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Enel's 2019 ordinary EBITDA exceeds expectations

Enel's Fonte dos Ventos wind project in Brazil, developed by SOWITEC and turned into a wind/solar hybrid. Source: SOWITEC group

February 7 (Renewables Now) - Italian energy giant Enel SpA (BIT:ENEL) today reported a 10.5% year-on-year rise in preliminary, ordinary EBITDA for 2019, pointing out that the figure outperformed the already revised upwards target for the year.

Ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) went up to EUR 17.9 billion (USD 19.6bn) in 2019 from EUR 16.2 billion in 2018. In March 2019, Enel projected ordinary EBITDA of EUR 17.4 billion for the full year and raised that target to around EUR 17.8 billion in November.

CEO and general manager Francesco Starace noted that the registered growth was mostly driven by distribution networks in Latin America and by sales on end-user markets in Italy and Brazil. More specifically, the group experienced growth in Infrastructure and Networks in Latin America, mainly because of the contribution of Enel Distribuicao Sao Paulo and the improvement in regulatory and tariff conditions in Brazil and in Argentina.

EBITDA, including effects of extraordinary transactions, increased by 8.6% to EUR 17.7 billion and revenues climbed by 6.1% to EUR 80.3 billion.

The group produced a total of 229.1 TWh of power in 2019 compared to 250.3 TWh in 2018 and distributed 504 TWh on its networks versus 484.4 TWh a year earlier. The sold electricity amounted to 301.7 TWh, compared to 295.4 TWh in 2018.

During the year, the group built more than 3 GW of renewable energy generation capacity around the world, thus beating its own record set in 2018, it said.

(EUR 1.0 = USD 1.096)

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