- Enel Colombia was awarded 38% of the firm energy offered in the 2025–2028 Purchase Reconfiguration auction and has made progress in the construction of the Guayepo III and Atlantico solar parks, which are now over 60% complete. Additionally, the company allocated more than COP 490 billion in Bogota and Cundinamarca to modernize networks and strengthen regional electrical infrastructure.
- Enel Colombia individually reduced its gross financial debt by more than COP 1 trillion, from COP 9.7 trillion as of December 31, 2024, to COP 8.6 trillion as of June 30, 2025, reflecting efficient and disciplined financial management.
- On June 20, 2025, Enel Colombia signed a credit agreement for USD 200 million with the European Investment Bank (EIB), which has a two-year availability period for disbursement.
- S&P Global Ratings reaffirmed Enel Colombia’s rating at “BBB-,” maintaining it in the investment grade category and two levels above Colombia’s sovereign rating.
Bogota, July 29, 2025 – Enel Colombia invested over COP 1.3 trillion during the first half of the year, consolidating its leadership in the energy transition, technological innovation, and sustainable development in Colombia and Central America. During this period, the company achieved key milestones such as strengthening its renewable generation portfolio, advancing electrical infrastructure in Bogota and Cundinamarca, and demonstrating solid financial management that reaffirms its position as a strategic player in the energy sector.
During the first half of the year, Enel Colombia maintained strong financial performance in its operations in Colombia and Central America, with a consolidated EBITDA of COP 3.82 trillion and a net income of COP 1.79 trillion. These results reflect an efficient and resilient operation, aligned with the energy transformation of the sector.
Additionally, during this period, the company signed a credit agreement with the European Investment Bank (EIB) for USD 200 million, the equivalent in Colombian pesos (COP), aimed at financing the construction of the Guayepo III and Atlantico solar parks, in line with the commitment to continue supporting the country’s energy transition.
Meanwhile, S&P Global Ratings reaffirmed Enel Colombia’s international credit rating at “BBB-,” keeping it within the investment grade. This is especially significant considering that, during the same period, Colombia’s sovereign rating was downgraded from “BB+” to “BB” with a negative outlook. Despite this context, Enel Colombia remains two levels above the country, reflecting its financial strength, the diversification of its operations in the region, and the robustness of its operating model.
Clean Energy Moving Forward
One of the main milestones of the semester was the progress in the construction of the Guayepo III and Atlantico solar parks, with the installation of the first panels, reaching a progress of 69% and 61%, respectively. These projects, which together will contribute approximately 400 MW of capacity to the national electrical grid, are becoming the most significant in Colombia during 2025. Developed over an area of more than 1,000 hectares, they incorporate state-of-the-art technology and more than 850,000 solar panels that track the movement of the sun to optimize energy production, maximizing efficiency in clean energy generation. Once the solar parks are operational, they will together meet the needs of around 1.5 million people, equivalent to the population of a city like Barranquilla.
Additionally, Enel Colombia was awarded 2,949 GWh of Firm Energy in the Purchase Reconfiguration auction organized by the Energy and Gas Regulatory Commission (CREG) for the 2025-2028 period, aimed at balancing demand with previously allocated firm energy. This allocation, representing 38% of the total auctioned, will help ensure the coverage of the country’s energy demand in the coming years. It will be supported by generation from hydropower plants such as Guavio, El Quimbo, and Betania, along with production from the solar parks El Paso, Fundación, La Loma, Atlantico, Guayepo I&II, and Guayepo III.
Electrical Infrastructure for a Growing Region
In Bogota, Enel Colombia commissioned the Techo–Veraguas High Voltage Line in the southern part of the city, a key 1.5-kilometer infrastructure with a 115 kV voltage that guarantees the reliability of the service in the Kennedy and Puente Aranda districts, as well as the energy supply for the WWTP Canoas, the country’s most important sanitation project.
Additionally, progress was made in the construction of the Bochica, Porvenir, and Montevideo substations, which are essential to meet the growing electricity demand from the industrial sector, the Bogota Metro, and the Regiotram de Occidente. These projects will improve service quality in areas such as Bosa, Puente Aranda, and Teusaquillo.
