Medellin-based multinational electric power and utilities giant Grupo EPM announced May 3 that its first quarter (1Q) 2023 net income rose 27% year-on-year, to COP$1.6 trillion (US$346 million).

Revenues also rose 22% year-on-year, to COP$9 trillion (US$1.94 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$2.9 trillion (US$627 million).

The city of Medellin -- EPM’s sole owner -- netted COP$299 billion (US$64.6 million) in transfers as a result of the profitable quarter.

EPM’s electric-power distribution segment accounted for 43% of EBITDA, at COP$1.3 trillion (US$281 million), up 16% year-on-year. That growth “was due to a greater amount of energy sold at a higher unit price and increased revenue from the financing of public services,” according to the company.

Electric power generation – boosted by the recent entry-into-service of the Hidroituango hydropower plant in Antioquia – accounted for 34% of EBITDA, at COP$1 trillion (US$216 million). This segment saw growth of 49% year-on-year, thanks to greater amounts of power generation and higher sales prices.

During 1Q 2023, EPM’s total energy generation rose 14% year-on-year, to 5,025 gigawatt-hours (GWh), with 16% coming from the first two generation units at Hidroituango.

EPM subsidiaries providing drinking water, wastewater management and solid waste management collectively accounted for 16% of the group's EBITDA, up 23% year-on-year thanks to more users, greater consumption and higher prices, according to the company.

Total costs and expenses at Grupo EPM rose 22% year-on-year, hitting COP$6.6 trillion (US$1.42 billion), “explained by the costs of commercial operation due to greater purchases of energy at higher prices” as well as higher costs of finance and labor, along with unfavorable currency exchange-rates, the company added.