UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934 

For the month of May, 2023

EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)

(DISTRIBUTION AND MARKETING COMPANY OF THE NORTH ) 

(Translation of Registrant's Name Into English)

Argentina

(Jurisdiction of incorporation or organization) 

Av. del Libertador 6363,

12th Floor,

City of Buenos Aires (A1428ARG),

Tel: 54-11-4346-5000

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) 

Form 20-F  X     Form 40-F         

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes          No  X   

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             .)

	Results for the first quarter 2023
	Ticker: EDN Ratio: 20 Class B shares = 1 ADR     Number of Shares net of Treasury Shares:875,3 million Shares | 43,8 million ADRs   Total Shares: 906,5 million Shares | 45,3 million ADRs   Market Capitalization: ARS 184,473 billion | USD 407,024 million	Investor Relations Contacts:     German Ranftl Chief Financial Officer   Silvana Coria Investor Relations Manager and Planning and Control Management
	ir.edenor.com | investor@edenor.com Tel: +54 (11) 4346 -5511

Buenos Aires, Argentina, May 10th, 2023. Empresa Distribuidora y Comercializadora Norte S.A. (NYSE / BYMA: EDN) (“edenor” or “the Company”) Argentina’s largest electricity distributor both in terms of number of customers and energy sales, informs its results for the first quarter of 2023. All figures are stated in Argentine Pesos on a constant currency basis, and the information has been prepared in accordance with International Financial Reporting Standards (“IFRS”), except for what is expressly indicated in the Income Statement, which is expressed at historical values.

Webcast information

On Thursday, May 11th, 2023, at 1 p.m. Buenos Aires / 12 p.m. New York time, there will be a webcast to analyze edenor’s 1Q23 results. Such presentation will be given by German Ranftl, edenor’s Chief Financial Officer.

Those interested in participating in the webcast are required to register by clicking here.

Questions will be answered exclusively through the webcast system.

1 Market Price as of March 9, 2023, AR$ 210,75 per share, and USD 9,30 per ADR

SUMMARY OF RESULTS FOR THE FIRST QUARTER 2023

Edenor exceeds the investment level of the previous quarter by 82%.

Revenues from sales increased by 12%, reaching AR$ 69,809 million in 1Q23 in real terms, compared to AR$ 62,094 million in the first quarter of 2022. This is mainly explained by the increase in consumption due to the record temperatures that occurred in March

EBITDA had a negative result of AR$ 5,175 million during the year 1Q23, compared to a gain of AR$ 2,715 million in the same period of the previous year. This is mainly due to an increase in operating costs and higher inflation compared to the previous year.

Net results had a loss of AR$ 9,962 million in 1Q23, experiencing a decrease of AR$ 4,421 million compared to the same period of the previous year. The variation is mainly due to the gross margin deterioration , the operating result due to the tariff delay and the cost increases due to the inflation.

During the first quarter of the year, there was a higher loss in the operating income, higher financial losses mainly due to the deferral of the payment of obligations with the Wholesale Electricity Market, and a higher result for exposure to changes in purchasing power (RECPAM) compared to the same period in 2022, given the higher inflation rates compared with the previous period.

Investments in 1Q23 reached AR$ 9,986 million, which means an increase of 82% compared to the same period of the previous year, aimed at improving our network in accordance with “summer plan”. This reflects the effort made by Edenor despite having reduced the gross margin due to the tariff delay.

At the end of March 2023, collection of trade receivables was 94.3%, the defaulting balance amounted to 7,237 million pesos, and general customer satisfaction was 89,3%.

On March 7, Class 2 Additional Corporate Bonds were issued for USD 30 million (hard dollar under Argentine law), also due in November 2024, having received offers for more than USD 50 million.

REGULATORY FRAMEWORK

The ENRE will prepare:

- the guidelines and the development schedule that will govern the process.

- it will convene public hearings to evaluate distributors` and transporters` proposals, and to listen to the interested sectors` opinions

- it will carry out the technical-economic assessment necessary to specify, for the five-year period 2024-2028, the service quality parameters, the adjustments of current procedures and regulations, and the investments that must be done by the concession companies.

