November 7, 2018 Read More →

Italy’s Enel says renewables powering growth in its 2018 profits

Windpower Monthly:

Renewable energy was the main driver behind Enel’s growth in operating profit, the power firm stated, and was its largest recipient of investment in the first nine months of the year.

The Italian company’s reported earnings before interest, taxation, depreciation and amortisation (Ebitda) rose 6% year-on-year to €12.1 billion between 1 January and 30 September. It stated that this increase was “mainly driven by renewables”, and that – along with networks – clean energy sources contributed €670 million of earnings in this period.

Enel increased its capital expenditure on renewables by 32% year-on-year, and with an investment of €2.65 billion, clean energy received more than any other business line as it did in 2017.

The power company installed 3.3GW of new renewable energy capacity in the last 12 months, it stated. This total includes 613MW of new wind power capacity commissioned by its subsidiary Enel Green Power in the first nine months of 2018, including a 132MW project in Peru – the country’s largest wind farm.

It also added hydro (62MW) geothermal (1MW) and ‘solar and others’ (1,112MW), but no new nuclear, coal, combined cycle gas turbines (CCGT), or oil and gas during this period.

Enel’s wind fleet reached 7,438MW at the end of the third quarter: 8.75% of its 84,932MW total capacity. Hydro, coal, CCGT and oil and gas all had larger shares of this total. The Italian power company had 3,279MW of wind projects under construction (1,773MW) or ready to build (1,506MW) at end of Q3, more than any other power source.

More: Clean energy ‘main driver’ of Enel’s earnings

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