- Enel Colombia solidified its position as the country's leading photovoltaic power generator, with six solar parks, including Guayepo I and II, with 370 MWac, the largest solar facility in Colombia.
- The company secured approximately 21% of the Firm Energy Obligations (OEFs) awarded in the Reliability Charge auction for the 2029–2030 delivery period, with 12 power plants: 4 hydro, 7 solar, and 1 thermal, reaffirming its strategic role in ensuring security of supply.
- In Bogota and Cundinamarca, Enel Colombia continued to modernize and expand the power grid through projects in approximately 38 municipalities and the development of new infrastructure.
- During the first half of the year, net income posted double-digit growth, supporting the company's investment and expansion strategy.
Bogota, July 28, 2026 – Enel Colombia surpassed the 1 GW milestone in installed solar capacity (AC), cementing its position as Colombia's largest photovoltaic power generator and further strengthening its contribution to the country's energy transition. This milestone comes during a half-year in which the company also reinforced its role in ensuring the reliability of the National Interconnected System while advancing the modernization of the power grid in Bogota and Cundinamarca, at a time when the country is facing the onset of the El Niño phenomenon and increased pressure on the electricity system.
With this achievement, the company further strengthens its position as a key player in Colombia's energy security, supported by a diversified portfolio of hydropower generation, solar, and thermal generation assets capable of responding during the most critical periods for the power system. At the same time, following the declaration of the onset of the El Niño phenomenon, the company intensified its monitoring of hydrological resources, preventive maintenance at its power plants, and work on the distribution network to preserve asset availability and ensure service continuity.
These operational advances were accompanied by investments totaling COP 735,653 million and by a favorable performance in the company's key financial indicators. As of the end of June, Enel Colombia reported consolidated EBITDA of COP 4.08 trillion, up 9.6% compared to the same period in 2025, and net income of COP 1.85 trillion, an increase of 13.9%, reflecting the disciplined execution of the company's strategy.
Generation: Greater Renewable Capacity and Enhanced Support for System Reliability
During the first half of the year, the company strengthened its contribution to the country's energy reliability by securing an allocation of approximately 10.8 TWh per year in the Reliability Charge auction held in May, representing approximately 21% of the total Firm Energy Obligations (OEFs) awarded for the delivery period from December 2029 through November 2030. This achievement is supported by a diversified portfolio of hydropower generation, solar, and thermal generation assets capable of supplying energy to the system under critical operating conditions.
In solar generation, the progressive energization of the 34 subfields of the Atlántico Solar Park, which is currently undergoing its commissioning phase, enabled the company to surpass 1 GW of installed alternating current (AC) capacity. With six utility-scale solar parks, five of which are already in commercial operation, Enel Colombia accounts for approximately 47% of the country's installed and operational solar capacity.
The portfolio comprises the El Paso (68 MWac), La Loma (150 MWac), Fundación (100 MWac), Guayepo I & II (370 MWac), Guayepo III (200 MWac), and Atlántico (180 MWac) solar parks, with sufficient capacity to supply electricity to more than 4.2 million people. The construction and operation of these facilities have generated more than 13,800 jobs, approximately 70% of which have been filled by residents of neighboring communities.
In Central America, the company completed the repowering of the El Canadá Hydroelectric Power Plant in Guatemala, an intervention that will increase its generation output and optimize the use of a strategic renewable asset to meet the country's and its customers' energy demand.
Distribution: Infrastructure for Growth and a More Resilient Grid
As part of the Enel Corazón de Bogota y Cundinamarca program, which includes infrastructure maintenance and intensive work on the electricity network, Enel Colombia carried out 102 preventive interventions during the first half of 2026 across 38 municipalities and areas of Bogota and Cundinamarca, with investments exceeding COP 11.2 billion. These initiatives, which combined power infrastructure modernization with vegetation management, were aimed at strengthening grid resilience, reducing the risk of service interruptions, and ensuring service continuity and reliability in the face of climate-related challenges.
In line with the Bogota–Region 2030 Expansion Plan, Enel Colombia began construction of the Intexzona Substation, located in the municipality of Cota, with an investment exceeding COP 70 billion and an installed capacity of 166 MVA. The substation is designed to support the growth of industrial parks, data centers, and new commercial customers in the Western Savannah (Sabana Occidente) region. Once completed, it will improve the reliability of the power system in western Bogota and neighboring municipalities.
In parallel, with an investment of nearly COP 75 billion, Enel Colombia progressed with the expansion of the Nueva Esperanza Substation in Soacha, which is now 90% complete. The project includes the installation of three state-of-the-art transformers, each weighing 120 tonnes, doubling the substation’s capacity from 450 to 900 MVA. This expansion will strengthen grid stability and reliability, while enabling residential and industrial growth in southern Bogotá and central-eastern Colombia.
