Enel Chile Q1 EBITDA Up 16%, 0.5GW Storage Added with CLP360B Capital Increase
Enel Chile reported a 16% increase in Q1 2026 EBITDA, driven by improved margins and favourable hydrological conditions, while starting three battery energy storage projects adding 0.5 gigawatts of capacity. The company approved a CLP360 billion capital increase as net income fell 7% from higher depreciation and interest costs.
1. Q1 Financial Performance
Enel Chile’s EBITDA rose 16% in Q1 2026, supported by stronger integrated margins and favourable hydrological conditions that reduced operational risk. However, net income declined 7% year-on-year due to increased depreciation charges and lower capitalization of interest expenses.
2. Battery Storage and LNG Supply
The company commenced construction on three battery energy storage facilities, adding 0.5 gigawatts of capacity to enhance grid flexibility. A new long-term LNG supply agreement with Shell further secures gas procurement and aligns with Enel Chile’s strategic energy mix.
3. Capital Increase and Regulatory Outlook
Shareholders approved a CLP360 billion capital increase to bolster financial flexibility and support growth initiatives. Tariff resettlement for the VAD 2020-2024 period was postponed to July 2026, and the final framework for VAD 2024-2028 is expected by June 2026 with a regulated post-tax WACC of 6%.
4. Non-Recurring Effects and Normalized Results
Non-recurring positives included the Shell agreement, offset by $15 million in transmission line inefficiencies and a $30 million ancillary services adjustment from 2025. On a normalized basis, adjusted EBITDA for Q1 2026 was approximately $360-370 million.