During the first half of 2025, Enel Colombia allocated more than COP 490 billion in Bogota and Cundinamarca to meet the growing electricity demand, improve service quality, and strengthen infrastructure. As part of these investments, the company advanced in the execution of the Annual Maintenance and Modernization Plan, which includes transformer renewals, defect corrections, infrastructure modernization, and extensive pruning works, with an investment exceeding COP 95 billion.
At Enel Colombia, we are progressing with the launch of eight satellite offices in Cundinamarca. With their opening, we are expanding in-person services across all 15 provinces of Cundinamarca, allowing customers to handle inquiries and requests regarding their electricity bills, new connections, maintenance, and any other procedures with the company.
On the other hand, thanks to a new strategy implemented, the company achieved a 73% operational effectiveness rate in outage response, improving by 8% compared to the average of the last 12 months. In addition, regulatory service quality indicators also improved: SAIDI (average duration of interruptions) was reduced by 5.5%, and SAIFI (frequency of interruptions) by 11.8%.
Innovation and Sustainability with Regional Impact
Enel Colombia holds a patent for the oxygen micro-injection and dosing system for discharge waters, developed at the El Quimbo Hydropower Plant. This technology, which has also been recognized in other countries, significantly improves the quality of water released into the Magdalena River, benefiting biodiversity conservation and contributing to the environmental sustainability of the ecosystem.
In Central America, Enel Panamá began a partnership to purchase energy from the Santiago Solar Photovoltaic Park, aiming to supply its clients in the unregulated market, thereby strengthening its presence in this segment. Meanwhile, Enel Guatemala completed major maintenance work at the El Canadá and Montecristo hydropower plants, with over 15,000 man-hours focused on technological modernization and operational improvements.
Enel Colombia reaffirms its commitment to a clean, reliable, and sustainable energy future. The investments, innovations, and achievements made during this semester not only strengthen the country’s infrastructure but also drive progress for millions of people.
Financial Results H1 2025
The financial results presented below correspond to the consolidated figures from Colombia, Panama, Guatemala, and Costa Rica for the period from January to June 2025.
|
H1 2025 |
H1 2024 |
YoY % |
Millions of Pesos (COP) |
|
|
|
REVENUE |
8,061,025 |
8,316,504 |
-3.1% |
CONTRIBUTION MARGIN |
4,430,498 |
3,942,115 |
+12.4% |
EBITDA |
3,726,619 |
3,344,004 |
+11.4% |
EBIT |
3,142,441 |
2,775,947 |
+13.2% |
NET INCOME |
1,626,647 |
1,504,462 |
+8.1% |
NET FINANCIAL DEBT (1) |
7,302,754 |
8,576,274(2) |
-14.8% |
INVESTMENTS |
1,305,620 |
812,018 |
+60.8% |
- (1) Short-term financial debt + Long-term financial debt - Cash and other financial assets (consolidated)..
- (2) Figures as of December 31, 2024.
During the first half of 2025, Enel Colombia and its subsidiaries achieved a contribution margin of COP 4.43 trillion, reflecting an increase of 12.4% compared to the same period last year. This result was driven by the increase in hydropower contributions, particularly in the second quarter, when the reservoirs of the National Interconnected System (SIN) reached levels above 80%. This condition favored a higher share of hydropower generation and a reduction in thermal generation, in contrast to the first half of 2024, when low hydropower contributions and water reserves hit historic lows due to the intensification of the El Niño Phenomenon, which limited hydropower generation.
In Colombia, the generation business contributed COP 1.93 trillion to the contribution margin, representing an 18.2% growth compared to the first half of the previous year, primarily explained by:
- Reduction in energy purchases through contracts and the spot market, resulting from higher hydropower generation, along with lower market prices due to favorable hydrological conditions recorded in the country during the year.
- Decrease in fuel costs associated with lower thermal generation due to reduced system requirements.
- Increase in revenues from ancillary services (Automatic Generation Control – AGC) due to higher generation, and the Reliability Charge primarily driven by the depreciation of the peso against the dollar compared to the same period in 2024.
Meanwhile, the energy distribution and retail business contributed COP 2.0 trillion, representing a 0.9% increase compared to the first half of 2024. This increase is mainly attributed to:
- Higher revenues from the incorporation of new assets into the system as a result of the investment plan and their inclusion in the Regulatory Asset Base (BRA).
