Spanish energy group Endesa has announced plans to invest EUR10.6bn over the next three years (2026-2028), with more than half of that amount dedicated to building and upgrading power networks (Endesa press release, 24/02/2026). As it increases spending on power networks, the company will scale back investments in renewable projects, Endesa said.
The new 2026–2028 plan foresees a 10% rise in total investment compared with the previous three-year strategy, under which the company had planned to invest EUR9.6bn, allocating 42% to grids (EUR4bn) and 39% to renewables (EUR3.7bn). Under the new plan, power grids will receive EUR5.5bn, representing 52% of total investments and a 40% increase from the previous plan. For renewables, investments will total EUR3bn (28% of the total) and will follow selective criteria, focusing on wind and storage infrastructure. Together, these will account for 1.5 GW of the 1.9 GW expected to be added to the renewable generation base by the end of 2028.
The announcement came as Endesa released its 2025 results:
- The company reported a gross operating profit (EBITDA) of EUR5.8bn, up 9%, and an ordinary net profit of EUR2.4bn, up 18%.
- “All business segments, except renewable generation, due to lower wind and solar output and prices, increased their contribution to EBITDA, with conventional generation performing particularly strongly thanks to the gas business,” the company said in its press release.
- In 2025, Endesa's installed capacity increased by 5% worldwide to 22.6 GW, including 11.3 GW of renewables (+11.5%), and its total power generation rose by 2% to 61 TWh (-0.6% for renewables to 17.7 TWh).
- The group sold 75 TWh of electricity (+1%), mainly on the free market (68 TWh, +1%), to 9.6 million customers and distributed 144 TWh of electricity (+4%). Endesa also sold 63 TWh of gas to 1.7 million customers.
Endesa also provided a preview of some key indicators for the end of the decade. It expects to reach an installed renewable capacity of between 14 and 15 GW. In addition, the company is targeting EBITDA between EUR6.2bn and EUR6.5bn in 2028, up from EUR5.8bn in 2025.
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