The main managers of Endesa deplored on Tuesday the “uncertainty” and the “rumors” concerning the tax on energy companies, after the chaotic session of Congress on Monday to try to advance the tax reform, and estimated that it was “impossible”. » for the extension to be approved until 2025, which ERC, EH Bildu and BNG supported at the last minute.
During a conference with analysts to present its new strategic plan, Endesa CEO José Bogas said that “if nothing changes” it is “impossible” for this expansion to happen, due to the lack of support of the royal decree. -Law. That I would come get her.
“Everything is now very confusing regarding the regulations and this rate,” said Bogas, who stressed that this decree “would have to be approved by Parliament” and “this means that if nothing changes, it would be impossible to extend”. .” The executive said the government issued a statement last night saying it had agreed with Junts that the extension would not affect energy companies investing in decarbonisation. “Everything is very confusing,” he reiterated.
For his part, Endesa’s financial director, Marco Palermo, also regretted the “many rumors” and “uncertainty” regarding this tax, launched to drain the extraordinary profits of the sector with the energy crisis derived from the invasion. Ukraine. Bogas stressed that “the time is not for more taxes, but for investment, if we want to achieve the energy transition objectives”.
The general director of Endesa described as “a step in the right direction” the orientations of the Ministry of Ecological Transition to the National Markets and Competition Commission (CNMC) to improve the remuneration of networks, in a matter which falls under his competence. excluding what is called the “super regulator”.
Bogas stressed that we are at a “key moment to achieve the energy transition objectives for 2030” and for this the regulations must be “favorable”. He recalled that in other European countries the profitability rate for this activity is between 7.3% and 8.7%. At Endesa, they would be “comfortable” with a rate of 7.5% and could “increase” the investments projected for the years to come if there is “visibility” on the regulations. But also do the opposite and allocate this money to its shareholders if there is no appropriate framework, Bogas warned. As the main managers of the Italian company Enel, owner of Endesa, declared last Monday when presenting their new strategic plan, “in Spain there is a lot of room to increase investments” if the regulations are adequate.
On the occasion of its 80th anniversary, the company announced on Tuesday investments of 9.6 billion for the period 2025-2027, 8% more than the previous plan, and which constitutes a record figure since its activity began. was reduced to the Peninsula in 2014. Ibérica, after transferring its Latin American activities to Enel.
To respond to the “ambitious electrification” of the National Integrated Energy and Climate Plan (PNIEC) for 2030, Endesa plans to increase investments in the electricity network by 45% compared to the previous 2024-2026 plan, up to 4,000 million, although yes, “awaiting improvements and updates to the regulation.”
In renewable energies, the group announced a reorientation of its investments for this period, which will amount to 3.7 billion, and will reduce exposure to solar. It will focus on higher value assets, such as hydropower, with the acquisition of Acciona Energía’s 626 megawatt (MW) portfolio for 1,000 million, announced last Friday, and on wind developments. The purchase of this portfolio from the family company Entrecanales, former partners of Enel to retain Endesa in the acquisition war of three decades ago, will contribute to the unit margin of the liberalized electricity sector increasing in 2027 at 56 euros per megawatt hour (€/MWh), compared to the 55 €/MWh expected for this year.
The group plans to break its ordinary net profit forecast this year, which will reach 1.8 billion, with a gross operating profit (Ebitda) of 5.2 billion, in the upper range of the estimate announced a year ago. year.
The subsidiary of the Italian Enel guarantees a minimum dividend of one euro per share until 2027, extends the distribution by 70% to the entire plan (percentage of ordinary profit allocated to dividends) and increases the planned remuneration by nearly by 10%, until 2024. 1.2 euros per security. By the end of the plan in 2027, it targets Ebitda of up to 5,900 million, ordinary net profit of up to 2,200 million and net debt of between 10,000 and 11,000 million euros.
