Renewables helped boost Italian energy company Enel’s revenue in 2021 by almost 34% to over €88bn, up from €66bn in 2020.
Ordinary EBITDA grew to €19.2bn last year, a rise of 6.7% on the €18bn posted in 2020, Enel said in its preliminary results for 2021.
Enel said higher production from Enel Green Power’s renewable sources was a contributory factor, particularly the operating performance in North America and Brazil following the commissioning of new plants.
The improvement in the margin in Spain, both due to the improved performance of wind and solar plants and to the positive effects linked to the favourable outcome of a dispute, also contributed.
Other factors leading to the results were increase in revenues from infrastructure and networks, the Enel X business unit and thermal generation and trading due to the increase in the volumes of energy and gas sold and to increased commodity trading activities related to contracts with physical delivery.
Negative effects include exchange rates, mainly in Latin America, the normalisation of trading activities compared with the previous year and a decrease in margins in end-user markets, Enel said.