The new guidance takes into account the impact of a court order to pay $570 million following a price review of a long-term liquefied natural gas (LNG) supply contract with Qatar.

The Spanish firm is now aiming for an adjusted profit, which strips out one-off items and is used to calculate dividend, of 1.1 billion euros this year and 1.6 billion euros - 1.7 billion euros in 2024. This is less than previously expected.

To shield dividends for the year from this hit, it introduced a dividend floor of 1 euro a share.

The investment plan is slightly higher than its previous plan, which pledged investments of 8.6 billion euros between 2023 and 2025. Most of the increase, roughly 200 million euros, will go to grids, which tend to offer predictable returns.

Endesa earmarked 2.8 billion euros for this business. Investments in renewables remain stable at 4.3 billion euros.

Endesa released its strategic update a day after its parent Enel presented its own plan, under which it will focus its investments on power grids while being more prudent on renewable energy projects spending.

($1 = 0.9168 euros)

(Reporting by Pietro Lombardi, editing by Inti Landauro)