Enel Green Power earnings dipped almost 5% in the first half of 2021 to €2178m, from €2291m in the same period of 2020.
The company said the fall was down to a number of factors, including a reduction in the operating margin in Latin America due to the adverse exchange rate effect and higher procurement costs incurred to cope with the higher quantities sold.
The latter more than offset the improvement in the margin in Brazil due to the entry into operation of new plants, it added.
The drop in earnings was also down to a lower margin in Italy mainly due to lower volumes on the spot markets and higher production costs.
However, first half of 2021 earnings were partially offset by an improvement in the margin in Spain and in North America, mainly due to the commissioning of new wind and solar power plants.
Revenue increased more than 10% to €3941m from €3575m.
This was down mainly to price changes in Italy and the commissioning of new plants in Brazil, US and Canada.
Renewable energy generation reached 59.8 terrawatt-hours in the first half of 2021, up 6.5% on the 56.2TWh produced last year.
Clean power now accounts for 52% of the parent company Enel’s generation mix.