Enel to mothball and close 4.9 GW capacity in 2014 in Italy and Spain

The Italian state-run utility Enel posted a +7,6% rise of EBITDA in 2013 to €17bn and a net income of €3.1bn +10.3%. However, Enel announced it will start a 2014-18 reduction cost plan on its European activity to focus new investments on emerging markets and renewable energy. The Group will reduce its installed capacity in Italy and through its subsidairy Endesa in Spain by continuing to mothball and phase out plants totalling 8 GW of capacity by 2016, of which 4.9 GW will be by the end of 2014. Conversely, Enel is planning to carry on investing in emerging countries in particular, in Latin America where the Group will expand installed capacity in Chile and Colombia by about 800 MW by 2018. Overall, Group's total installed capacity from conventional technologies will be reduced to an approximate 83.1 GW at end-2018 from around 90 GW at end-2013. Enel expects its renewable energy installed capacity to grow by 51%, to about 13.4 GW at end-2018 from about 8.9 GW at end-2013.