Edison Sees 35% Earnings Growth in Q3 Fueled by Renewable Energy Generation

Italian energy group has revised its full-year core earnings projection upward, citing a remarkable 35% surge in earnings for the first three quarters of 2023, primarily propelled by robust renewable power generation.

Edison now anticipates earnings before interest, tax, depreciation, and amortization (EBITDA) to reach a minimum of 1.8 billion euros ($1.9 billion), surpassing its earlier estimate of 1.6 billion euros.

In the nine-month period, the company, Italy's second-largest gas supplier with 2022 sales totaling 6.6 billion cubic meters (bcm), reported core earnings of 1.267 million euros, a significant jump from the 938 million euros recorded the previous year.

The revival of hydroelectric power volumes played a pivotal role in bolstering Edison's generation during this period. Furthermore, the Gas&Power segment rebounded from the challenges it faced in 2022.

Despite these positive developments, Edison noted that its EBITDA performance was somewhat hampered by delays in liquefied natural gas (LNG) deliveries from the United States. The company stated that “an arbitration procedure is in progress” to address this matter.

Edison's strong performance underscores the energy company's ability to adapt and thrive in the evolving energy landscape, with a clear emphasis on renewable power generation and a commitment to addressing operational challenges.

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use

Support Renewable Energy News!

At EnergyMagz, we believe that reliable, up-to-date news on renewable energy is vital for driving the world toward a sustainable future. By contributing, you’re not only supporting quality journalism, but also helping to shape the world’s transition to greener solutions.
DONATE  NOW
Every contribution, no matter the size, makes a difference.
close-link