The company also advanced the modernization of the Cayundá and Tocaima substations and completed the expansion of the Paratebueno Substation, tripling its installed capacity. These initiatives strengthened the region's electrical infrastructure and enabled the company to respond more efficiently to growing electricity demand.
As part of its electrification strategy, Enel Colombia upgraded the electric vehicle charging station at Unicentro in Bogota, transforming it into a fast-charging hub capable of serving up to ten vehicles simultaneously, thereby reducing charging times and expanding the charging options available to electric mobility users.
Energy and Infrastructure Transforming Communities
Through the Works for Taxes mechanism, Enel Colombia began installing individual solar energy systems to benefit 106 rural families in hard-to-reach areas of Paratebueno, Cundinamarca, with an investment exceeding COP 3 billion. The initiative will bring sustainable electricity to households that previously had no access to power, creating new opportunities for well-being and development.
As part of its commitment to fostering sustainable development in the communities where it operates, Enel Colombia is participating, alongside Bavaria and Parex Resources, in a “Works for Taxes” initiative that will invest more than COP 40.4 billion in the improvement of a road corridor in the Guavio region, benefiting more than 16,000 residents across the municipalities of Medina, Ubalá and Gachalá.
The company also implemented additional social investment initiatives in its areas of operation, focused on community infrastructure improvements, road enhancements, the construction of concrete track roads, the strengthening of community facilities, and the engagement of local workforce and suppliers.
The company also allocated COP 22.491 billion to finance the rehabilitation of 5.3 kilometers of the roadway connecting Route 45 to the town of Guacamayas, in Algeciras, Huila. This project will benefit more than 24,000 residents by improving mobility and facilitating the transportation and commercialization of agricultural products, thereby strengthening the rural economy and regional connectivity.
With these achievements, Enel Colombia reaffirms its role as one of the leading drivers of Colombia's energy transition by expanding its renewable generation capacity, strengthening the reliability of the electricity system, and delivering infrastructure that supports the economic and social development of the communities where it operates.
First-Half 2026 Financial Results
The results correspond to the consolidated financial figures for Colombia, Panama, Guatemala, and Costa Rica for the period from January through June 2026.
During the first half of 2026, Enel Colombia and its subsidiaries achieved a contribution margin of COP 4.76 trillion, representing a 7.5% increase compared to the same period of the previous year. The first half was characterized by a first quarter of abundant hydrological conditions facilities and low electricity spot market prices, followed by a recovery in prices during the second quarter amid lower hydrological inflows into the power system, higher electricity demand, and confirmation of the onset of the El Niño phenomenon. Against this backdrop, growth in the contribution margin was driven primarily by the generation business, supported by the positive performance of the distribution business and the contribution from the company's operations in Central America.
|
H1 2026 |
H1 2025 |
YoY % |
Millions of Pesos (COP) |
|
|
|
REVENUE |
8,315,713 |
8,061,025 |
3.2% |
CONTRIBUTION MARGIN |
4,760,843 |
4,430,498 |
7.5% |
EBITDA |
4,084,200 |
3,726,619 |
9.6% |
EBIT |
3,416,897 |
3,142,441 |
8.7% |
NET INCOME (1) |
1,853,366 |
1,626,647 |
13.9% |
NET FINANCIAL DEBT (2) |
6,736,894 |
8,276,380 (3) |
-18.6% |
INVESTMENTS |
735,653 |
1,305,620 |
-43.7% |
(1) Net income includes the subsidiaries in Colombia and Central America, as well as companies in which Enel holds investments as associates. This result incorporates both Enel Colombia’s controlled and non-controlled interests. Net income attributable to non-controlling interests as of June 30, 2026, amounts to COP 79,858 million.
(2) Short-term financial debt + Long-term financial debt – Cash and other financial assets (consolidated).
(3) Figures as of December 31, 2025.
In Colombia, the generation business contributed COP 2.26 trillion to the contribution margin, representing a 17.1% increase compared to the first half of the previous year. This performance was primarily driven by:
- Higher revenue from energy sales, supported by increased contracted sales volumes and contract price adjustments in accordance with their respective indexation mechanisms. In addition, revenue from spot market sales increased due to the recovery in market prices during the second quarter, despite a lower volume of energy sold in the spot market.
- Higher in-house generation, which increased 1.6% compared to the same period of the previous year, driven by higher solar generation following the commercial operation of Guayepo III and the progress of the Atlántico Solar Park during its commissioning phase. This increase offset the decline in hydropower generation.
