Enel Reports Significant Growth and Continued Commitment to Renewable Energy in Q1 2024

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Global leader in the energy sector Enel has announced impressive financial results for the first quarter of 2024, showcasing substantial growth compared to the same period last year.

The company's strategic focus on renewable energy generation and operational efficiency has driven remarkable improvements across key financial metrics.

Financial performance

Enel reported a total revenue of €19.4 billion (US $20.9 billion) for Q1 2024, representing a decline of 26.4% compared to Q1 2023.

Despite this decrease, the company's ordinary EBITDA surged to €6.1 billion, marking an impressive increase of 11.6% from the previous year.

This growth was primarily attributed to positive contributions from various business units and geographies, highlighting Enel's diversified portfolio and global resilience.

Furthermore, Enel's net ordinary income witnessed a significant rise of 44.2%, reaching €2.2 billion in Q1 2024, underscoring the company's strong operational performance and optimized financial management, further solidifying its position as a leading player in the energy industry.

Renewable energy focus

A key highlight of Enel's Q1 2024 results is its continued emphasis on renewable energy generation.

Revenues from Enel Green Power saw a notable increase of 17.0%, reflecting the company's commitment to zero-emission generation. This focus on sustainability not only aligns with global environmental goals but also positions Enel as a frontrunner in the transition towards clean energy.

Moreover, Enel's zero-emission generation exceeded 82% in Q1 2024, underscoring its dedication to reducing carbon emissions and promoting environmental stewardship.

By prioritizing renewable energy sources such as hydro and solar power, Enel is driving positive change while delivering value to its stakeholders.

Future outlook

Stefano De Angelis, Enel's CFO, expressed confidence in the company's ability to achieve its objectives for 2024.

“In the coming months, Enel will continue to stringently pursue selective capital allocation, maximizing operational efficiency and effectiveness, as well as financial and environmental sustainability,” he emphasized, adding that “we are therefore confident of our ability to reach all our objectives for 2024, including the reduction of Group net debt, which has already declined to 54 billion euros as of today, also considering disposals currently under completion.”

As the world continues to prioritize sustainability and combat climate change, Enel remains at the forefront of innovation and progress in the energy sector.

With a clear focus on renewable energy and operational excellence, the company is well-positioned to navigate evolving market dynamics and emerge as a global leader in the transition towards a low-carbon future.

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