Friday, November 13, 2015

Italy: Enel Green Power Finances Update

Enel Green swings to Q3 loss of EUR 97m (News Release)

Enel Green Power (EGP) SpA announced today it has turned to a third-quarter (Q3) net loss of EUR 97 million (USD 104.5m) versus a profit of EUR 102 million a year back, mainly due to a EUR-155-million impairment on assets held in Romania.

The Italian renewable power plants developer and operator experienced a 88.7% plunge in earnings before interest and tax (EBIT) to EUR 27 million due to higher depreciation, amortization and impairment losses. The company explained the EUR-155-million impairment on its Romanian assets with the ongoing uncertainties in the regulatory framework and the country’s market conditions.

Geothermal energy provides 8% of  EGP's installed capacity, 761 MW of which are located in Italy and 72 MW in the USA. The company has one geothermal energy project under construction - the 38 MW Cerro Pabellon plant in Chile.

PDF presentation.......