Enel Green Power records 29% drop in 9-mo 2022 EBITDA
Enel Green Power wind power plant. Image by Enel Green Power.
Italian renewables business Enel Green Power booked an ordinary EBITDA of EUR 2.164 billion (USD 2.14bn) from global operations for the nine-month period of 2022, down by 29% year-on-year, its parent company said on Thursday.
The decline was mainly attributed to the firm’s performance in Italy, where hydro power production fell significantly due to low water availability during the January-September period. Growth stemming from new installed capacity only partially offset the results in the country, Italian utility group Enel SpA (BIT:ENEL) said.
Results were better in Latin America, North America, Romania and Spain, on higher wind and solar power generation partly because of new plants coming online, but not enough to lift EBITDA numbers, the group said.
Revenues of the renewables business grew by 8.7% on the year to EUR 6.90 billion, as electricity sales increased, mainly in Chile and North America.
Enel Green Power produced 91.9 TWh of electricity from renewables, including from managed capacity, up 4.2% compared to the nine-month period of 2021.
The Enel group as a whole posted a net ordinary income of EUR 2.98 billion, down by 9.5%, for the first nine months.
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