(Bloomberg) -- Enel SpA stuck to its earnings forecast for this year after the Italian utility reported an 89% jump in first-quarter revenue boosted by soaring electricity prices.
Revenue climbed to 35 billion euros ($37 billion) in the period, led by the utility's thermal generation and trading unit, the company said in a statement on Wednesday. Adjusted earnings before interest, tax, depreciation and amortization rose 6.8%, in line with analyst expectations.
Rome-based Enel benefited from the turmoil in Europe's energy markets as Russia's invasion of Ukraine helped push natural gas and power prices to record highs in the first quarter. Earnings from the utility's power generation business jumped on increased production of electricity from conventional sources at higher average prices.
“In the first quarter of 2022, the soundness of our business model enabled us to achieve solid results in line with expectations, minimizing risks arising from the difficult geopolitical and economic scenario, also with a view to protecting our stakeholders,” Chief Executive Officer Francesco Starace said in a statement. He confirmed Enel's 2022 earnings guidance.
Revenue from Enel's generation and trading unit more than doubled in first quarter to 17.4 billion euros, the biggest income stream of the utility's business units. Thermal production alone made up 4.5 billion euros of the division's revenue.
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