term, through Moreover, the legislative changes its German subsidiaries, Grupo Nexus that will take effect in 2012 in Energía aims to lay the foundations for a Germany will allow Nexus Green profitable business in Germany, and expand to develop its representation its client base and products. Within that of sales for renewable energy same strategy, it is planning to move the producers (such as wind, biogas, Nexus Energie headquarters to Düsseldorf solar etc.) in the same way that during 2012. has happened in Spain with the Domestic Expansion /Internationalisation p. 19
  20. 20. “Europe: moving towards a common energy market” Portugal, France and Italy: the creation of a national branch will be it is possible to make power transactions investing in the future considered in due course. between these countries using the The liberalized market already represents connections between them. Thinking of clients with a presence in the 50% of the total energy sold in Portugal, To exploit this possibility in 2011 Nexus Iberian Peninsula who required the services and in the coming years this figure is Energía processed the permits required to of Grupo Nexus Energía in Portugal as expected to gradually increase, forcing buy and sell power in the French wholesale well as in Spain, the idea of extending clients to migrate to the free market. market. It also started the operations to this country was born, taking This will facilitate the creation of even same process in Italy. advantage of the fact that both countries more interesting opportunities for energy make up the Iberian Electricity Market traders. (MIBEL). The similarity and synergy in the Therefore the already initiated expansion markets of both countries allows the use of into Portugal is an investment for the future, Nexus Energía’s existing Spanish structure focused on supplying energy to clients to develop operations in the neighboring based in both countries, allowing Nexus country. Energía to learn more about the Portuguese In 2011 it completed all the relevant market and prepare a strategy for administrative paperwork required to increased future penetration. sell energy to end users in Portugal. Although the markets of Spain, France Depending on the evolution of Nexus and Italy are not a common market, Energía’s acceptance in this new market,Annual report 2011
  21. 21. “America: analyzing new intercontinental opportunities”Acting on the interconnections between Brazil: a large market with for energy trading. In addition, the Group’sSpain-France and France-Italy will allow great potential experience in European markets will translateNexus Energía to expand the market for well into a market which, until now, hasbuying and selling maximizing profits and Within the framework of Nexus Energía’s consisted solely of local operators.reducing costs as it will be possible to international expansion, and considering thebuy and sell power in whichever of the The initial numbers show that the creation of a strong growth of the Brazilian economy in three markets offer the most electrical energy trader acting in the Brazilian 2011, the company explored the possibilities competitive prices. free market is a good opportunity. For this for business development in the Brazilian reason, in 2012 Grupo Nexus Energía has set energy sector. a strategy to take the first steps enabling it to The choice of country was motivated by two operate in this promising market. main reasons: first of all, Brazil clearly presents itself as an emerging economy, undergoing strong and sustainable economic growth, which will obviously result in a significant increase in energy consumption. On the other hand, the market, which is currently heavily regulated, will have to undergo further liberalisation in the coming years, resulting in a progressive increase in opportunities Internationalisation p. 21
  22. 22. Shareholders, Directors, and the Management Team Nexus Energía, S.A. was founded in June 2000, backed by The shareholders of Grupo Nexus Energía have changed little since capital from over forty electricity distribution companies spread its inception and since the beginning its members have provided throughout the Spanish territory, some of whom had been their trust and support to the business. For Grupo Nexus Energía it operating in the market for almost a century. is vital to continue fostering such a climate of confidence with the shareholders. Shareholders Madrid Board of directors Nexus Energie Aragon Coop. Eléctrica Popular Managing Directors: Ildefonso Serrano García Coop. Eléctrica del Pozo Aguas de Barbastro Electricidad Carlos Frontera Beccaria Alfredo Huertas Rubio Navarro Generación Asturias Albert Xalabarder Miramanda Candin Energía Castilla y León Luis Díaz Díaz Marc Ehry Juan de Frutos García Manuel Mas Sebastià Balearics Islands Pablo Bravo Vidal El Gas Melilla Nexus renovables Gaselec Diversificación Raimundo Fernández-Montenegro Catalunya Iglesias Energy Services Director: Agri-Energia Inversions Valencia Jordi Sarrias Prats Marc Pahissa Deulofeu El Progreso Energía Eléctrica Dist. de Fuerza y Alum. Electra del Cardener Casablanca Executive Team Eléctrica del Ebro Eléctrica Algimia Alfara axon time Eléctrica Vaquer Eléctrica Benéfica Catralense Nexus energía Managing Director: Energuix Eléctrica de Callosa de Segura Managing Director: Ivan Solé Martínez Estabanell y Pahisa Eléctrica de Castellar Jordi Sarrias Prats Hidroeléctrica Bausen Eléctrica de Chera Eléctrica de Guadassuar International Business Director: Icasa Distribución Energía Eléctrica de Meliana Alfredo Huertas Rubio La Eléctrica de Ripoll Selga Energía Eléctrica de Vinalesa Energy and Operations Director: Hijos de José Bassols Eléctrica del Maestrazgo Josep Pratdesaba Rovira Easy Energy Solutions Eléctrica Ntra. Sra. De Gracia Finance Director: Fluido Eléctrico Museros Galicia Albert Rams Foncuberta Covaersa Energías Hca. De Laracha Energía Sales and Marketing Director: Sum. Especiales Alginetenses CE Energía Cartera Elec. Benef. Albaterense Carles Leg ClosAnnual report 2011