Published on Nov 22, 2023 at 11:31 a.m.
MILAN, Nov 22 (Reuters) – Italian energy group Enel plans to invest 35.8 billion euros over the next three years as part of a more cautious approach to investments, the new company said on Wednesday. general director, Flavio Cattaneo.
Nearly 19 billion euros will be devoted to networks while investments in renewable energies will be more selective, Enel indicated in its new strategic plan, which provides 12.1 billion euros for onshore wind, for solar and battery storage.
Flavio Cattaneo, who took over from longtime boss Francesco Starace in May, said the strategic plan for 2024-26 would make Enel a more flexible group.
“Over the next three years, we will adopt a more selective approach to investments in order to maximize profitability while minimizing risks,” he said Flavio Cattaneo, adding that financial discipline would be the cornerstone of its strategy.
Enel expects its ordinary net profit to increase by an average of 6% each year to reach between 7.1 billion and 7.3 billion euros in 2026.
The net debt to Ebitda ratio is expected to fall to around 2.3 in 2026, from around 2.7 to 2.8 at the end of this year.
(Report by Francesca Landini; French version Lina Golovnya, edited by Blandine Hénault)