Enel Generación Peru S.A.A. announced earnings and operating results for the first quarter of 2017. For the quarter, revenues were PEN 450 million, EBITDA was PEN 182 million, net income was PEN 120 million and capex was PEN 16 million against revenues of PEN 486 million, EBITDA of PEN 233 million, net income of PEN 148 million and capex of PEN 3 million for the same period a year ago. Revenues decreased as a result of (i) the depreciation of US dollars vis-à-vis the Peruvian Sol on sales to free industrial customers in US dollars and (ii) a lower average price of new contracts due to the falling prices in the generation market; this effect was partially offset by higher sales volume. EBITDA decreased by 21.9% as a result of (i) lower revenues and (ii) a higher volume of energy purchased on the spot market due to lower production.

Net energy generation for the quarter was 1411 GWh against 1735 GWh a year ago. Energy sales were 2072 GWh against 1938 GWh a year ago. Total production decreased due to the reduction of thermal generation to 482 GWh from 870 GWh because of the entry of new hydro plants in the Peruvian electricity system. This decrease was partially offset by the increase of Enel Generación Perú hydro generation.