February 7 (Renewables Now) - Italian utility Enel SpA (BIT:ENEL) on Wednesday posted its preliminary results for 2018, including a 1.3% year-on-year increase in revenues driven by renewables and acquisitions in distribution.
Enel saw its ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) improve by 3.8% to EUR 16.2 billion (USD 18.4bn). The increase is mainly attributed to a better margin on the renewable business in Italy, Spain and South America and on the free market in Italy, as well as the effect of Enel’s takeover of Enel Distribuicao Sao Paulo (BVMF:ELPL3), which is the new name of rebranded Brazilian power distributor Eletropaulo.
EBITDA including extraordinary transactions went up by 3.8% to EUR 16.3 billion. Revenues climbed by 1.3% to EUR 75.6 billion.
“We closed 2018 with excellent results, whereby we hit our EBITDA target for the year,” CEO and general manager, Francesco Starace, stated. He added that during the year the company has connected to the grid more than 3 GW of renewables globally.
In 2018, the group produced a total of 250.3 TWh of electricity compared to 249.9 TWh in 2017. Outside of Italy, the output was 197.1 TWh compared to 196.4 TWh.
(EUR 1.0 = USD 1.135)