Enel Green Power posted a €97m loss in the third quarter of 2015, a 195% change from the same period last year when income was €102m.
The company said that the loss was mainly down to an impairment of €155m on assets in Romania due to “ongoing uncertainties in the regulatory framework and the country’s market conditions”.
EBITDA was €392m in the third quarter, a 7.3% drop on the same period last year, when it was €423m. This reflected a decline of €113m in Europe – as a result of the acquisition of 3Sun – but was partly offset by increases in Latin America of €66m and North America (€16m).
“These developments reflect the 25 million euro decline in revenues and an increase in operating expenses connected with the expansion of installed capacity in Latin America and North America, partly offset by the reduction in costs for the purchase of electricity in Latin America,” EGP said.
The company added that 2105 had been a challenging year. In the fourth quarter, EGP will continue continue its efforts to “rationalize operating expenses by operating its plants more directly and with greater efficiency, maximizing availability by optimizing interventions and seeking out economies of scale, especially in procurement”.
It will also continue to evaluate an option for the corporate integration with its parent company Enel.
Image: EGP
