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    Italy's ENEL records lower profit for the first half of 2022


    July 29, 2022 - dpa English

     

      Rome (dpa) - Italian energy provider ENEL reported first-half group net ordinary income of ?2.11 billion, down 8.3% from ?2.30 billion last year, in results that were party affected by the limited availability of water amid a lasting drought.

      Revenues surged 85.3% to ?67.258 billion from ?36.291 billion last year. The company attributed the increase in revenues to all business segments, mainly reflecting an increase in the quantities of electricity and gas sold at rising average prices and an increase in the quantities of electricity generated.

      Ordinary EBITDA dropped 1.6% to ?8.298 billion from ?8.436 billion last year.

      The drop in EBITDA was due to the decrease in the margin registered by End-user Markets as a result of an increase in provisioning costs and by Enel Green Power due to low water availability, which caused a significant reduction in hydropower generation.

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