- Lower variable costs, primarily due to reduced transmission costs resulting from a lower incidence of operational constraints in the National Interconnected System, as well as a lower average cost of purchased energy.
The energy distribution and retail business contributed COP 2.06 trillion to the contribution margin, representing a 1.9% increase compared to the same period in 2025. This increase was primarily attributable to:
- Higher remuneration from the distribution business, driven by the commissioning and regulatory recognition of new assets in the Regulatory Asset Base (RAB), as well as updates to the Administration, Operation, and Maintenance (AOM) components under the current tariff methodology. In this context, Enel Colombia maintained one of the most competitive electricity rates in the country.
- A higher contribution from complementary businesses, driven by the continued execution of projects for individual customers, higher revenue from infrastructure leasing, and work associated with the development of third-party assets.
As of the end of the first half of 2026, Enel Colombia's subsidiaries in Central America (Panama, Guatemala, and Costa Rica) contributed COP 447,757 million to the consolidated contribution margin, representing a 7.6% decrease compared to the same period in 2025. The variation in Colombian pesos was primarily attributable to the appreciation of the Colombian peso against the U.S. dollar during the translation into the presentation currency. In U.S. dollars, the functional currency of these operations, the contribution margin increased 6.0%, driven primarily by the performance of the Panama operations, where increased dispatch from the Fortuna Hydropower Plant enabled the company to meet the requirements of that country's electricity system. This result was achieved despite the deterioration in hydrological conditions observed toward the end of the first half.
Fixed costs totaled COP 676,643 million, representing a 3.9% decrease compared to the first half of 2025. This variation is primarily attributable to a base-effect comparison, as the same period of the previous year included the recognition of a non-recurring impact of COP 91,367 million related to the recalculation of Bogota's public lighting charges in favor of the Special Administrative Unit of Public Services (UAESP). The decrease was partially offset by the recognition of a net worth tax of COP 68,572 million, established under the state of emergency declared by the National Government.
As a result of the foregoing, as of June 30, 2026, consolidated EBITDA reached COP 4.08 trillion, representing a 9.6% increase compared to the same period of the previous year.
EBIT totaled COP 3.4 trillion, an 8.7% increase compared to the first half of 2025. Its growth was lower than that of EBITDA due to higher depreciation and amortization expense associated with the commissioning of new assets, as well as increased impairment losses on accounts receivable in the generation business, primarily resulting from payment defaults on electricity traded in the wholesale spot market by certain market participants and contractual penalties charged to contractors.
Enel Colombia's consolidated net income reached COP 1.85[1] trillion, representing a 13.9% increase compared to the same period in 2025. This result reflects the following factors:
- A reduction in net finance expense, primarily attributable to a base-effect comparison, as the first half of 2025 included the recognition of COP 154,723 million in interest expense and other non-recurring financing costs related to the obligation payable to the Special Administrative Unit of Public Services (UAESP). This reduction was partially offset by higher finance costs resulting from movements in the IBR and the Consumer Price Index (CPI), to which 55% of the company's financial debt is indexed, after hedging.
- Higher income tax expense, primarily driven by the increase in profit before tax and the recognition of the net worth tax as a non-deductible expense under the Economic Emergency Decree. This effect was partially offset by the tax incentives provided under Act 1715 for investments in non-conventional renewable energy sources. As a result, the company's effective tax rate increased from 33.7% to 35.0%.
In Central America, the subsidiaries reported net income of COP 189.752 billion, representing a 1.4% decrease in Colombian pesos compared to the same period in 2025. In U.S. dollars, the functional currency of these operations, net income increased 9.9%, primarily reflecting the stronger performance of the Panama operations during the first half of the year.
During the first half of 2026, Enel Colombia made investments totaling COP 735.653 billion, aimed at strengthening its renewable generation portfolio and reinforcing the distribution network. The 43.7% decrease compared to the same period in 2025 primarily reflects the evolution of the investment cycle for generation projects following the commercial commissioning of Guayepo III and the progress of the Atlántico Solar Park toward the final stages of testing and commissioning.
Within the Generation business, the company continued allocating resources to complete its solar projects and to modernize, maintain, and upgrade generation assets in Colombia and Central America, with the objective of preserving the availability and reliability of its generating fleet and preparing operations for the expected conditions during the second half of the year.
Within the Distribution business, Enel Colombia invested more than COP 447,560 million in Bogota and Cundinamarca. Of this amount, COP 205,207 million was allocated to meet growing demand, COP 112,889 million to preventive and corrective maintenance of the electricity infrastructure, and COP 129,463 million to projects aimed at improving service quality. These investments included network capacity upgrades and the modernization of medium- and low-voltage assets, contributing to the development of a more flexible, digital, and resilient power grid capable of supporting regional development.
