Renewable

March 18 (Renewables Now) - Italian electric utility Enel SpA (BIT:ENEL) on Thursday reported a year-on-year rise in revenues, EBITDA and net profit for 2021 and released its outlook for 2022, during which it plans to enhance investments in renewable energy, mostly in Iberia and North America.

Enel ended 2021 with a group net ordinary income of EUR 5.59 billion (USD 6.18bn), which was 7.6% higher than in the year-ago period thanks to the positive performance of ordinary operations and lower impact of non-controlling interests.

All of the company’s business lines contributed to a 33.3% rise in revenues, which were particularly boosted by increased power production and sales.

Ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) gained 6.6%, mostly fulled by the growth of Enel Green Power and the commissioning of new renewable capacity. Higher depreciation and amortisation, however, led to a 9.2% decrease in earnings before interest and tax (EBIT).

“Enel's results for 2021 once again demonstrate the resilience and sustainability of our business model even in an increasingly complex scenario, characterized on the one hand by signs of post-pandemic recovery and on the other by the negative impacts of increasing fossil fuel prices,’ said CEO Francesco Starace.

The table below shows more information about the group’s financial performance in 2021.

Figures in EUR million

During the past year, Enel booked EUR 13 billion of capital expenditures, of which EUR 5.66 billion by Enel Green Power. The green energy business spent money on new renewable power generation projects in Italy, the US, Colombia, Chile, India, Spain, Brazil and Panama.

At end-2021, Enel Green Power installed 5.1 GW of fresh capacity. As a result, the group’s total installed renewables capacity reached 50.1 GW.

In 2022, the Italian company will pursue an ordinary EBITDA of between EUR 19 billion and EUR 19.6 billion. Net ordinary income is seen at EUR 5.6 billion-5.8 billion.

(EUR 1.0 = USD 1.106)

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