Andorra's FEDA Group Posts €25.4M Profit in 2025, Nearly Matching Record

Forces Elèctriques d’Andorra (FEDA) and its subsidiaries reported a combined €25.4 million profit for 2025, nearly matching the previous year's €28 million record and marking one of the company's strongest performances.

The parent company led the results, with all three subsidiaries—FEDA Ecoterm, FEDA Solucions, and CTRASA—also achieving positive figures. FEDA Ecoterm posted €802,375, a modest increase from 2024, following €7.39 million in investments that nearly met budgeted targets. These included linking heating networks in Andorra la Vella and Escaldes-Engordany, plus expansions such as the Soldeu network and Valira d’Orient water intake, supported by a capital increase. FEDA Solucions earned €158,533 while advancing mobility projects like the Mou-te app, Mou-te amb l’Elèctric program, and the electric vehicle charging network; its debt ratio improved sharply from 11.23% in 2024 to 4.38%. CTRASA recorded its first profit since joining the group, at €220,820, after €500,000 losses the prior year, and reduced its debt ratio by seven points to 4.33%.

The group benefited from moderated electricity import prices—lower than the 2022-2023 crisis levels triggered by the Ukraine war—but faced high hourly volatility that demanded close oversight. Equity grew 7.4% through 2024 reserves and current profits, cash generation rose, and overall debt remained below sector norms. All accounts received regulatory audits and will appear on FEDA’s website and transparency portal.

FEDA described the outcomes as confirmation of its recovery from the energy crisis and Covid-19, providing resources for energy transition initiatives including a fourth turbine at the Ospitalet hydroelectric plant and the Pic del Maià wind farm.