Enel very pleased with Q1 despite significant revenue drop

Italian energy group Enel SpA said it achieved »outstanding results« in the first quarter of 2023. Although revenues were down 22.6 percent from € 34.1 billion in Q1 2022 to € 26.4 billion ($ 29.1 billion) in the reporting quarter, this was mainly due to declining energy prices »following the normalization of the energy context.« Earnings before interest, taxes, depreciation and amortization (EBITDA) were € 4.76 billion ($ 5.23 billion), 4.7 percent higher than in the same period last year (€ 4.55 billion).
In contrast to the Group as a whole, sales in the renewable energy business »Enel Green Power« grew by 27.6 percent from € 2.01 billion to € 2.56 billion ($ 2.83 billion). EBITDA here rose by 52.9 percent from € 643 million to € 983 million ($ 1.09 billion). The power plants belonging to the Enel Group generated 53.8 terawatt hours in the first quarter of the year, 56 percent of which came from renewable energies, 31 percent from thermal and 13 percent from nuclear power plants.
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