Italian utility giant Enel SpA (BIT:ENEL) has unveiled impressive first-quarter results from its renewables arm, Enel Green Power, defying the overall downturn in power prices and weaker thermal generation.

Enel Green Power's ordinary EBITDA soared by 59.1% year-on-year to EUR 1.69 billion (USD 1.82bn), attributed to increased renewable power generation, particularly boosted by higher hydro power output in Italy, Spain, and Chile.

The segment's revenues reached nearly EUR 3 billion, marking a 17% rise from the same period last year, driven by elevated output and sales from hydro and solar plants across Italy, Spain, and Chile.

Renewables, including managed capacity, generated 36.7 TWh of electricity during the quarter, a 10.9% increase year-on-year, while production from thermal power plants declined by 44.7% to 9.4 TWh.

Renewables accounted for 67.2% of Enel Group's consolidated capacity by the end of March 2024, with nuclear and thermal power making up 13.5% and 19.3%, respectively.

While Enel Group's overall revenues fell by 26.4% to EUR 19.4 billion due to decreasing power prices and lower electricity sales, ordinary EBITDA rose by 11.6% to EUR 6.09 billion. Ordinary net profit surged by 44.2% to EUR 2.18 billion, fueled by robust renewables performance and cost optimization.

Enel CFO Stefano De Angelis hailed the solid results, emphasizing the effectiveness of strategic actions outlined in the 2024-2026 Strategic Plan and the resilience of the business model across all operating countries.

Source: Renewables Now