Q3 & 9M
Enel Chile - Consolidated results
November 02, 2023
Key highlights of the period
PortfolioMarket
managementcontext
~ 0.4 GW of renewables added | Distribution tariff 2020-2024 |
in 9M 2023 | in the final stage |
Closing of Arcadia dial | PEC 2.0 factoring process |
(USD 556 mn equity value) | started: USD 329 mn |
in Aug 2023 | |
Outstanding hydro production | |
in the Q3 2023 |
Business &
financial
perfomance
EBITDA +60%
higher than 9M 20221
FFO + USD 790 mn
higher than
9M 20222
- 2022 figures adjusted by the Coal Stock Impairment: 9M 2022: 63 USD mn and Enel Transmisión results: 9M 2022: 77 USD mn.
- 2023 figures exclude tax paid for Enel Transmisión sale: 9M 2023: 310 USD mn. 2022 figures excludes results from Enel Transmision: 9M 2022: 18 USD mn.
2
Leading the energy transition through a continuous optimization of our portfolio and energy sourcing
Additional renewables' contribution
up to 9M 2023
Growth contribution 9M 2023 | Net installed capacity 9M 2023 |
Optimization of our solar portfolio
Agreement to sell Arcadia Generación Solar
~0.4 GW
Additional capacity
Renaico II
+72 MW
Sierra Gorda
+100 MW
Manzano
+99 MW
La Cabaña
+106 MW
+1.2 GW
COD in 9M 2023
Oil-Gas | 77% |
7% | renewable |
7% |
CCGT
17%
Hydro
8.8 40% GW
37%37%
Wind, solar & geothermal
Hydro
Wind, solar & geothermal
CCGT1
Oil-gas
USD 556 mn | ~USD 160 mn |
Equity value (99.99%)2 | P&L impact in Q4 2023 |
Transaction timeline | ||
Jul 12th | Oct 5th | Oct 24th |
Signing | FNE | Closing |
(antitrust agency)
1. | Combined Cycle Gas Turbine. | 3 |
2. Enel Chile stake.
Better hydrology and commodities management actions are contributing to improve our results
Better hydro contribution in 2023
Enel Chile hydro production | Better snow levels in |
(TWh) | Maule and Laja during October 2023 |
Full availability of LNG and Argentine natural gas as planned
Enel Chile gas consumption and traded (MMm3/d)
+51%
4.4
2.9
Q3 2022 | Q3 2023 |
+28%
8.1
6.3
9M 2022 | 9M 2023 |
Laguna del Maule
Lago Laja
October 27, 2022
Laguna del Maule
Lago Laja
October 30, 2023
9M 2023
16
14
12
10
8 |
6 |
4 |
Cummulated rainfall (mm) | |
Bío-Bío | Maule |
(25% of consolidated Gx) | (34% of consolidated Gx) |
3,500 | 2,000 | ||||||||||||||||||||||
3,000 | |||||||||||||||||||||||
2,500 | 1,500 | ||||||||||||||||||||||
2,000 | 1,000 | ||||||||||||||||||||||
1,500 | |||||||||||||||||||||||
1,000 | 500 | ||||||||||||||||||||||
500 | |||||||||||||||||||||||
0 | May | Aug | Mar | 0 | May | Aug | Mar | ||||||||||||||||
Apr | Jun | Jul | Sep | Oct | Nov | Dec | Jan | Feb | Apr | Jun | Jul | Sep | Oct | Nov | Dec | Jan | Feb |
Last 10 years | 2022-23 | 2023-24 | ||
2 | |||||||||||||||||||||
0 | Apr-22 | May-22 | Aug-22 | Sep-22 | Nov-22 | Dec-22 | Apr-23 | May-23 | Aug-23 | Sep-23 | |||||||||||
Jan-22 | Feb-22 | Mar-22 | Jun-22 | Jul-22 | Oct-22 | Jan-23 | Feb-23 | Mar-23 | Jun-23 | Jul-23 | Oct-23 |
LNG (Consumed) Argentine NG (Consumed) Trading
Gas optimization activities 9M 2023
USD 182 mn
4
Grids focused on quality, and Enel X committed to boosting integrated margin offerings
