Energy major Enel said its revenues fell 26.4 percent in the first quarter of 2024 to 19,432 million euros.
The decrease is mainly due to lower revenues from Thermal Generation due to the decline in prices as well as to a reduction in the volumes of electricity generated from thermal sources, mainly in Italy and Spain.
Enel Green Power has reported revenue of 2,998 million euros (up 17 percent or 435 million euros), reflecting an increase in the quantities generated and sold from hydro and solar sources, mainly in Italy, Spain and Chile.
Capital expenditure amounted to 2,587 million euros in the first quarter of 2024, a decrease of 286 million euros compared with the same period of 2023 (-10 percent).
Capital expenditure was focused on Enel Grids in particular (1,319 million euros, 51 percent of total capital expenditure) and Enel Green Power (907 million euros, 35 percent of total capital expenditure). The reduction compared with the first quarter of 2023 is mainly attributable to the improved focus of capital expenditure, in line with the priorities set out in the Strategic Plan 2024-2026, and to the substantial completion of battery storage system activities in Italy.
An increase was registered in capital expenditure in Enel Grids in Italy, Chile, Colombia, Spain and Argentina as well as in End-user Markets, mainly in the mobility business in Italy and in retail operations in Italy and Spain.
Electricity sales in the first quarter of 2024 amounted to 72.9 TWh, a decrease of 5.3 TWh (-6.8 percent, -3.8 percent on a like-for-like basis) compared with the same period of 2023. Specifically, this reflects an increase in quantities sold in Brazil (+0.8 TWh), Chile (+0.2 TWh), Peru (+0.2 TWh) and Colombia (+0.2 TWh) and lower volumes sold in Italy (-3.6 TWh), Argentina (-0.3 TWh), Spain (-0.5 TWh) and Romania (-2.3 TWh);
Natural gas sales amounted to 2.9 billion cubic meters in the first quarter of 2024, a decline of 0.7 billion cubic meters (-19.4 percent) on the same period of 2023.
Electricity generation from renewable sources, including volumes produced by managed capacity3 , far exceeded that from thermal generation, reaching 36.7 TWh (33.1 TWh in the same period of 2023, +10.9 percent), compared with thermal generation of 9.4 TWh (17 TWh in the same period of 2023, -44.7 percent).
Considering only the production from consolidated capacity, zero-emission generation comes to 80.7 percent of the total generation of the Enel Group, while it is equal to 82.2 percent if managed generation capacity is also included. The Enel Group’s long-term ambition is to achieve zero direct and indirect emissions by 2040.
Between 2024 and 2026, the Enel Group has planned a total gross capex of approximately 35.8 billion euros: o around 18.6 billion euros in Grids, focusing on improving quality, resilience and digitalization, alongside new connections;Â approximately 12.1 billion euros in Renewables, focusing on onshore wind, solar and battery storage while also leveraging on repowering; about 3 billion euros in Customers, actively managing Group customer portfolio through multiplay bundled offers, which encompass commodities and services within an integrated portfolio provided through a single touchpoint.