ENICNYSEElectric ServicesUS GAAP · USD

Enel Chile S.A.

Enel Chile S.A. is a Chile-based electric utility group organized around power generation and electricity distribution businesses. Through its subsidiaries, it develops and operates hydro, solar, wind, geothermal, thermal, and battery storage assets, and it distributes electricity in the Santiago metropolitan concession area.

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Revenue4,510m USD
+9.0 %y/y
Operating profit (EBIT)-214m USD
+21.8 %y/y
EBIT margin-4.7%
+1.9 ppy/y
Net income538m USD
+249.6 %y/y
Free cash flow821m USD
−4.2 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-2,00002,0004,0006,000m USD2022: 5,123 m USD2022: EBIT 2,142 m USD20222023: 5,075 m USD2023: EBIT -550 m USD20232024: 4,138 m USD2024: EBIT -274 m USD20242025: 4,510 m USD2025: EBIT -214 m USD20254,510-214
RevenueOperating profit (EBIT)

Business

Share of revenue
Power Generation75 %

Electricity produced from hydroelectric, thermal, solar, wind, geothermal and storage assets.

Distribution & Grids25 %

Regulated delivery of electricity through local distribution networks and concessions.

Customers

Enel Chile sells electricity to regulated customers, non-regulated commercial and industrial customers, and the wholesale market in Chile’s national interconnected system. Its distribution business serves end-users within the Santiago metropolitan concession area, where network access and service reliability are the core value proposition.

Regulated electricity customers

Households and regulated users served through the distribution business for essential power delivery.

Non-regulated commercial and industrial customers

Large users buying contracted electricity from the generation portfolio for price and supply certainty.

Wholesale market participants

Counterparties in the SEN market buying or balancing electricity output from generation assets.

Grid users in Santiago

Customers within the Metropolitan Region relying on Enel’s distribution and network infrastructure.

Strategy

The company’s operating model centers on expanding and optimizing a diversified generation fleet while maintaining its regulated distribution franchise in Santiago. Its asset mix increasingly emphasizes renewable energy, storage and efficient network operation, which supports supply flexibility and exposure to Chile’s power transition.

Expand renewable generation and storageMedium term

A larger renewable fleet improves fuel diversification and supports long-term power supply positioning.

Strengthen non-regulated customer supplyShort term

Contracts with non-regulated users reduce collection delays and align generation with commercial demand.

Protect regulated distribution franchiseLong term

The network business provides a stable base and anchors the company’s presence in Santiago.

Geography

Enel Chile’s business is concentrated in Chile, where it operates generation assets across the national electricity system and distribution assets in a 2,105 square kilometer concession area in the Metropolitan Region of Santiago. The operating footprint ties the company to Chilean power demand, hydro conditions, fuel supply, renewable resource availability and the country’s regulated utility framework.

Risks

Enel Chile is exposed to power-price, hydrology, fuel-cost, interest-rate and foreign-exchange volatility because its earnings depend on a generation portfolio and a regulated utility base. Asset-level technical, environmental and regulatory risks also matter, especially for large thermal-to-renewable transitions, impairment testing and the timing of contracted cash flows.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price exposure1Foreign exchange volatility2Regulatory risk3Hydrological and weather variability4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price exposureImpact: HighLikelihood: High

    Generation economics are affected by fuel costs and power price movements.

    Exposure: Thermal generation and power procurement

  2. Foreign exchange volatilityImpact: HighLikelihood: High

    The group reports and operates with mixed currency exposure across assets, contracts and dividends.

    Exposure: USD and CLP cash flows

  3. Regulatory riskImpact: HighLikelihood: Medium

    Distribution returns and network operations depend on Chile’s utility regulation.

    Exposure: Distribution and grids segment

  4. Hydrological and weather variabilityImpact: MediumLikelihood: High

    Hydro and renewable generation depend on rainfall, sunlight and wind conditions.

    Exposure: Hydroelectric and renewable fleet

Accounting

Judgemental items
Depreciation and useful lives

Large generation and network assets are depreciated over estimated service lives, affecting EBIT and asset carrying values.

Impact: Commissioning of new units changes expense levels

Impairment testing

Coal-related and other generation assets require recoverability assessment and can trigger reversals or charges.

Impact: Can materially change EBIT and asset values

Foreign currency translation

A change in presentation and functional currency treatment can materially affect reported results and comparability.

Impact: Affects net income and equity translation

Derivatives and hedging

Futures, forwards and options are used to manage commodity and FX exposure, creating mark-to-market effects.

Impact: Can create volatility in financial result

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Last updated: 28/09/2026