RATINGS

The ratings given by the rating agencies were the following:

MAIN RESULTS FOR THE FIRST QUARTER 2023

*Result for exposure to changes in purching power

Revenues from sales

Revenues from sales increased by 12% reaching AR$ 69,809 million in 1Q23, compared to AR$ 62,094 million in 1Q22. This is mainly explained by the increase in consumption due to the record temperatures that occurred in March.

Energy purchases

Energy purchases increased by 37% , considering Energy price increases and higher consumption to AR$ 50,418 million in 1Q23, against AR$ 36,723 million for the same period in 2022. The reference seasonal price for residential customers is still subsidized by the Federal Government.

Gross Margin

The gross margin corresponding to 1Q23 was AR$ 19,390 million, which represents a fall of 24% compared to the same period of the previous year. This is mainly due to the tariff delay in an inflationary context partially offset by the volume levels of energy sold.

On February 28, 2023, through Resolution No. 241/2023, the ENRE approved the new Tariff Schemes, being 108%, as of April 1, and an additional 74% for June 1, 2023.

Volume of Energy Sales

The volume of energy sales increased by 18.6 %, reaching 6,488 GWh in 1Q23, against 5,470 GWh for the same period of 2022. This is mainly due to the extreme temperatures during the month of March that set a record.

Furthermore, edenor’s customer base rose by 1.0 % compared to the same period of the previous year, reaching more than 3,274,595 million of customers, mainly on account of the increase in residential customers and small commercials and as a result of the market discipline actions and the installation of 565 integrated energy meters during the first three months of the year that were mainly intended for the regularization of clandestine connections.

Operating Expenses

Operating expenses increased by 11.6%, reaching ARS 31,580 million in 1Q23 compared to ARS 28,247 million in 1Q22. This is mainly explained by the increase of 1,822 million in fees and remuneration for services.

Financial Results

Financial results experienced a higher loss in the amount of AR$ 34,826 million in 1Q 2023, increasing its losses by 73%. This difference is mainly due to higher interest accrued on the debt incurred with CAMMESA, which as of March 31, 2023, accumulates an overdue principal balance of AR$ 71,533, plus interest and surcharges in the amount of AR$ 111,597.

In this regard, CAMMESA invoices, which expired in March and April 2023, were paid in full.

Net Income

Net result decreased AR$ 4,205 million, reaching a loss of AR$ 9,962 million in 1Q23 against a loss of AR$ 5,757 million in the same period of 2022. There was a higher loss in the operating income, higher financial charges due to the deferral of the payment of obligations with the Wholesale Electricity Market and a higher positive result for exposure to changes in purchasing power (RECPAM).

EBITDA

EBITDA showed a decrease of ARS 7,890 million, reaching a negative result of AR$ 5,175 million in 1Q23, against a gain of ARS 2,715 million in the same period of the previous year. This fall is mainly explained by the tariff freeze offset by an improvement in energy losses and higher operating costs. The new rates approved on February 28 will apply from April and June 2023. There are no EBITDA adjustments between the comparison periods.

Capital Expenditures

During the first three months of 2023, edenor´s capital expenditures totaled ARS 9,986 million, against ARS 5,484 million in 2022, an increase of 82 % in real terms compared to the same period of the previous year.

Total investments in the amount of $9,986 correspond to

In order to meet demand, improve service quality and reduce non-technical losses, most of the investments were assigned to the increase in capacity, installation of remote control equipment in the medium voltage network, connection of new supplies and installation of self-managed energy meters. All investments are made prioritizing the protection of the environment and safety on public roads.

Quality Standards

The investment plan executed in recent years continues to show results that are reflected in a continuous improvement in the service quality, by reducing the duration and frequency of outages since 2014, and thus exceeding the regulatory requirements set forth.

Quality standards are measured based on the duration and frequency of service outages using SAIDI and SAIFI indicators. SAIDI refers to the duration of outages, and measures the number of outage hours a user experiences per

year. SAIFI refers to the frequency of outages, and measures the number of times a user experiences an outage during a year.

