MADRID, Oct 30 (Reuters) - Spanish power utility Endesa (ELE.MC) , opens new tab said on Wednesday that it is on track to meet its targets for the year after a recovery in its gas business helped net profit for the first nine months rise 33%, surpassing analysts' expectations.

The company, owned by Italian energy giant Enel (ENEI.MI) , opens new tab, posted a net profit of 1.4 billion euros ($1.51 billion) for the period, compared with 1.06 billion euros a year earlier and expectations of 1.3 billion euros.

The group, which will give a strategic update on Nov. 19, expects the outcome of a $700 million arbitration case related to a price review of a long-term liquefied natural gas supply contract in Nigeria by the end of the year.

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https://www.reuters.com/business/energy/endesas-9-month-net-profit-surpasses-expectations-with-33-increase-2024-10-30/