If there was still any doubt as to whether the Enel summit named by the Government of Giorgia Meloni would have any impact on Endesa, it became completely clear yesterday. The CEO of Enel, Flavio Cattaneo, confirmed bluntly that Spain is the first country in importance outside of Italy for the energy giant and that they are betting that the current CEO of Endesa, José Bogas, will remain in place.
“Our view on the stake in Endesa is one of stability, we have no intention of selling. Endesa is a leader in the country and that is why we are neither changing the management team nor changing our participation”, assured Cattaneo at the presentation of Enel’s 2023-2026 Strategic Plan that took place yesterday.
A document that, with respect to Endesa, establishes an investment of nearly 9,000 million euros out of the total of 35,800 million that it plans to invest worldwide. Spain, together with Portugal, becomes the second geographical region for which the energy sector is betting and the only one, along with Italy, where it maintains direct control of investments. In this case, 70% of Endesa’s property.
49% of the investment goes to Italy, around 17.5 billion. The rest is distributed between Latin America, about 6.8 billion, 19%, and 7% in the United States, about 2.5 billion, although in these cases it will be done in the company of third parties.
Enel has not shown great concern for the impact of the regulation in Spain, or even for the impact of the extraordinary tax on energy companies. “Endesa gives us good returns, so we can expect an improvement in the coming years, although, if we take into account the regulatory framework, we are not losing money in Spain, so we are having good results”, he assured yesterday Stefano de Angelis, Director of Administration, Finance and Control of Enel.
Looking to the future, Enel has also sealed its commitment to the energy transition. For the next three years, Enel is entrusting itself to the regulated markets with secure returns in stable countries and with an investment mainly aimed at building networks and a much more selective bet on renewable energies and profitable projects. “In the medium term, the networks must prepare for the increase in demand that will come from massive electrification”, explained De Angelis. However, Enel recognizes that it is exploring the evolution of all technologies, including nuclear. “The system will change completely and we want to take advantage of all the opportunities,” said Cattaneo, and there will also be a greater focus on customer management.
A project whose forecasts estimate that the gross ordinary operating profit (ebitda) in 2026 will be between 23,600 and 24,300 million euros and a net ordinary profit of between 7,100 and 7,300 million euros. The minimum fixed dividend per share will be 0.43 euros, 70% of the ordinary profit. In the case of Endesa, which this Thursday presents its own strategic plan, the dividend will be modified for the period, although not for 2023, to deal with the negative award of 530 million that the company received on Tuesday and to which is still evaluating whether or not to appeal.
