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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  ENDESA, S.A.    ELE   ES0130670112


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Enel bumps up spending to drive clean energy ambitions

11/24/2020 | 04:26am EST
FILE PHOTO: A logo of Italian multinational energy company Enel is seen in Milan, Italy

MILAN (Reuters) - Europe's biggest utility Enel will spend 160 billion euros ($190 billion) over the next 10 years and mobilise more as it steps up plans to clean its business and become a carbon-free company by 2050.

The group said it expected to attract another 30 billion euros from parties outside the group for its plans to take overall spending to 190 billion euros to help boost earnings and cut its carbon emissions by 80% by 2030.

Europe's big utilities are investing heavily in the clean parts of their businesses as technological progress and more stringent rules to tackle climate change force energy companies, including big oil players, to rethink strategies.

This month Spanish rival Iberdrola said it planned to invest 75 billion euros in renewable energy production, grids and retail operations by 2025.

Enel, which controls Spanish utility Endesa, said it would spend 70 billion euros by 2030 on renewable energy to almost triple its capacity to 120 gigawatts, drawing on a green pipeline of over 140 GW.

"We plan to strengthen our position as a Super Major in the renewable sector," CEO Francesco Starace said in a call with investors. Around 80% of production would be generated from green energy by 2030, up from 54% today, he said.

The utility, which has earmarked around 46% of overall spending for its regulated network business, said it also planned to grow its green hydrogen capacity to over 2 GW by 2030.

It said it would also bring forward the date to phase out coal from its generating fleet to 2027, from a previous 2030.

Ordinary core earnings to 2023 are expected to grow by 5-6% per year while net debt will rise to 57 billion-58 billion euros to help fund growth, Enel said.

Dividends will increase by an average of around 7% per year over the next three years to reach 0.43 euros per share in 2023, from an estimated 0.35 euros this year.

"Overall it seems to be a good plan... [with] significant growth in the long term, coupled with monster investments," Milan-based broker Equita said.

At 0845 GMT Enel shares were up 2.6% while the European utility sector was up 0.5%.

(Editing by Agnieszka Flak, Jason Neely and Susan Fenton)

By Stephen Jewkes

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENDESA, S.A. -1.74% 22.04 Delayed Quote.0.36%
ENEL S.P.A. 0.05% 8.578 Delayed Quote.3.60%
IBERDROLA, S.A. -0.76% 11.73 Delayed Quote.1.03%
LONDON BRENT OIL -0.18% 55.84 Delayed Quote.5.90%
WTI -0.13% 53.099 Delayed Quote.8.53%
All news about ENDESA, S.A.
11:24aENDESA S A : connects its first two solar plants in Malaga to the grid
10:48aENDESA S A : doubles the success rate of inspections against electricity fraud t..
01/19ENDESA S A : connects 390 MW of renewable energy in 2020, distributed in 12 wind..
01/15ENDESA S A : Javier Blanco Fernández, new general manager of the Endesa Foundati..
01/08ENDESA S A : X, Saba and Bamsa launch Parkelectric to make life easier for elect..
01/05ENDESA S A : promotes sustainability among its suppliers through confirming line..
01/03ENDESA S A : connects to the grid its first two solar plants in Seville
2020ENDESA, S.A. : Ex-dividend day for interim dividend
2020ENDESA S A : connects to the grid a new photovoltaic plant of around 50 MW in Ba..
2020ENDESA S A : to Cut Up to 1,200 Employees by 2024
More news
Sales 2020 20 032 M 24 252 M 24 252 M
Net income 2020 1 899 M 2 299 M 2 299 M
Net Debt 2020 7 208 M 8 726 M 8 726 M
P/E ratio 2020 12,7x
Yield 2020 8,02%
Capitalization 23 335 M 28 230 M 28 252 M
EV / Sales 2020 1,52x
EV / Sales 2021 1,56x
Nbr of Employees 9 688
Free-Float 29,9%
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Technical analysis trends ENDESA, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 26,15 €
Last Close Price 22,43 €
Spread / Highest target 28,8%
Spread / Average Target 16,6%
Spread / Lowest Target -10,8%
EPS Revisions
Managers and Directors
José Damián Bogas Gálvez Chief Executive Officer & Executive Director
Juan Sánchez-Calero Guilarte Chairman
Luca Passa General Manager-Administration, Finance & Control
Manuel Fernando Marín Guzmán GM-Information & Communications Technology
Miquel Roca I. Junyent Lead Independent External Director
Sector and Competitors
1st jan.Capitalization (M$)
ENDESA, S.A.0.36%28 785
NEXTERA ENERGY7.34%162 231
ENEL S.P.A.3.60%105 626
IBERDROLA, S.A.1.03%87 781
ORSTED A/S-4.02%81 670