Enel Chile (NYSE:ENIC) reported a first-half 2026 net income of $272 million, representing an 11% increase compared to the previous year. The company's EBITDA for the same period reached $685 million, a 4% increase from the previous year.
Net electricity generation declined in the first half of 2026, primarily due to a decrease in hydroelectric generation of approximately 1.1 TWh. Enel Chile CEO Gianluca Palumbo stated that lower rainfall reduced hydroelectric generation during this period.
Enel Chile's renewable generation increased from 2.7 TWh in the prior-year period.
Thermal generation increased by 5% year-over-year to 3.6 TWh, while combined-cycle generation rose to 3.2 TWh from 2.9 TWh. Renewable generation also increased to 3.0 TWh from 2.7 TWh. The company stated that 67% of its production remained emission-free.
Physical energy sales totaled 14.8 TWh, down from 15.1 TWh in the prior-year period. Chief Financial Officer Simone Conticelli stated that the decline reflected lower free-market sales and lower demand from mining customers, but noted the decline in mining demand is not viewed as structural.
Investments and Energy Supply
Enel Chile invested $328 million during the first half of 2026, more than double the capital expenditures for the same period in 2025. Nearly two-thirds of this spending was directed toward renewable generation and battery energy storage systems (BESS).
Development capital expenditures totaled $196 million, accounting for 60% of first-half spending, with BESS representing 80% of those development costs. The company has more than 450 MW of battery storage capacity under construction across the Las Salinas, Valle del Sol, and Azabache projects.
Asset-management spending totaled $102 million, while customer-related capital expenditures were $30 million. Additionally, approximately 22% of first-half spending went toward strengthening and modernizing the distribution network.
To support generation, Enel Chile maintains a gas-supply agreement from Argentina for fixed volumes through April 2027 and has secured additional short-term LNG volumes for the second half of 2026. The company's portfolio includes Argentine natural gas contracts and LNG arrangements with Shell.
Regulatory and Financial Outlook
The Electricity Tariff Protection Bill in Chile received final approval from both chambers of the Chilean Congress in July and was sent to the president for promulgation. This bill extends the current VAD tariff period through 2030, which is expected to result in approximately $65 million to $70 million in cash inflows for Enel Chile.
Enel Chile expects hydrological conditions to improve in the second half of 2026 and has maintained its full-year hydro-generation outlook of approximately 10.7 TWh.
At the end of June 2026, gross debt stood at $3.8 billion, a 1.4% decrease from December 2025. Of this debt, 85% is fixed-rate.
The company noted that EBITDA growth was led by the integrated business, including over $100 million in contribution from a gas optimization agreement with Shell.
