Enel Green Power experienced almost a 24% drop in profitability in 2022, according to its parent company’s annual results.
The renewables business segment achieved EBITDA of €3,477m compared to €4,570m in 2021.
Enel Green Power’s revenue for 2022 remained stable at €9,167m, compared to €9,172m in 2021.
Overall, Enel reported ordinary EBITDA of €19,683m, a 2.5% rise on the €19,210m recorded in 2021, exceeding Group guidance communicated to financial markets of €19bn to 19.6bn.
The directors said this increase is attributable to the positive performance of the integrated business, as a result of the combination of the Thermal Generation and Trading, Enel Green Power, End-User Markets and Enel X businesses, together with the positive performance of Enel Grids.
Enel chief executive and general manager Francesco Starace said: “Enel’s excellent 2022 results underscore the group’s ability to create value for its stakeholders, notwithstanding the highly challenging scenario that has characterised the last three years.
“Thanks to the resilience of our integrated business model, our solid operating performance, the managerial actions implemented during the year, and above all the tireless work of all our colleagues, we have been able to exceed the guidance announced to the markets.
“Based on these results, we are offering our shareholders a dividend of €0.40 per share, an increase on last year.
“In the coming months, we will continue to grow in renewables and digitize distribution networks, helping to decarbonize the generation mix and enhance energy independence in the geographies where we operate, improving service quality, enabling the electrification of end uses and protecting our customers from the volatility of energy markets.
“We will focus investments mainly in Italy and in the other core countries, in order to accelerate the group’s sustainable growth pathway, further reducing its risk profile.”