Grids main KPIs
9M 2022 | 9M 2023 | |||
Energy distributed1 | 10.6 | 10.8 | +2% | |
(TWh) | ||||
SAIDI2 | 145 | 133 | -8% | |
Dx (min.) | ||||
Energy losses3 | 5.1 | 5.1 | = | |
Dx (%) | ||||
Telecontrols | 2.7 | 2.7 | +1% | |
(#'000) | ||||
End users | 2.1 | 2.1 | +2% | |
(million) | ||||
Digital payments | 78 | 79 | +1pp | |
(%) | ||||
Regulatory update
VAD 2020-2024
Dec | Regulatory |
2022 | technical |
report | |
Jan - Apr | Expert |
2023 | panel process |
Oct | Regulatory |
final technical | |
2023 | |
report | |
2024 | Tariff decree |
publication | |
New Dx Tariff | |
Enel X Chile main KPIs
9M 2022 | 9M 2023 | |||
Charging points4,5 | 1.8 | 2.6 | +44% | |
('000) | ||||
Electric buses4,6 | 1.6 | 2.2 | +36% | |
('000) | ||||
Public lighting4 | 312 | 367 | +18% | |
('000) | ||||
Electrification4,7 | 311 | 523 | +68% | |
(GWh since 2019) |
Arrival of 358 e-buses. They will operate along
B2G Santiago's main avenues and are already available
for the 2023 Pan & Parapan
American games
1. Data only for Enel Distribución concession area; 2. SAIDI Average LTM (Last Twelve Months); 3. Energy Losses Average LTM (Last Twelve Months); 4. Cumulative figures; 5. Public, private and served e-buses
charging points. Includes charging points managed by Enel X Way Chile; 6. Considers e-buses supplied, managed and served by Enel X Chile; 7. Includes all e-buses, charging points through Enel X Chile and Enel X Way | |
Chile, full electric buildings and air conditioning / heating sold. | 5 |
Business performance as expected, following guidance and business plan for the year
Economic & financial performance
EBITDA1,2 | |
(USD mn) | |
+60% | 783 |
491 | |
9M 2022 | 9M 2023 |
proforma |
Net income1,3
(USD mn) | ||
+87% | 336 | |
179 | ||
9M 2022 | 9M 2023 | |
proforma |
FFO4
(USD mn)
428
(362) | 2.2x |
9M 2022 | 9M 2023 |
proforma | proforma |
Q3 | 229 | 391 | +71% | 106 | 197 | +85% | (140) | 433 | 4.1x |
- Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 821.62 CLP/USD.
- 2022 figures adjusted by the Coal Stock Impairment: 9M 2022: 63 USD mn and Q3 2022: 1 USD mn. Excludes Enel Transmisión Chile: 9M 2022: 77 USD mn and Q3 2022: 24 USD mn.
- 2022 figures adjusted by the Coal Stock Impairment: 9M 2022: 43 USD mn and Q3 2022: 0.4 USD mn. Excludes Enel Transmisión Chile: 9M 2022: 46 USD mn and Q3 2022: 16 USD mn.
4. | 2023 figures exclude tax paid for Enel Transmisión sale: 9M 2023: 310 USD mn. 2022 figures excludes results from Enel Transmision: 9M 2022: 18 USD mn and Q3 2022: 16 USD mn. | 6 |
Sustainable capex to continue improving portfolio flexibility boosting the energy transition
9M 2023 CAPEX by business and by nature1
9M 2023 Renewable development CAPEX1
19% | 12% |
547 | 6% | 19% | 547 |
USD mn | USD mn | ||
1% | |||
-27% yoy | -27% yoy |
74% | 70% |
Thermal | Asset development |
Renewables | Customers |
Grids & Enel X | Others |
Others | |
94% linked to | |
SDGs2 |
- Comparisons between periods are made using the average exchange rate for the period 821.62 CLP/USD.
