Enel Generacion Piura S.A.A.

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What it is

Enel Generación Piura is a Peruvian electricity company that generates and sells power, drawing on thermal, hydro, and solar resources. Its core asset is the Malacas thermoelectric complex at Talara, in northern Peru, comprising three gas-fired units with a combined effective capacity of 326 MW.

The company was formerly known as Empresa Eléctrica de Piura S.A. and changed its name in October 2016; it was incorporated in 1995 and is based in Lima. It sells electricity under long-term supply contracts to regulated distributors, with contract terms running between 10 and 17 years and contracted capacity per client ranging from 0.16 MW to 16 MW.

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Who owns it

As of 31 December 2024, the company’s share capital comprised 249,202,667 shares, fully subscribed and paid, with a par value of PEN 1 (US$0.29)each. Enel Perú S.A.C.

controls 96.50% of the share capital, with other shareholders holding the remaining 3.5%.

Enel Perú S.A.C. is itself wholly owned by Enel Américas S.A., a Chilean-listed subsidiary of Italy’s Enel S.p.A., which controls Enel Generación Piura through that chain and is the sole shareholder of Enel Perú.

The free float on the Lima exchange is therefore thin — roughly 3.5% — and the stock trades with very low daily volatility. The Class B shares are registered with Peru’s securities regulator, the SMV, and trade under the ISIN PEP701751203.

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Who runs it

On 9 May 2024, the board appointed Luis Martín Chiok Valle as General Manager (CEO), replacing the previous arrangement under which Enel Generación Perú S.A.A. had served as corporate manager since 2022.

The board itself was refreshed at the same time: the three original directors — Marco Fragale, Pedro Segundo Cruz Vine, and Guillermo Martín Lozada Pozo — resigned on 9 May 2024, replaced by co-option with Joanna Angélica María Zegarra Pellanne, Eugenio Calderón López, and Francesco Cirillo.

On 6 September 2024, the board accepted Eugenio Calderón López’s resignation and named a replacement. The responsible for preparing financial information is Antonio Guerrero Ortiz, a registered public accountant, who has held that role for the past seven years.

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The money, in plain words

Sales fell sharply in 2024 — revenue dropped to PEN 277M (USD 81M) from PEN 362M (USD 106M) in 2023, a decline of 23.4% (our calculation), as lower electricity prices and market conditions hit the top line. Yet the company kept its margins wide: it retained about 25 cents of net profit from every sol of sales — a net profit margin of 24.5% (our calculation) — because its cost structure is lean and its long-term contracts provide price anchors.

For every sol of equity its owners have put in, the company earned roughly 25 centimos back last year — a return on equity of about 24.7% (our calculation), which is strong for a regulated utility. The balance sheet carries meaningful debt — net debt of approximately PEN 232M (USD 68M, our calculation), mostly short-term bank loans — but operating cash flow is solid enough that the company paid out PEN 42.8 (US$13)M in dividends in 2024, consistent with that ~4% dividend yield.

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What it is doing now

The dominant story is Enel’s planned exit from Peru. In May 2024, Enel completed the sale of its stakes in Enel Generación Perú and Compañía Energética Veracruz to Niagara Energy for around USD 1.3 billion.

Enel Generación Piura was not included in that transaction and remains inside the group. The filing notes that Enel Generación Perú and Enel Generación Piura ceased to be related parties as of May and June 2024 respectively, after the Enel Group ceased to be their common controlling shareholder.

The 2024 annual financial statements were approved by the mandatory shareholders’ meeting on 26 February 2025. For the nine months to September 2025, the company earned PEN 38.9 (US$11)M in net profit on revenue of PEN 191.9 (US$56)M — a pace broadly in line with 2024, suggesting no dramatic operational shift while the ownership question remains open.

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What to watch

• The exit: Peru’s Congress approved in December 2024 a law aimed at fostering competition and efficiency in electricity generation, including promoting renewables. Any sale of Enel’s remaining Peruvian asset — this company — would now play out against that new regulatory backdrop.
• Revenue recovery: A 23% drop in annual sales in one year is material; watch whether contract re-pricings in 2025 restore the top line, or whether lower spot prices persist.
• Debt maturity: Short-term financial liabilities stood at PEN 249M (USD 73M) at year-end 2024 — nearly the entire debt stack rolls over within twelve months, meaning refinancing is a live operational task.
• Free float illiquidity: With only ~3.5% of shares in public hands, the stock can move sharply on any ownership-change announcement; minority investors should price that in.

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This is news, not investment advice.