Endesa decided to cancel the sales process of its marketing customer portfolio. gas in spain, Considering that its value “cannot be crystallized” at current prices, it started operating a year ago and hoped that the impact of around $570 million (about 530 million euros) it suffered could be reversed in the future. Arbitration award with state energy company QatarEnergy Train.
Endesa’s CEO, José Bogas, confirmed in an interview with Europa Press that the liquidation of these gas assets has been “cancelled” and This issue is not included in the update of the company’s strategic plan for 2026, After the “massive collapse” in gas prices caused him to lose interest in selling after contacting several counterparties and receiving undervalued offers.
Enel is the main shareholder of Endesa, which owns 70% of its capital. He announced his intention to leave the business in November 2022, with gas price futures near 100 euros. However, recently this price has dropped.
Concerning the arbitration decision given for the purpose of reviewing a contract price against the electricity company long-term liquefied natural gas (LNG) supply, Bogas assured that the contract formula “will continue to be competitive” and is therefore convinced that it will be possible to “compensate for this negative impact in the coming years.”
“The fact that they changed a part of the contract and attributed it to TTF affected us negatively, but Brent’s share decreased. When I see this formula, so the cost for us, the result remains the same when compared to market quotes, it is very competitive and even from now until mid-2025 when the contract ends, we will be able to do this today. “With existing futures trading, we can offset more of the penalty we received,” he predicted.
Moreover, Bogas added that Endesa is exploring the possibility of appealing this arbitration decision. although he admitted his chances of winning were “low”. “It is easy to object to the arbitration decision, but difficult to win,” he told Europa Press.
An “ambitious and sustained” plan
AboutStrategic plan of the energy company for the period 2024-206, Bogas assured that the company is “ambitious and continuous” in the line it has set in recent years.
“Ambitious because despite the high inflation environment or the decline in high interest rates and regulatory uncertainty, we have made a decisive bet, investing around 9 billion euros over the next three years, as there are still many things to be defined.” said.
Likewise, this investment power is also called “a financial strengthThrough a “partnership” with a “stable first-line partner” who can go hand in hand with the company in the development of renewable energy sources.
In this respect, This contribution from partners and the rotation of assets will contribute approximately 2.8 billion euros to the plan through the entry of these investors with minority shares into different renewable portfolios, especially photovoltaics.