Enel Colombia Reports Slight Dip in Net Profit for Q1-Q3 2023, Cites Rising Costs and Legal Challenges

Credit: Nigel Medina/Pexels

Colombian utility company has revealed a consolidated net profit of COP 2.29 trillion (USD 557.1m/EUR 525.2m) for the period spanning January through September 2023, representing a marginal 1.1% decline compared to the previous year.

The dip in profits was attributed to several contributing factors, including increased fixed costs driven by minimum wage hikes, higher financing expenses, a penalty resulting from a legal dispute in Costa Rica, and elevated tax liabilities.

, which operates across Colombia and Central America, reported a substantial 42.5% growth in operational revenues during the nine-month period, reaching COP 12.4 trillion. Furthermore, the company's Earnings Before Interest, Taxes, Depreciation, and Amortization () saw a noteworthy 15.8% increase, climbing to COP 5.36 trillion.

Throughout the year, Enel Colombia invested COP 2.06 trillion, primarily directed towards expanding its non-conventional renewables capacity by over 800 MW and maintaining and modernizing its electrical . Some of these investments were channeled into the development of solar farms such as La Loma, Fundacion, Guayepo I & II, and the El Paso Extension in Colombia, as well as the Madre Vieja and Baco solar farms in Panama.

In the nine-month period, Enel Colombia generated 12,947 GWh of electricity in Colombia, marking a robust 24.2% increase, and 1,631 GWh in Central America (comprising Guatemala, Panama, and Costa Rica), registering a more modest uptick of 0.7%.

Enel Colombia's electricity generation mix in Colombia was primarily sourced from hydro (95%), with a small percentage from thermal sources (4%) in response to increased demand amid the El Nino phenomenon, and a minor contribution from solar (1%).

In contrast, the company's electricity generation mix in the Central American countries is centered exclusively on hydro and solar sources.

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Your email address will not be published.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