Enel aims at 75% of energy from renewable sources in 2025

In Italy, over the three-year period, renewables will be increased with installations of 4.2 GW, against an investment for 5.4 billion euros. A package that “could double”Starace said, “if the right measures that the government has announced are put in place”for “unblock the incredible traffic jam of authorization procedures” affecting the development of the sector. Enel, assured the CEO, has in Italy “30,000 megawatts of potential investment: we have no limits in terms of appetite”he assured.

Little space in Italy for nuclear energyat least over the period of the plan to 2025: “Studies are always done, we continue to study and do. Let’s not forget chand Enel operates 7 nuclear power plants in Spain and we are being tested in Slovakia. We are the only Italian player that does nuclear power”, claimed the CEO. For the future “there are promising technologies worthy of attention which, however, will become part of the energy mix starting from the 1940s”with a significant impact “over long periods” which go well beyond the horizon outlined in the Capital market day in Milan.

80% investments in line with the European taxonomy

Overall between 2023 and 2025 the group will invest 37 billion euros, 60% in support of the integrated commercial strategy and 40% in favor of the networks, to support their role as enablers of the energy transition. Seventeen billion will go to renewables in the six key countries. “This plan does not slow down our growth on renewables at all – Starace cut short at the press conference – Indeed they are brought into greater focus because there is attention to those countries where renewables are highly developed and have great potential”.

In the documents presented to the market we read that “94% of the group’s total investments in 2023-2025 are in line with the United Nations Sustainable Development Goals” And over 80% is in line with the criteria of the European Union Taxonomy, “by virtue of their substantial contribution to climate change mitigation”.

A spending program that will generate, according to estimates, a cumulative increase in GDP in the countries where Enel operates for 70 billion euros. And the impact of the plan on Enel’s financial performance will not be trivial. The divestments in Romania, Argentina and Peru will have a positive effect of 21 billion, 11 billion of lower debt that Enel will shrug off and 10 billion of proceeds from the disposals. On the profitability front, “the group’s ordinary EBITDA is expected to grow to a value between 22.2 billion euros and 22.8 billion euros in 2025 from the estimated 19.0-19.6 billion euros in 2022”And a net profit of €7.0-7.2 billion in 2025from an estimated 5.0-5.3 billion euros in 2022. Results that make it possible to adjust up the dividend for shareholders which will go from the current 40 to 43 cents starting from 2023.