Italian group Enel, Europe’s biggest utility group and one of the largest foreign investors in the energy sector in Romania, announced its operational profit (EBITDA) in the country has nearly tripled to EUR 61 million in the first quarter of the year (Q1) from EUR 21 mln in the same period last year.

Enel’s Romanian subsidiaries posted EUR 25 mln net profit in Q1, compared to EUR 10 mln losses in the same period of 2019, Profit.ro reported.

In January, the group started discussions for the sale of minority stakes in its local subsidiaries, according to unofficial sources quoted by Economica.net.

Operationally, the company reported the same activity volume as last year: 4 TWh of electricity distributed to 2.9 million customers. What changed compared to the previous year is that the supply division also reported a profit of EUR 15 mln, compared to EUR 22 mln losses in the first quarter of 2019. Thus, Enel reported operating profit in all segments of activity in Romania.

Enel has been active on the Romanian market since 2005, with operations in power distribution and supply as well as renewable energy generation. Enel Energie and Enel Energie Muntenia are leading suppliers of energy nationwide, serving 3.1 million customers.

The group also controls the power distribution networks in Romania’s South Muntenia, Banat and Dobrogea regions, and large wind parks in Dobrogea.

The Italian group reportedly wants to bring in, as shareholders, investment funds that have experience in the energy sector, according to market sources.

editor@romania-insider.com

(Photo source: the company)