Enel Colombia enjoys fruits of 2022 merger, net profit up 72.9%

Colombian power utility Enel Colombia said on Monday it had recorded a net profit COP 2.96 trillion (USD 613.9m/EUR 578.8m) in 2022, an increase of 72.9%, as it accumulated earnings from its domestic and Central American operations.

The merger in March last year that created Enel Colombia from four companies with operations in four countries prevented the utility from presenting perfect like-for-like comparison.

Apples and oranges aside, Enel Colombia highlighted the 114.1% increase of EBITDA to COP 6.33 trillion, benefiting from a higher contribution margin after the consolidation of the distribution and renewable energy operations following the merger. Higher electricity demand in its service area, higher distribution revenues, higher production output and more contracts in the free market added to the EBITDA results.

Revenues from operations surged by 158.6% to COP 12.22 trillion.

Enel Colombia's Central American subsidiaries, operating in Panama, Costa Rica and Guatemala, brought in a net profit of COP 414 billion.

The company increased investments by 1.666% year-on-year to COP 2.9 trillion, mainly to finance its wind and solar projects in Colombia and Panama, modernise the distribution grid and carry out maintenance of hydroelectric and thermal power stations, it said.

In Colombia, the utility generated 13,663 GWh in 2022, up by 4.2% on the year. Its generation mix is 97% hydro, 2% thermal and 1% solar.

The Central American power plants generated 2,374 GWh of electricity, with 95% of the output coming from hydro and 5% from solar power.

Enel Colombia has 3,570 MW of installed capacity in Colombia and 643 MW in the three Central American countries.

(COP 1,000 = USD 0.208/EUR 0.196)

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