Enel will sell €21bn of assets by 2025 to focus on 6 countries and cut debt

The Italian energy group Enel has released its 2023-2025 strategy, which is based on three pillars: pursuing sustainable electrification, repositioning businesses and geographies to cut its net debt, and securing growth and financial strength.

Enel aims to covering around 90% of its fixed price sales with CO₂-free electricity in 2025, to raise the share of renewables in its total power generation to around 75%, and to reach around 80% of digitalised grid customers. The group aims to roll out next-generation infrastructure, such as electric vehicle charging points (from aound 0.5 million in 2022 to 1.4 million in 2025), behind the meter storage (from about 99 MW to 352 MW in 2025) and demand response (from around 8.4 GW to 12.4 GW in 2025). By 2025, Enel expects to install around 21 GW of new renewable capacity, including 19 GW in its "core countries" (namely Italy, Spain, the United States, Brazil, Chile and Colombia).

Over the 2023-2025 period, the group will sell around €21bn of assets (disposal to be rolled out by the end of 2023), to focus on six core countries. The group plans to finalise the sale of its transmission assets in Chile and of its distribution grids in Goias (Brazil); it plans to sell its Romanian assets, to exit from Peru and Argentina and to add some countries (such as Greece or Australia) to its "Stewardship perimeter". Moreover, the group aims to initiate the exit from gas assets, including its gas portfolio in Spain. Those sales should enable to cut Enel's net debt by €21bn.

Meanwhile, Enel will invest €37bn (50% of which in power generation, 40% in power grids, and 10% in customers and energy services), mainly concentrated in its 6 core countries. The group aims to accelerate investments in renewables in Italy, Spain, in the United States and Latin America (nearly €20bn to be invested in power generation and retail in Italy, Spain and the US).