Electricity suppliers Enel Energie and Enel Energie Muntenia have borrowed 250 million euros and 125 million euros respectively from their Italian parent company.
The financing requirements of the two companies are reportedly increasing, and banks with which they had contracted funds could not respond in optimal time. Enel Energie and Enel Energie Muntenia had previously contracted financing programs worth 235 million euros and 255 million euros respectively to cover current needs.
This month, the same programs could not be activated in time, which forced Enel’s subsidiaries to resort to an emergency solution, contracting loans from the financial division of Enel Group, namely Enel Finance International.
Starting from the second part of 2021, the two companies have faced a crisis situation that has hit the entire energy sector. The increase in energy prices, as well as the impact of the legislative changes the Government introduced to address it, such as price capping, affected Enel’s bottom line.
In the first half of 2022, Enel Group reported operational losses of 51 million euros. With the negative impact of the Governmental measures reaching 260 million euros.