As of the end of June 2026, within the Colombia perimeter, the company had contributed COP 1.13 trillion in taxes. Of this amount, COP 958,236 million corresponded to taxes borne by the company, including COP 612,193 million in self-withholdings of corporate income tax. The remaining COP 177,741 million corresponded to taxes collected on behalf of third parties.
As of the end of June 2026, consolidated Net Financial Debt totaled COP 6.74 trillion, representing an 18.6% reduction compared to December 2025. This decrease was primarily driven by the company's cash generation. During the second quarter, the company also repaid a COP 400 billion financial obligation owed to Davibank, consistent with its debt profile management strategy.
In April 2026, S&P Global Ratings downgraded Enel Colombia's long-term international credit rating from “BBB-” to “BB+” and revised the outlook from negative to stable. This rating action followed the downgrade of Colombia's sovereign credit rating and was not the result of any deterioration in the company's operating or financial performance. The rating continues to be supported by Enel Colombia's standalone credit fundamentals, its liquidity position, and its strategic relationship with Enel Américas.
Meanwhile, Fitch Ratings continues to assign Enel Colombia an international credit rating of “BBB-”, with a stable outlook. The ratings assigned by both agencies remain above Colombia's sovereign rating and reflect the company's strong credit profile, supported by moderate leverage, a robust liquidity position, and a diversified geographic and business portfolio.
ANNEXES
Operating Results H1 2026 – Generation Colombia
|
H1 2026 |
H1 2025 |
YoY % |
GWh(*) |
|
|
|
GENERATION ENEL COLOMBIA |
8,281 |
8,154 |
+1.6% |
CONTRACT SALES |
8,884 |
8,504 |
+4.5% |
SPOT MARKET SALES |
2,104 |
2,323 |
-9.4% |
PLANT AVAILABILITY |
92.5% |
90.5% |
+2 |
(*) Estimated figures
As of June 30, 2026, Enel Colombia maintained its position as the country’s second-largest power generator by net installed capacity, with 4,209 MW, equivalent to 19.5% of the National Interconnected System (SIN). The generation portfolio comprises 3,097 MW of hydropower capacity, 224 MW of thermal capacity, and 888 MW of solar capacity.
Compared to June 2025, solar capacity increased by 200 MW following the commercial commissioning of Guayepo III, further strengthening the company's renewable generation portfolio. Thermal capacity, meanwhile, recorded a slight decrease (2 MW) as a result of updated operating parameters for Unit 2 of the Termozipa Thermal Power Plant, in accordance with the applicable regulatory methodology.
During the first half of the year, Enel Colombia supplied 19% of the electricity generated by the National Interconnected System, maintaining its position as the third-largest electricity generator in the country, and ranked first in photovoltaic solar power generation in the country. In the non-regulated market, the company achieved a 13.9% market share, supplying an average of 303.88 GWh per month to 345 large-volume customers nationwide.
Between January and June 2026, Enel Colombia's total electricity generation reached 8,281 GWh, representing a 1.6% increase compared to the same period in 2025. This performance was driven primarily by solar generation, which increased 53% to 1,115 GWh, following the commercial commissioning of Guayepo III and the contribution of the Atlántico Solar Park during its commissioning phase. This increase offset the decline in hydro generation recorded during the first half of the year.
Thermal generation, meanwhile, reached 197 GWh, representing a 33.6% increase compared to the first half of 2025, in response to higher system requirements during the period.
Hydro generation totaled 6,970 GWh, a 4.2% decrease compared to the same period in 2025, primarily reflecting an operational strategy focused on preserving the reliability of the company's generating fleet in anticipation of lower hydrological inflows expected during the second half of the year.
Enel Colombia's total electricity generation was distributed as follows:
- 84% hydro: Hydrological inflows into the National Interconnected System reached 102% of the historical average (H.A.), while inflows into the river basins associated with Enel Colombia reached 107% of the historical average. Notable inflows were recorded in the Bogota River basin (125%), Betania (126%), Quimbo (111%), and Guavio (91%).
- 14% solar: Generation was supplied by the El Paso, La Loma, Fundación, Guayepo I & II, and Guayepo III solar parks, as well as the initial contribution from the Atlántico Solar Park during its commissioning phase, further consolidating the growth of the company's renewable generation portfolio.
- 2% thermal: Generation reflected the power system's operational requirements during the period.
At the close of the first half of the year, the availability of the company's generating fleet stood at 92.5%, supported by the execution of scheduled maintenance across its hydro, thermal, and solar generation assets, aimed at preserving their reliability and operational performance.