- The indexing of Distribution and Retail charges, in accordance with current regulations, which was offset by the negative impact of the generation component due to lower energy prices in the market compared to the previous year.
- Higher revenues from other related businesses, such as Crédito Fácil Codensa, Public Lighting, and billing for government sector third parties.
- Non-recurring revenues related to Value-Added Products and Services (VAPS).
The subsidiaries in Central America (Panama, Guatemala, and Costa Rica) contributed COP 484,759 million to the contribution margin, with a 53.1% increase compared to the same period last year, explained by higher energy generation, mainly in Panama (+124 GWh) and Guatemala (+43 GWh), driven by system requirements.
Fixed costs amounted to COP 703,879 million, reflecting an increase of 17.7% compared to the same period in 2024, driven by higher personnel expenses resulting from the increase in the minimum wage, inflation (CPI), and the economic benefits agreed upon in the Collective Labor Agreement signed in 2022. Additionally, an expense of COP 91,367 million was recorded, corresponding to the base capital of the debt with the Special Administrative Unit of Public Utilities (UAESP), granted through resolution 463 of 2025.
As a result of the above, as of June 30, 2025, Enel Colombia’s consolidated EBITDA reached COP 3.73 trillion.
Enel Colombia’s consolidated net income stood at COP 1.63 trillion[1], impacted by:
- Higher financial expenses, explained by the recognition of interest and other financial costs amounting to COP 154,723 million related to the debt owed to the UAESP. This impact was partially offset by the reduction in the benchmark indices to which the debt is indexed (IBR and CPI, with shares of 62% and 17%, respectively) and debt management operations carried out during the semester, aimed at optimizing the company’s debt portfolio.
- Higher tax expenses, associated with the increase in profit compared to the same period in 2024.
In Central America, Enel Colombia’s subsidiaries achieved a net income of COP 192,369 million.
During the first six months of 2025, Enel Colombia made investments totaling COP 1.31 trillion, representing a 60.8% increase compared to the same period in 2024.
In the second quarter of the year, the Generation business focused its investments on the construction of the Guayepo III and Atlantico solar projects, located in the department of Atlantico, in the municipalities of Ponedera, Sabanalarga, and Usiacurí. At the same time, maintenance work was carried out at plants in Colombia and Central America, essential actions to maintain continuous operation, respond to the increase in demand, and strengthen the reliability of the energy system.
Enel Colombia is committed to the economic and social growth of the Bogotá–Cundinamarca region. During 2025, the company has made investments of over COP 490 billion to address demand, service quality, infrastructure maintenance, and cross-functional processes for operations, meeting all the quality, safety, and reliability requirements defined in the Colombian regulatory framework.
In this context, the construction of the Bochica substation, located in the municipality of Gachancipa, is highlighted. The project is making significant progress and is expected to be operational by the end of 2025 to meet the growing electricity demand from the industrial sector and improve service quality in the region. Additionally, work is advancing on the new Porvenir substation located in the Bosa district, which will incorporate new medium-voltage networks, improving the reliability of the sector and enabling a 60 MVA capacity at the workshop yard of the First Line of the Bogota Metro by the end of the year. This will allow for the short-term start of Metro tests and, in the long term, the full operation of the system. Furthermore, it is anticipated that by the end of 2025, the new Montevideo substation located in the Puente Aranda district will be incorporated into the system. Its main objective is to enable the connection of the load associated with the Regiotram de Occidente, which will facilitate mobility between the municipalities of Sabana Occidente and Bogota. Additionally, its medium-voltage networks will improve service quality in the Puente Aranda and Teusaquillo districts.
[1] Net income includes subsidiaries in Colombia and Central America, as well as companies in which Enel holds investments as associates. This result incorporates both controlled and non-controlled interests of Enel Colombia as a group.
Moreover, in coordination with the IDU (Institute of Urban Development), projects such as the intersection at AV 68 Salitre and the construction of underground networks on AV 68 and in the Av. Polo Occidental have been anticipated.
The Company continues to execute the Annual Maintenance and Modernization Plan for the network to strengthen service quality indicators. This plan includes the modernization of electrical infrastructure, extensive pruning, network defect correction, and transformer interventions with an investment of over COP 95 billion so far in 2025. During the second half of the year, the investment volume is expected to increase as the required permits from local authorities are obtained and scheduled activities are completed.
