“In Europe, prices have returned to the highest levels towards the end of 2010”, explained Ferraris to the shareholders: “we believe that the results from the first trimester will maintain the positive trend already shown in 2010.” The financial statements of Enel Green Power S.p.A. as of December 31, 2010, were approved at the shareholders meeting, showing a net income amounting to Euro 344,332,381.24.
“Compared to the listing,” added the President of Enel Green Power, “the share has marked an increase of approximately 25%, while the FTSE Italia All share index has increased by 2.6% in the same period.”
Upon proposal of the Board of Directors, the Shareholders’ Meeting approved a dividend for the financial year ended 2010 of Euro 0.0272 per ordinary share that will be paid – before withholding tax – starting from May 26, 2011, with ex-dividend date on May 23, 2011 (coupon no. 1).
Responding to the shareholders’ questions, the CEO, Francesco Starace, explained how the government cut on renewable energy incentives will not have any impact on the 2011 budget: “This cut,” said the CEO, “was in fact foreseen under our strategic plan.”
Over all, explained Starace, “we are not very exposed on incentives. In fact only 22% of our revenue comes from these and we also lean towards the countries in which renewables generate profit without incentives.”
Wind power has experienced remarkable growth in recent years, and is expected to continue growing at a rate of about 30% per year in the coming years.
In Italy, it has been the fastest growing source of energy over the last decade. And Enel Green Power has made a significant contribution to this growth. Starting with Italy’s first wind farm, which Enel built in Alta Nurra (Sardinia) in 1984, we now operate 31 wind energy farms with a total generation capacity of 445 MW.
We also have a significant, rapidly growing presence in the rest of Europe (about 1480 MW), Latin America (24 MW) and North America (406 MW). In the United States in particular, where we have projects for some 1,000 additional megawatts, with the Smoky Hills plant in Kansas (250 MW), while in January 2008 we completed the installation of 21 wind turbines for 3 MW each in Snyder (Texas) on the tallest towers ever erected in the United States.
Enel Green Power intends to maintain the company’s commitment to the environment, continuing to place the utmost importance on ensuring that the wind farms are in harmony with the surrounding area and boosting local communities. All while also pursuing innovation and the new frontiers of wind power, such as off-shore plants. For the plants currently under construction, Enel’s guidelines call for the design of layouts that are environmentally compatible, with an appropriate number of wind turbines for the area concerned. We also make use of other techniques, such as low-glare paints and "camouflage" paints that are being tested with the help of a number of universities. These will be of particular interest for off-shore plants.