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Francesco Starace: Enel’s results as of September 30, 2022

Enel’s revenues up by 84% and investments up by 17.8%: CEO Francesco Starace’s comments

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We are continuing our investments in renewables and grids”: Francesco Starace confirmed this in light of Enel’s numbers for the first nine months of 2022. He added that the aim is “to accelerate the transition to increasingly sustainable energy sources and to foster energy independence in the countries in which we operate, thereby helping to reduce price volatility and safeguard our customers.” The interim financial report as of September 30, 2022, Enel’s financial statements for the same date and the report were examined and approved by the Group’s Board of Directors on November 3.

“We are continuing our investments in renewables and grids to accelerate the transition to increasingly sustainable energy sources and to foster energy independence in the countries in which we operate, thereby helping to reduce price volatility and safeguard our customers”

Francesco Starace, Enel CEO

In particular, revenues showed significant growth in the first nine months of 2022, amounting to 108,177 million euros (+84% compared with the first nine months of 2021). Investments reached 9,309 million euros, +17.8% compared with the same period in 2021: this is mainly attributable to Enel Green Power’s activities, primarily in Italy, the United States, Canada, Spain, Chile, Peru and Australia, and Enel Grids’ activities in Italy, Brazil, Argentina and Spain for improving grid quality.

The installation of new solar capacity (+1.3 GW), wind capacity (+0.5 GW) and the acquisition of new hydropower plants in Italy (+0.5 GW) increased the Group’s total net efficient installed capacity to 87.9 GW in the first nine months of 2022, up 0.8 GW compared with December 31, 2021. Enel’s commitment to sustainability is, Starace emphasized, is in the numbers: during the reference period, electricity generation from renewable sources – including volumes from managed capacity – far exceeded that from thermal generation, reaching 91.9 TWh (88.2 TWh in the same period of 2021, +4.2%), compared with thermal generation, which amounted to 70.3 TWh (63.5 TWh in the same period of 2021, +10.8%). Zero-emission generation reached 60% of the Enel Group’s total generation.

The results as of September 30 clearly demonstrate “the resilience of the Enel Group which, thanks to the robustness of its integrated business model and its geographical diversification, confirms its ordinary EBITDA forecast for 2022 despite the adverse geopolitical, energy and economic environment.” In this regard, Francesco Starace stressed “the positive developments in operating performance, our financial solidity and the corporate simplification plan under way,” which are key “to looking optimistically toward future objectives, also in view of the persistence of a complex general framework.” Starace added that, based on this, “we can confirm our shareholder remuneration policy for 2022, which provides for payment of a total dividend of 0.40 euros per share, with the interim dividend increasing by 5.3%, compared with the amount paid out last January.

 

Enel editorial page