Endesa stands at a pivotal moment in its trajectory, with strategy and leadership under scrutiny. Ownership remains concentrated in Enel, the Italian group that holds 70.14% of the shares, while the Italian Ministry of Economy controls 23.6%. Giorgia Meloni’s rise to power in Italy has brought changes in leadership across state-connected enterprises, and Endesa sits in a broader shift affecting its parent company’s boards and governance. The CEO who faced the greatest upheaval in recent times is Francesco Starace, who also serves as vice president of Endesa, and the board is navigating a restructuring that could redefine executive responsibilities across the group.
At Endesa’s shareholders meeting held on April 28, no dramatic board upheavals were announced. Yet speculation persists about who might lead the company in the near future. Rumors have circulated about Enel seeking a fresh direction, with Jose Damian Bogas (Madrid, 1955) presenting the company’s agenda to the board. The future role of Endesa’s president, who has no formal executive powers, remains unclear as well, with Juan Sanchez-Calero appearing as a potential figure of interest.
Ultimately, key decisions impacting Spain will be coordinated through Rome, reflecting Enel’s consolidated influence. The leadership landscape at Enel includes Paolo Scaroni, a long-standing figure in Italian business who once led Milan’s football club and who began the decade as Enel’s CEO after a background in the energy sector. Flavio Cattaneo, formerly chairman of Italy’s electricity distribution company, is often mentioned in connection with top roles, including possible oversight of Telecom and RAI. When asked about replacing Starace, Bogas has been quoted as saying the changes are not the end of the world, signaling a measured approach to leadership transitions.
Endesa’s story within Enel’s portfolio is marked by a history of gradual restructuring. Borja Prado, the executive who steered Endesa into Enel’s orbit in 2010, oversaw a process that reduced the Latin American operations and redirected ownership to Enel. Earlier leaders such as Rodolfo Martin Villa and Rafael Miranda presided over privatization that culminated in the state’s exit under a government led by José María Aznar at the century’s close.
Endesa has long been a central pillar in Spanish business history, tracing back to its origins as a federation of regional electricity companies. A proposed merger with Iberdrola faced government restrictions in 2000, and the company endured one of the most intense corporate battles in recent memory from 2005 to 2007. A hostile bid initiated by a consortium that included natural gas interests sought a premium to acquire Endesa at roughly 21.3 euros per share. Manuel Pizarro, then president, led a stern defense, integral to a broader political and economic contest supported by senior officials who viewed gas and electricity as strategic tools. Ultimately Enel joined the effort, consolidating ownership.
On April 11, 2007, Enel and Acciona acquired about 92% of Endesa for approximately 41.35 euros per share, valuing the company at around 43.7 billion euros. In the same period, Iberdrola was valued near 45 billion euros. Since then, Endesa’s market capitalization has fluctuated, with Enel’s stake rising to roughly 60,000 million euros in the broader portfolio. By 2014 the Italian group’s stake settled at 70.14%, underscoring the long-term trend of stronger Enel influence over Endesa’s strategic direction.
In 2022, Endesa contributed a significant portion to Enel’s results, reflecting its stature in the group. Latin America represented a meaningful share of Enel’s turnover and profits, and Endesa’s strategy included measures to reduce debt and optimize its geographic footprint. The dividend profile for Endesa remained robust, underscoring its role in Enel’s overall financial framework.
Investors and observers have called for renewed governance clarity, with voices from the British investment community proposing fresh directors, including Spanish figures, to balance the board. Notable names discussed in circles include Mariana Mazzucato, a renowned economist with a broad view on public value, who sits on Enel’s board. Endesa’s Iberian presence remains strong, boasting a customer base and a substantial workforce while maintaining a leadership position in electricity distribution across the region.
With thousands of employees and millions of customers, Endesa continues to shape the Iberian energy landscape. Enel’s stake in the company is reflected in a 12-member board, including five representatives from Enel, guiding a transformation that aims to reduce reliance on conventional generation and expand renewable energy investments. Enel Green Power already commands a majority share of renewables, signaling the group’s commitment to a sustainable energy mix. The company’s modernization includes advancing electric mobility and infrastructure upgrades, underscoring a broader strategy of decarbonization and grid modernization.
Enel’s continued influence over Endesa intersects with political and regional dynamics. Trade relations between Italy and Spain have grown closer in recent years, and strategic asset movements remain a frequent topic of discussion. The ownership structure and continued cross-border collaboration involve multiple stakeholders, including Atlantias (family Benetton) shareholdings in related ventures and the involvement of other strategic players in the sector. Presidents and prime ministers have met at various junctures to discuss these cross-border energy and infrastructure initiatives, signaling the weight of energy governance in European policy and corporate strategy.