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Enel Chile units set out 2023-25 spending plans

Bnamericas Published: Friday, November 25, 2022
Enel Chile units set out 2023-25 spending plans

Two subsidiaries of electricity sector holding company Enel Chile have disclosed their 2023-25 capex estimates.

The announcements come after parent, Italy’s Enel, unveiled a global investment and divestment plan in which Chile was named one of the company’s six core markets. The others are Colombia, Brazil, US, Spain and Italy. 

About 80% of a planned 37bn euros (about US$38bn) in 2023-25 outlay targets Europe and North America. A key driver of the asset sale plan, which includes exiting Argentina and Peru, is debt reduction. 

In Chile, Enel is in the process of offloading subsidiary Enel Transmisión Chile to Canadian-controlled Inversiones Grupo Saesa Limitada. "In this period, we are prioritizing the financial sustainability of our company, to continue with our decarbonization plan and the promotion of electrification, as pillars of the just energy transition that we are leading in the country," the CEO of Enel Chile, Fabrizio Barderi, said earlier this year in a statement on the transaction. 

ENEL GENERACIÓN CHILE

Power generation unit Enel Generación Chile expects capex to be US$400mn in 2023-25, according to a regulatory filing. The company – whose installed capacity stands at around 8.0GW – has a 1.3GW portfolio of solar, wind and hydroelectric projects being built or connected in Chile.

In a separate filing, the company said it expected a positive pre-tax impact on profits of US$500mn stemming from the renegotiation of LNG supply contracts with Shell Global Energy, Singapore Branch.

ENEL DISTRIBUCIÓN CHILE

The distribution unit expects capex of US$310mn over the period. 

Parent Enel Chile is the biggest utility in Chile in terms of installed capacity and number of clients. Enel Chile also has electromobility and energy solutions units

BOTTOM LINE

Enel Chile saw net income climb 128% year-on-year to US$117mn in 3Q22, driven by higher Ebitda and better financial results. Capex deployed was US$234mn, up 15%, the bulk in renewables. 

In January-September, US$552mn in development capex was deployed, with 94% targeting renewables projects and the balance grids and energy transition solutions unit Enel X.

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