Enel Green Power, the renewable energy division of the Italian utility company Enel SpA, has reported a notable increase in its ordinary EBITDA and revenues for the first nine months of 2023, primarily driven by divestments and a surge in power production.
According to the financial report from the parent company, Enel Green Power achieved ordinary earnings before interest, taxes, depreciation, and amortization (EBITDA) of EUR 3.65 billion (USD 3.9 billion), marking a substantial year-on-year growth of 68.6%. During the same period, the company's revenues reached EUR 8 billion, reflecting a significant annual increase of 22.8%. This boost in revenue can be attributed to the heightened production of hydropower and solar energy in Italy, Spain, and Latin America. Additionally, the financial performance benefited from EUR 98 million in capital gains generated from partial divestments, with a particular focus on the Australian market.
Throughout this reporting period, the Enel Group successfully generated 103.9 terawatt-hours (TWh) of electricity from renewable energy sources, marking a notable increase of 10.5 TWh compared to the previous year. This surge in renewable energy output was primarily driven by increased generation from hydropower, wind, and solar photovoltaic (PV) parks, while geothermal facilities witnessed a slight decrease of 0.2 TWh in production.
By the end of September, renewables accounted for a substantial 59.4% of Enel's total power generation mix, underscoring the company's dedication to sustainable energy sources.
At the group level, Enel reported an ordinary EBITDA of EUR 16.39 billion, reflecting a robust annual growth of 29.3%. However, revenues at the group level contracted by 34.1%, mainly due to the decreased contribution of revenues from its Thermal Generation and Trading business, which was impacted by lower electricity sale prices.
