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Enel Green Power posts 2013 earnings of 2.8 bln euros

Utility company uses wind, solar, hydro, geothermal and biomass

03 February, 18:59
Enel Green Power posts 2013 earnings of 2.8 bln euros (ANSA) - Rome, February 3 - Italian renewable energy company Enel Green Power posted 2013 earnings of 2.8 billion euros, up 12% over the previous year thanks to increased sales, the company said Monday.

''Our 2103 results are in line with expectations and confirm the excellent implementation of our strategy, which was to combine geographical and technological diversification with operative excellence'', said CEO Francesco Starace.

''We continued developing markets such as Latin America and the US, where we have a number of important projects in the works''. A subsidiary of the Enel S.p.A. energy giant, the second-largest utility company in Europe by market capitalization, Enel Green Power has 745 plants in 16 countries in Europe and the Americas, with a generation mix that includes wind, solar, hydro, geothermal and biomass.

The company posted EBITDA (earnings before interest, taxes, depreciation and amortization) of 1.8 billion euros (+12.5%), while net financial debt rose 17.4% to 5.4 billion euros.

Installed capacity rose to 8.9 GW (+11.3%), mostly due to investments in the wind sector.

Net electricity production rose +17.5% to 29.5 TWh, of which 10.9 TWh (37%) came from hydroelectric energy, 12.2 TWh (41%) from wind, 5.6 TWh (19%) from geothermic energy, 0.5 TWh (2%) from biomass and other renewables, and 0.3 TWh (1%) from solar energy.