The new Italian government, led by Ultra Giorgia Meloni, is revolutionizing the leadership of big state-owned groups with new names. The sieve undertaken by the Prime Minister requires lWith the departure of Francesco Starace as Enel’s CEO, One of Europe’s largest energy companies and Owner of Spanish electricity company Endesa, who has lost her inspiration and is exposed to a shock in her future plans.
Chose as Italian Manager To Flavio Cattaneo, Enel’s new CEOPaolo Scaroni, current president of the Italo-Nuevo Transporto Viaggiatori railway company and as a curricular and non-executive chairman of public groups in the country, former CEO of Enel twenty years ago and current vice president of Rothschild Italy and President of AC Milan football club.
Strategy in the air
The revolution at Enel’s top leaves the future strategy of Endesa in the air, where the Italian group controls 70% of its capital. Starace is the current vice president of the Spanish power company.As a board member and head of strategy for the Italian parent company and all its subsidiaries, he is the ultimate inspiration of the company’s strategy.
Just five months ago, Endesa presented an updated version of its strategic plan until 2025, which envisions a profit of up to 7,700 million euros in four years, confirming its dividend policy of distributing approximately 5,400 million euros during this period, and promising further investment. up to 8,600 million to grow in renewable energy and electrification.
In a commitment to promoting ‘green’ energies, 4,400 megawatts (MW) of new green energy – half of this investment, approximately 4,300 million will be allocated to renewable energy sources, 39% more solar and 1,400 MW of wind power than the previous plan, with the aim of adding 3,000 MW. will reach a park at the end of 13,900 MW.
Endesa’s main manager is José Bogas, that last year the board of shareholders reaffirmed their confidence as CEO for a new term to 2026. Italy and for accumulating three consecutive terms at the head of the group. “The Italian government has so far made no serious mistakes and I hope and wish that this risk aversion continues and the bets on the safe side continue,” said Endesa CEO. “This is a shareholder issue. If they decide to continue, he will be delighted. If not, it’s not the end of the world,” he said.
Asset sale in Spain
As part of its new strategic plan, Enel has added a “macro plan” for the sale of assets to reduce its enormous debt by 21,000 million euros (10,000 million euros from operations and another 11,000 million euros as it does not account for business debt). . Among the planned divestments is the sale of the gas customer portfolio in Spain, which is controlled by Endesa, to be made this year.
Enel plans to leverage its new strategic plan and liquidation strategy to reorganize its markets and intends to concentrate its activities in six countries it sees as key: Italy, Spain, United States, Brazil, Chile and Colombia. An operation that would require him to leave Romania (already executed), Peru and Argentina during this year.
But even in countries where it plans to focus its growth efforts, it will do so without resuming all of its current operations and initiate a liquidation plan with the goal of completing it by 2023. The divestment strategy includes the sale of its entire gas marketing client portfolio in Spain.
Enel’s new roadmap predicts “the value of the gas portfolio in Spain has crystallized”, which means: Getting rid of the gas customer portfolio, which reached 1.8 million users by December. Endesa and its parent company had already confirmed with a previous update of the roadmap next year that they plan to abandon electricity generation with gas plants before 2040. Now they are planning to earn cash in cash with their customer portfolio.