Wind helps raise EGP income by 8%

ITALY: Enel Green Power (EGP), the renewable division of Italian utility Enel, said group net income rose 8.1% to €452 million in 2010.

EGP also said earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 8.8% to €1.31 billion. Revenues jumped 19.8 percent to €2.271 billion. The company forecasted "robust" growth in 2011.

Net installed capacity climbed 27 percent to 6.1 GW as a result of EGP’s acquisition of 904 MW of assets in Spain and Portugal from Endesa and the commissioning of an additional 392 MW in new capacity.  

The combined capacity of EGP’s wind farms amounted to 2,654 MW at end-2010, up 76% on the year.   Wind now represents 43% of EGP’s total capacity, just above hydroelectric power’s 42% share.   

EGP’s renewable energy production rose 15% to 21.8 TWh.  While hydroelectric power accounted for 51% of the total, production at EGP wind farms soared 78% to 4.926 TWh.

EGP said it would pay shareholders a dividend of €0.0272 per share, its first following an initial public offering last year.

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