The Chief Executive of Enel SpA, Fulvio Conti, announced on Tuesday that Enel (BIT: ENEL) had met its earnings and debt targets for 2012.

Europe’s most indebted utility said it expected the “particularly unfavourable macroeconomic and regulatory environment” experienced in 2012 to continue throughout this year, mainly in Italy and Spain where recession continues to bite, and where the company has a large presence.
Fulvio Conti of Enel Green Power
The Financial Times reports that earnings before interest, tax, depreciation and amortisation fell 5.1 per cent, in part due to lower margins on domestic electricity production. Net debt was reduced by 3.8 per cent while revenues rose 6.8 per cent to $114.8bn..

Analysts noted lower power-generation margins after Italy increased a profit tax on electricity generators as part of austerity measures passed by Mario Monti’s technocrat government.

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