Italian energy group Edison 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 renewable energy 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.