BAKU, Azerbaijan, Feb.22
By Leman Zeynalova – Trend:
Energy production by Italian Eni company from renewable sources amounted to 88 GWh in the fourth quarter of 2020, a five-fold increase from the same period of 2019 (340 GWh in the full year) due to the installation of and the entry into service of new capacity, as well as the contribution of the US assets acquired in the first quarter of 2020, Trend reports with reference to the company.
As of December 31, 2020, the installed capacity from renewables was 307 MW: 77 percent attributable to photovoltaic plants and 20 percent attributable to wind facilities.
Capacity under construction/advanced stage of development at period end amounted to over 0.6 GW mainly relating to the Dogger Bank A and B project in the UK (480 MW in Eni share, wind offshore), to new installations in Kazakhstan (98 MW, of which 48 MW wind onshore and 50 MW PV solar) as well as to the development of new projects in Italy (around 50 MW, of which 35 MW wind onshore).
In the fourth quarter of 2020 the retail gas and power business, managed by Eni gas e luce, reported a solid and growing performance (adjusted operating profit of €103 million in the quarter; €325 million in the full year, up by €47 million) notwithstanding reduced sales due to lower consumption following the economic downturn and higher provisions for impairment losses at trade receivables in line with an expected deterioration in the counterparty risk.
Performance was supported by commercial and efficiency initiatives, the contribution of extra-commodity business in Italy and by the development of the business in France and Greece. The Power & Renewables business reported an adjusted operating profit of €29 million (down by €11 million compared to the fourth quarter of 2019) and €140 million (up by €48 million) in the quarter and in the full year, respectively, benefitting from higher margins.
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