- Sustainable Development Goals.
29%
37%364
USD mn
-33% yoy
18%
16%
Hydro
Wind
Solar
Geo, BESS & others
Capex allocation by quarter (2023)
Q1 12%
Q2 30%
Q3 23%
Q4E 35%
7
Q3 2023 EBITDA reflects strong hydrology, better energy sourcing cost, and distribution performance
EBITDA evolution (USD mn)1
+55% | |||||||||
+71% | |||||||||
132 | |||||||||
149 | 16 | 6 | 391 | ||||||
(109) | |||||||||
252 | 229 | ||||||||
(24) | (31) | ||||||||
Adj. | Enel Tx | Q3 2022 | PPA | Hydro & | Variable | Gas | Grids | Opex & | Q3 2023 |
Q3 2022 | proforma | sales2 | renewables | cost | optimization | others | |||
PPA sales are mainly related to lower Chilean Pesos evaluation in the period
Strong hydro contribution and a net seller position in the spot market in the Q3 2023
Lower gas trading activities in the quarter vs. last year
Distribution performance mainly on indexation and quality improvements
- Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 821.62 CLP/USD. Q3 2022 adjusted by the Coal Stock Impairment: 1 USD mn.
- Includes PPA Indexation (commodities, FX, CPI), capacity payment and ancillary services.
8
9M 2023 EBITDA soars as a result of better hydrology and distribution performance
EBITDA evolution (USD mn)1
+38% | ||||||||
+60% | ||||||||
172 | 17 | 24 | 783 | |||||
(19) | ||||||||
567 | 98 | |||||||
491 | ||||||||
(77) | ||||||||
Adj. | Enel Tx | 9M 2022 | PPA | Hydro & | Variable | Grids | Opex & | 9M 2023 |
9M 2022 | proforma | sales2 | renewables | cost | others | |||
PPA sales growth mainly related to indexation and higher capacity payments
Strong hydro contribution and a net seller position in the spot market in the Q3 2023
Distribution performance mainly on indexation and quality improvements
Opex is mainly related to the new portfolio in operation and inflation across all the businesses
- Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 821.62 CLP/USD. 9M 2022 adjusted by the Coal Stock Impairment: 63 USD mn.
- Includes PPA Indexation (commodities, FX, CPI), capacity payment and ancillary services.
9
New renewable capacity and better hydrology improved our energy balance
Net production (TWh) | Energy balance (TWh) |
+11%
+6% |
17.6 |
+1.1 TWh
Portfolio mix evolution (TWh)2 | Spot performance (TWh) |
16.5 |
from new
renewable
7.7 7.7
7.8
7.8 |
0.8
6.3 | 7.0 |
1.4 | |
1.1 | |
0.1 | |
3.1 | 4.1 | |||||||
1.3 | 1.0 | |||||||
0.9 | ||||||||
4.4 | ||||||||
capacity
70%
Emission free
production
0.6 | 0.8 |
6.3 |
4.5 |
3.3 |
0.9
7.0
-0.1
4.6 |
3.2 |
0.5
0.3 0.2 -0.3
-0.1
0.2 | 0.4 | 1.1 |
4.9 |
Q3 2022
Q3 2023
Q3 2022 | Q3 2023 |
1.7 |
4.4 |
2.9 |
8.1 |
6.3 |
23.2 |
4.8 |
1.9 |
16.5 |
23.2 |
14.2 |
9.0 |
23.2 | |
1.7 | 4.0 |
17.6 |
23.2 |
14.2 |
9.0 |
4.8
4.0
2.21.7
2.52.3
9M 2022
Q3 2022 | Q3 2023 | 9M 2022 | 9M 2023 | |
Hydro | Oil-gas | Wind, solar & geothermal | ||
CCGT1 | Coal |
- Combined Cycle Gas Turbine.
- Energy sales do not include the spot sales.
9M 2023
Production | Regulated sales | Solar hours | |
Purchases third parties | Free market sales | Non-solar hours | |
Net spot |
10
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Enel Chile SA published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 14:44:04 UTC.