Italy's Enel Boosts Profits, Debt
Italy's largest power utility and generator Enel reported November 6 a 15% rise in profits in the first nine months of this year.
Net income was €3.016bn ($3.44bn), up 15% from €2.621bn in 9M2017. “Renewables were once again the major driving force behind the group’s positive performance,” said CEO Francesco Starace. However, net debt also increased by 15% to €43.1bn at end-September (from €37.4bn nine months earlier) reflecting its acquisition of Brazilian utility Eletropaulo and remaining shares in Enel Generacion Chile.
Power sales in 9M2018 increased to 219.7 terawatt-hours, up 3.1% year on year (or 6.6 TWh) – inclusive of a decline of 4.5 TWh by Spanish subsidiary Endesa which accounted for one-third of all electricity sales in Spain.
Enel gas sales in 9M2018 were up 1.3% year on year at 8bn m3. Most of those were by Endesa, which said its gas sales were 61.4 TWh-gas (5.7bn m3) adding that it had a 16.2% share of the Spanish deregulated gas market.
Endesa’s 9M profit, reported November 5, was €1.2bn, up 10% - so about two-fifths of Enel’s overall profit.