Enel Group net income reached 1.2 billion Euro, down 0.7 percent in Q1

Enel announced a group net income of 1.24 billion Euro, down 0.7 percent in the first quarter of 2020, a company release shows.

Revenues in Q1 amounted to 19.9 billion Euro, decline of 2.7 billion Euro (-12.2 percent) compared with the same period of 2019.

Enel’s 2020-2022 Strategic Plan envisages that:

• investments in decarbonization will amount to about 14.4 billion euros (50% of total capital expenditure), aimed at developing new renewable capacity and gradually replacing conventional generation assets. The contribution of decarbonization to EBITDA growth will be equal to 1.4 billion euros over the plan period. Renewable capacity is expected to reach 60% of total capacity in three years, driving the increase in the profitability of generation fleet and increasing zero CO₂ emission output up to 68% in 2022. The sharp acceleration in the growth of renewables will support the Group’s pursuit of the goal of reducing emissions of greenhouse gases in line with the Paris Agreement and of achieving total decarbonization of its generation mix by 2050;

• about 1.2 billion euros of investment will be dedicated to the electrification of energy consumption, leveraging the growth and diversification of the retail customer base and the efficiencies associated with the transfer of activities to platforms. The expected contribution of these investments to the Group’s EBITDA growth amounts to 0.4 billion euros;

• around 13 billion euros will be invested in the enablers of the energy transition, e. infrastructure, to adapt distribution grids to a generation mix based on renewable energy, and ecosystems and platforms, to develop new services, such as electric mobility and demand response, which will play an increasing role in the energy transition. The expected contribution to EBITDA growth is about 1.1 billion euros.

Overall, the Group expects to invest 28.7 billion euros over the course of the plan. Investments will directly impact three main SDGs: SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation and Infrastructure) and SDG 11 (Sustainable Cities and Communities), therefore contributing to SDG 13 on Climate Action.