The strong and unexpected growth in renewable energy lowered power generation margins in the top two markets for Italian utility Enel SpA (ENEL.MI), said Chairman Paolo Andrea Colombo Monday.
The strong and unexpected growth in renewable energy lowered power
generation margins in the top two markets for Italian utility Enel SpA
(ENEL.MI), said Chairman Paolo Andrea Colombo Monday.
The growth of renewables, together with a stagnant demand, in
Italy
and
Spain
, has
led to excess installed capacity, "causing a reduction in the generation
margin," said the chairman at the company's shareholders' meeting in
Rome
to
approve 2011 results.
The chairman also said the group's carbon dioxide emissions have been cut by
34% since 1990 and Enel plans to lower them further.
Enel's dividend payout ratio of 40% of ordinary net profit is a
"floor" and the utility may review it upwards if the market
conditions improve, said Chief Executive Fulvio Conti at the same shareholders'
meeting.
The CEO also said the drop in electricity demand is "structural" and
isn't expected to return to pre-crisis level before 2014.
The company confirms the 2012 targets, Conti said.
Enel doesn't exclude cutting its investment plan if needed, especially in
Spain
if
the regulatory climate worsens, he also said.
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