Operating Results Central America H1 2026 – Generation
|
H1 2026 |
H1 2025 |
YoY % |
GENERATION GWh (*) |
1,364 |
1,251 |
+9.0% |
INSTALLED CAPACITY MW(*) |
705 |
705 |
0.0% |
(*) Estimated figures
During the first half of 2026, Enel's subsidiaries in Central America generated a total of 1,364 GWh, representing a 9.0% increase compared to the same period in 2025. This performance was driven primarily by Panama, where generation reached 1,087 GWh, 17% higher than the previous year, supported by increased dispatch from the Fortuna Hydropower Plant in response to the operational requirements of the country's electricity system.
Guatemala and Costa Rica, meanwhile, generated 186 GWh and 91 GWh, respectively, representing declines of 12.8% and 15.4% compared to the first half of 2025. This performance was primarily attributable to lower hydrological inflows and temporary operational constraints affecting certain generation assets.
Of the total electricity generated, 1,249 GWh came from hydro sources and 115 GWh from solar generation, reaffirming the renewable profile of the region's energy mix.
Net installed capacity remained unchanged at 705 MW, consisting of 543 MW of hydro capacity and 162 MW of solar capacity.
Operating Results H1 2026 – Energy Distribution in Colombia
|
H1 2026 |
H1 2025 |
YoY % |
NATIONAL ELECTRICITY DEMAND (GWh) |
43,389 |
40.994 |
+5.8% |
ENEL COLOMBIA ELECTRICITY DEMAND (1) (GWh) |
8,263 |
8.004 |
+3.2% |
ENEL COLOMBIA REGULATED MARKET SHARE |
19.3% |
19.5% |
-0.2 |
AVERAGE ENERGY LOSS RATE (MAT) |
7.64% |
7.54% |
+0.10 |
TOTAL ENEL COLOMBIA REGULATED CUSTOMERS |
4,106,158 |
4,051,113 (2) |
+1.4% |
SAIDI YTDI(3) |
219.4’ |
222.9’ |
-1.6% |
SAIFI YTD(4) |
3.74 |
3.75 |
-0.3% |
(1) Energy demand within Enel Colombia’s grid, does not include losses from the National Interconnected System.
(2) Figures as of December 31, 2025.
(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 2026, national electricity demand maintained a positive trend, growing 5.8% compared to the same period of the previous year. This performance was supported by higher demand in both the regulated and non-regulated markets. In the former, household and small business consumption stood out, while in the latter, growth was driven by consumption associated with industrial activities, particularly in the mining and quarrying sectors.
In the market served by Enel Colombia, electricity demand grew 3.2% compared to the first half of 2025. This growth was driven by higher consumption in the residential, commercial, and industrial segments in Bogota and Cundinamarca, reaffirming the importance of continuing to strengthen the electricity infrastructure to keep pace with evolving demand and support the region’s economic development.
The energy loss rate stood at 7.64%, an increase of 10 basis points compared to the same period of the previous year, mainly due to higher technical losses associated with the increased volume of electricity transmitted through the grid. With respect to non-technical losses, the company continued to implement energy control and recovery initiatives.
As of the end of June 2026, Enel Colombia had a customer base of 4,106,158, representing an increase of 55,045 new customers compared to December 2025, in line with demand growth in Bogota and Cundinamarca.
With regard to service quality, cumulative SAIDI (average minutes of interruption per customer) stood at 219.4 minutes, representing an improvement of 1.6% compared to the same period in 2025, while SAIFI (average number of interruptions per customer) reached 3.74 interruptions per customer, equivalent to a reduction of 0.3%. These results were supported by the investments made, grid maintenance, and operational management carried out during the period, all aimed at strengthening service reliability and continuity.
Summary of Financial Results Enel Colombia
|
30/06/2026 |
31/12/2025 |
Millions of Pesos (COP) |
|
|
Current assets |
4,983,516 |
3,881,483 |
Non-current assets |
27,438,483 |
27,709,254 |
Current liabilities |
7,521,574 |
5,026,794 |
Non-current liabilities |
10,793,456 |
11,041,253 |
Equity |
14,106,970 |
15,522,690 |
|
30/06/2026 |
30/06/2025 |
Revenue |
8,315,713 |
8,061,025 |
Operating costs |
3,554,871 |
3,630,526 |
Contribution margin |
4,760,843 |
4,430,498 |
Earnings before interests and taxes (EBIT) |
3,416,897 |
3,142,441 |
Earnings before taxes (EBT) |
2,850,519 |
2,454,057 |
Net income |
1,853,366 |
1,626,647 |