(Recasts with new CEO, details)
SANTIAGO, Oct 27 (Reuters) - The new chief executive of Chilean energy firm Empresa Nacional de Electricidad (Endesa Chile) will hail from parent Enel, Endesa said on Monday, as the Italian utility seeks more direct control over the South American energy powerhouse.
Valter Moro, who currently runs an Enel plant in La Spezia in northern Italy, will take the helm at Endesa Chile next month. He replaces Joaquin Galindo, who will move to another position at Enel in Spain.
Endesa, which generates and distributes electricity in Argentina, Brazil, Chile, Colombia and Peru, is controlled by energy firm Enersis, the company responsible for Enel’s Latin American operations.
Enel, Europe’s most indebted utility, bought the Latin American assets of Spain’s Endesa earlier this year. It is reshaping itself to focus on the lucrative South American market, seeking more direct control as it tries to reduce its debts.
Endesa Chile had a weaker than expected third quarter, posting a nearly 15 percent drop in net profit as energy and tax costs rose and an unfavorable exchange rate weighed.
The 95.4 billion peso ($163 million) profit for the three months to end-September compared with a $127.6 billion peso profit expected by the market.
Endesa said its bottom line was hit by “increased costs on energy purchases and fuel consumption, mainly in Chile, increased tax expenses, mainly in Colombia and Peru, and a larger negative exchange rate differential.”
1 dollar = 584.7700 Chilean pesos Reporting by Anthony Esposito and Rosalba O'Brien; Editing by David Gregorio and Tom Brown