Enel’s business plan of for the period 2023-2025 was presented by the CEO of the group during the Capital Markets Day.
Francesco Starace set the goal of reducing the group’s net borrowing by 21 billion euros cumulatively in the period 2022 – 2024 through its geographical market repositioning as well as the acceleration of investments in clean energy, electrification and digitization of networks. The CEO of the Italian energy giant also announced the company’s continued presence in six countries: Italy, Spain, USA, Brazil, Chile and Colombia.
The model in Greece and Australia
With regard to the activities in Greece and Australia, he described a residency status, but seeking synergies with partners (Stewardship Model) for the development of the investment program and possibly entering into other activities as well.
As is well known, the Italian group is active in Greece through Enel Green Power, which has an installed renewable energy capacity of 481.7 MW and also has a project portfolio of 1.5 GW. Based on the plan presented to analysts and investors by Mr. Starace, Enel is in the process of selecting a partner for its subsidiary. Something similar is happening in Australia.
According to the group’s management, the model in Greece and Italy will trigger third-party investments amounting to 15 billion. euro.
Partings but also investments
The countries from which the Italian energy group is leaving are Russia (the exit is complete), Argentina, Romania and Peru. Also, the management is reassessing energy assets and companies
In fact, the CEO of Enel announced investments totaling 37 billion. euros in the period 2023 – 2025 in RES, digitalization of networks and integrated service provision. This investment program will be implemented in the six countries in which the group will remain, while it aims to increase the installed capacity in renewable energy to 75 GW from 59 GW today.
Latest News
ETC Report: Greece 3rd Most Popular Destination for Europeans
Italy and Spain are tied as the top destinations, each attracting 8% of travelers
Greece Battles EC to Protect Rice Industry and Public Health
Together with several other EU countries, Greece successfully blocked the European Commission's proposal to increase allowable levels of a banned pesticide commonly found in rice imported from southeast Asia
Eurostat: 3.2% Annual Inflation in Greece in April
The data shows that Greece ranks seventh in overall inflation within the eurozone and second in food inflation
Intrum’s 2024 Report Unveils Greek Businesses Embrace Digitalization for Growth
Looking ahead, over 40% of businesses prioritize development for 2024, with 65% recognizing the potential of digital business models as sustainable investments
IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece
The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop
Greek PM Mitsotakis Calls on EU to Intervene Over Multinationals’ Pricing Policy
Speaking about price fairness, the Prime Minister emphasized, "Europe should also mean similar or uniform prices for the products sold by our multinational corporations.
Greenhouse Gas Emissions: 4% Decrease in EU, 0.3% Rise in Greece in Q4 2023
The EU's GDP remained stable with a marginal 0.2% increase in fourth quarter of 2023
HEREMA CEO: High Expectations from Natgas Exploration Off Crete
3D seismic surveys were conducted in the two offshore blocks west and southwest of Crete by a consortium comprised of ExxonMobil and HelleniQ Energy
EC Spring Forecast: Greek GDP at 2.2 in 2024, 2.3% in 2025
Besides Greek GDP inflation is expected to drop by a substantial 2.4% in 2024, settling at 2.8% from 4.2% in 2023 with 2025 recording a further decline to 2.1%
EBRD Raises Outlook for Greek GDP to 2.3% in 2024, 2.6% in 2025
Key downside risks remain, associated with possible delays in deploying Recovery and Resilience Facility (RRF) funds and weaknesses in key export markets and tourism source countries