Enel Green Power, the renewable energy division of Enel Group, has announced a 46% increase in ordinary earnings before interest, tax, depreciation, and amortization (EBITDA) for Q1 2023, with the figure reaching €1bn compared to €700m in Q1 2022.
The renewable energy sector of Enel Group also experienced a significant increase in Q1 EBITDA, rising by 53% to €983m. Renewables now make up 56% of the Enel Group's generation mix from its plants.
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During the first quarter, the Enel Group generated 53.8 terawatt-hours (TWh) of net electricity, a decrease of 5.4 TWh compared to the same period in 2022. The decline was attributed to a reduced contribution from thermal sources.
On the other hand, renewable energy sources saw a 3.1 TWh increase in generation, including 1.4 TWh from hydropower, 1.1 TWh from wind, 0.7 TWh from solar, and a decrease of 0.1 TWh from geothermal.
Moreover, the Enel Group produced 33.1 TWh from renewable sources, surpassing the 17.0 TWh generated from thermal sources. If managed capacity volumes are included, renewable energy generation increased by 12.4% compared to the same period in 2022.
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The Enel Group aims to achieve zero direct and indirect emissions by 2040, with zero-emission generation accounting for 68.4% of its total consolidated capacity generation and 70.1% if managed generation capacity is also included.
Enel Green Power's strong Q1 earnings demonstrate the continued growth of renewable energy and its increasing importance in the global energy mix.