It is also worth highlighting that, after the earthquake recorded on June 8, which affected Bogota and eastern Cundinamarca, Enel Colombia activated a comprehensive contingency plan and provided priority response in the municipalities of Mambita, Medina, and Paratebueno, where significant damage to electrical infrastructure occurred. Thanks to the mobilization of over 200 people, 15 technical crews, electric generators, specialized machinery, and the support of a helicopter for aerial inspection, the company managed to restore service to all initially affected users, overcoming operational and geographical challenges with high technical, environmental, and safety standards.
As of June 2025, Enel Colombia has contributed COP 874,740 million in taxes. Of this amount, COP 722,447 million are taxes payable by the company, including COP 369,682 million for self-withholding income tax. The remaining COP 152,292 million correspond to taxes collected on behalf of third parties.
As of June 30, 2025, consolidated Net Financial Debt amounted to COP 7.30 trillion, representing a 14.8% reduction compared to December 2024. This decrease is due to debt optimization strategies implemented in 2025, including the prepayment and replacement of financial obligations. In line with this objective, during the second quarter of the year, the company signed a long-term loan with Itaú bank for COP 159 billion, aimed at replacing existing financial obligations.
Dividends
In May 2025 Enel Colombia received dividends from its subsidiary in Guatemala for COP 39,596 million.
ANNEXES
Operating Results H1 2025 – Generation Colombia
|
H1 2025 |
H1 2024 |
YoY % |
GWh(*) |
|
|
|
GENERATION ENEL COLOMBIA |
8,154 |
7,538 |
+8.2% |
CONTRACT SALES |
8,504 |
8,564 |
-0.7% |
SPOT MARKET SALES |
2,323 |
1,786 |
+30.0% |
PLANT AVAILABILITY |
90.5% |
85.6% |
+4.9% |
(*) Estimated figures
As of June 2025, Enel Colombia consolidated its position as the second-largest energy generator in the country by installed net capacity, with a 19.3% share in the National Interconnected System (SIN), equivalent to 4,011 MW. Of this total, 3,097 MW come from hydropower, 226 MW from thermal generation, and 688 MW from solar energy. The 380 MW increase in solar capacity compared to June 2024 is due to the updated capacity of the Fundación solar park and the commissioning of Guayepo I&II in the second half of the year.
Regarding energy delivered to the SIN, the company ranked third nationally, with a 19.8% share. Additionally, it reaffirmed its leadership in the free market as the main energy retailer, with a 17.3% market share, supplying an average of 366 GWh per month to a total of 393 customers during the period.
During the first half of 2025, Enel Colombia generated 8,154 GWh, representing an 8.2% growth compared to the same period in 2024. This increase was mainly due to higher hydropower generation, driven by higher water contributions during the period, in contrast to the dry conditions recorded the previous year due to the El Niño Phenomenon. Additionally, solar generation increased by 225 GWh, a 45% growth compared to the same period in 2024, thanks to the commissioning of the Guayepo I&II park in the last quarter of the year.
During this period, the distribution of total generation by source was as follows:
- 88% hydropower: As of June 2025, the accumulated hydropower contributions in the SIN were surplus, reaching 133% of the historical average (H.A.). In Enel Colombia’s basins, the contributions were even higher: 154% of the H.A. The Bogota River recorded contributions of 203% of the H.A., Quimbo 153%, Guavio 132%, and Betania 119%.
- 9% solar: From the solar plants El Paso, La Loma, Fundación, and Guayepo I&II, which started commercial operation throughout 2024.
- 2% thermal: With a lower share compared to the first half of 2024 due to the increase in hydropower contributions, which reduced the need for thermal generation from the Termozipa plant.
Finally, as of June 2025, Enel Colombia’s generation plants recorded an availability rate of 90.5%. During this period, the company continued strengthening the reliability of its generating fleet through key interventions in its plants, including major maintenance at the Termozipa thermal plant, which is performed every 10 years. This maintenance involved the repowering of the turbine of Unit 3, allowing it to recover its maximum nominal capacity.