At the closing of the first quarter of 2023, SAIDI and SAIFI indicators for the first 3 months were 8.5 hours and 3.6 outages on average per client per year, evidencing a 19% and 13% improvement, respectively, compared to the same period of the previous year. This recovery in service levels is mainly due to the investment plan devised by the Company since 2014, the different improvements implemented in the operating processes, and the adoption of technology applied to the grid´s operation and management.

Energy Losses

In 1Q23, energy losses experienced a 16.0 % decrease, against 13,8 % for the same period of the previous year.

The works of multidisciplinary teams to develop new solutions to energy losses continued, as well as Market Discipline (DIME) actions aiming to reduce them. Analytical and artificial intelligence tools were used to enhance effectiveness in the routing of inspections, and DIME actions continued with the objective of detecting and normalizing irregular connections, fraud and energy theft.

In addition, during the period from January to March 2023, 79,483 inspections of Tariff 1 (Residential and General users) were conducted with a 50.2 % efficiency, while for the same period of the previous year 78,734 inspections had been conducted with a 54.2%. efficiency. Moreover, 565 Integrated Energy Meters (MIDE) were installed during 2023.

Regarding the recovery of energy, besides the normalization of customers with MIDE meters, clandestine customers with conventional meters were also put back to normal. Moreover, a new energy balance system was implemented, as well as the development of micro-balances in private neighborhoods. In all cases, a rate of recidivism in fraud has been observed.

Energy Losses

Indebtedness

As of March 31, 2023, the outstanding principal of our dollar-denominated financial debt amounts to USD 115 million, whereas the cash position net of financial debt amounts to USD -61 million.

On March 7, 2023, Class 2 Additional Corporate Bonds were issued for USD 30,000,000 (hard dollar under Argentine Law), due in November 2024.

The terms and conditions of Class 1 Senior Notes due 2025 impose restrictions on the Company´s ability to go into debt.

Such terms and conditions provide that the Company may not incur new Indebtedness, except for certain Permitted Indebtedness, or when the Indebtedness ratio is greater than 3.75 or less than 0 and the Financial Expenses Coverage ratio is less than 2.

This situation does not trigger any Payment Default Event and the Company may incur in certain Permitted Indebtedness as established in the terms and conditions of the Notes (including the refinancing of its outstanding Notes)

Sustainability

At Edenor, we are committed to the Sustainable Development Goals. We especially make concrete and measurable contributions to 3 of these goals: Affordable and Clean Energy, Quality Education and Gender Equality.

To read the complete report: Reports and actions | edenor

About edenor

is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (in GWh). Through a concession, edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires, which has a population of approximately 11 million people and an area of 4,637 sq. km. In the first quarter, edenor sold 6,488 GWh of energy and purchased 7,727 GWh (including wheeling system demands), with revenue from sales in the amount of AR$ 69,809 billion adjusted by inflation as of March 2023. In turn, the company had negative net results in the amount of AR$ 9,962 million.

Disclaimer

This press release may contain forward-looking statements. These statements are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties, including those identified in the documents filed by the Company with the U.S. Securities and Exchange Commission. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Edenor S.A.

Avenida del Libertador 6363, Piso 12º

(C1428ARG) Buenos Aires, Argentina

Tel: 5411.4346.5511

investor@edenor.com

www.edenor.com

Condensed Interim Statements of Financial Position

As of March 31, 2023 and 2022

Values expressed on a constant currency basis

Condensed Interim Statements of Comprehensive Income
for the three-month period ended on March 31, 2023 and 2022

Values expressed on a constant currency basis

Condensed Interim Statements of Comprehensive Income
for the three-month period ended on March 31, 2023 and 2022

Expressed at historical values

Condensed Interim Statements of Cash Flows

For the three-month period ended on March 31, 2023 and 2022

Values expressed on a constant currency basis

	Investor Relations Contacts:   German Ranftl Chief Financial Officer   Silvana Coria Investor Relations Manager
	investor@edenor.com | Tel: +54 (11) 4346-5511

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 10, 2023