Operating Results Central America H1 2025 – Generation
|
H1 2025 |
H1 2024 |
YoY % |
GENERATION GWh(*) |
1,250 |
1,077 |
+16.1% |
INSTALLED CAPACITY MWh( (*) |
705 |
705 |
0.0% |
(*) Estimated figures
During the first half of 2025, Enel’s subsidiaries in Central America (Panama, Guatemala, and Costa Rica) generated a total of 1,250 GWh, marking a 16.1% increase compared to the same period in 2024. This growth was primarily driven by a 124 GWh increase in Panama, while Guatemala and Costa Rica generated an additional 43 GWh and 5 GWh, respectively.
Of the total energy generated in the region, 1,142 GWh came from hydropower sources, and 108 GWh from solar energy, reaffirming the company’s commitment to a clean and sustainable energy mix.
The installed net capacity of operations in the three countries remained at 705 MW, distributed across 543 MW of hydropower generation and 162 MW of solar generation.
Operating Results H1 2025 – Energy Distribution in Colombia
|
H1 2025 |
H1 2024 |
YoY % |
NATIONAL ENERGY DEMAND (GW/h) |
40,994 |
40,811 |
0.4% |
ENERGY DEMAND ENEL COLOMBIA(1) (GW/h) |
8,004 |
7,983 |
0.3% |
REGULATED MARKET SHARE ENEL COLOMBIA |
19.5% |
19.6% |
-0.20% |
AVERAGE ENERGY LOSS RATE |
7.54% |
7.54% |
0.00% |
TOTAL CUSTOMERS ENEL COLOMBIA |
3,994,370 |
3,956,197(2) |
+0.96% |
SAIDI(3) |
223’ |
236’ |
-5.5% |
SAIFI(4) |
3.75 |
4.25 |
-11.8% |
- (1) Energy demand within Enel Colombia’s grid, does not include losses from the National Interconnected System.
- (2) Figures as of December 31, 2024.
- (3) System Average Interruption Duration Index, in minutes, experienced over the past 6 months.
- (4) System Average Interruption Frequency Index, experienced over the past 6 months.
During the first half of 2025, the national energy demand in Colombia grew by 0.4% compared to the same period in 2024. This increase is primarily explained by the growth in consumption in the regulated market (+0.65%), particularly in the residential and small business segments. In the unregulated market, the expansion of productive activities in sectors such as agriculture, mining, and quarrying, as well as manufacturing, significantly contributed to the observed increase (+1.89%).
Energy demand in the area served by Enel Colombia grew by 0.8% compared to the same period in 2024. This variation is mainly due to higher demand in the regulated market, supported by the residential segment and the dynamic demand in the central zone of the country, which showed an increase of 1.7% and 1.52%, respectively, for the same period.
The energy loss rate stood at 7.54%, showing no variation compared to the same period last year. However, the total volume of losses decreased by 0.2%, from 1,258 GWh in June 2024 to 1,255 GWh in June 2025.
During the first half of 2025, 38,173 new users were connected to the system, representing a 0.96% growth in the total number of customers compared to the end of 2024.
As of June 30, 2025, the regulatory service quality indicators maintained their positive trend. The SAIDI (average interruption duration) decreased by 5.5%, reaching 223 minutes, while the SAIFI (average interruption frequency) dropped by 11.8%, standing at 3.75 times. These results are the outcome of the implementation and execution of investment plans in infrastructure and network maintenance, and also reflect the efforts made to achieve operational effectiveness in outage response.
Summary of Financial Results Enel Colombia
|
30/06/2025 |
30/06/2024 |
Millions of Pesos (COP) |
|
|
Current assets |
4,587,962 |
4,599,497 |
Non-current assets |
26,670,828 |
26,296,048 |
Current liabilities |
7,100,055 |
5,310,187 |
Non-current liabilities |
9,812,707 |
10,344,366 |
Equity |
14,346,027 |
15,240,992 |
|
30/06/2025 |
30/06/2024 |
Revenue |
8,061,025 |
8,316,504 |
Operating costs |
3,630,526 |
4,374,389 |
Contribution margin |
4,430,498 |
3,942,115 |
Earnings before interests and taxes (EBIT) |
3,142,441 |
2,775,947 |
Earnings before taxes (EBT) |
2,454,057 |
2,227,745 |
Net income |
1,626,647 |
1,504,462 |