2024-2026 Strategic Plan: flexibility, efficiency, sustainability


In an era of transformation without precedence and of increasingly complex challenges, such as climate change, unstable geopolitical landscapes, rising interest rates, price volatility and inflation, we want to continue to grow while strengthened by our new strategic approach. Our Group’s investments will be guided by a careful and flexible financial discipline, which is the key to shaping an even leaner, more efficient and resilient corporate structure that is capable of generating long-term value for the economy, the environment, and people.


A strategy focused on three pillars

The new roadmap outlined in the 2024-2026 Strategic Plan, presented on November 22nd in Milan by CEO Flavio Cattaneo together with CFO Stefano De Angelis and Head of Investor Relations Monica Girardi, is founded on three pillars:

  • Profitability, flexibility and resiliency. Capital will be selectively allocated to reduce risks and maximize the Group’s returns.

  • Efficiency and effectiveness. operations will be guided by simplified processes, a leaner organization with clear accountability and a focus on core geographies, and cost discipline in order to maximize cash generation and compensate both inflationary dynamics and the higher cost of capital.

  • Financial and environmental sustainability. The creation of economic value and the response to the challenges of climate change will work in synergy with each other. Specifically, on the financial sustainability front, the generation of higher cash flows, cost rationalization and process optimization will all result in a stronger financial position for the Group. And with regard to environmental sustainability, we have reconfirmed our goal to close all remaining coal plants by 2027, subject to approval by the relevant authorities. Furthermore, our Group reconfirmed its ambition to achieve zero emissions by 2040, a concrete step in fighting climate change.


Our Plan: the details 

The Group’s strategic plan includes approximately 35.8 billion euros of total gross capex, with major investments in grids where fair and stable regulatory frameworks are in place. We will also rely on access to European grants and a less intensive risk-capital approach to renewables, thanks in part to a new business model based on partnerships (in this model, the Group holds a stake of more than 50% and less than 100%, to improve asset risk exposure while retaining control and maximizing capital productivity and flexibility).

The plan’s 35.8 billion euros will be utilized in the following ways:

  • Approximately 18.6 billion euros of gross capex in Grids, focusing on improving the quality, resiliency and digitalization along with new connections, confirming the centrality of regulated businesses in the strategy.

  • Approximately 12.1 billion euros of gross capex in Renewables, with a more selective approach, focusing on onshore wind, solar and battery storage as well as repowering.

  • About 3 billion euros of gross capex for the development of solutions geared toward our Customers, with active management of our customer base through multi-play bundle offers, which include various goods and services in an integrated portfolio provided by a single touchpoint.

The Group will concentrate its investments in places characterized by visible returns, a profitable regulatory framework and stable macroeconomic and political environments. The plan earmarks 49% of the investments for Italy, 25% for the Iberian Peninsula, 19% for Latin America and 7% for North America.

We therefore reconfirm our intention to focus our investments on six core countries where we can count on an integrated position, namely Italy, Spain, Brazil, Chile, Colombia and the United States.


“The strategy that we are announcing today aims to reshape the Enel Group into a leaner, more flexible and resilient organization, well positioned to face the challenges and seize the opportunities that may arise in the future. In the next three years, we will adopt a more selective approach towards investments in order to maximize profitability while minimizing risks. We will focus on our core countries by implementing integrated strategies, targeting grids, renewables as well as value creation in the customer segment through bundled commercial offers.” 


Flavio Cattaneo, CEO of Enel


Italy: our priority

17.2 billion euros for Italy. Our country plays a key role in our business plan for the next three years, as confirmed by the numbers presented at Capital Markets Day.

At the foundation of the new plan are two important figures for the Italian landscape. The first is that the demand for electricity will grow with the rate of electrification of household consumption, rising from 22% in 2021 to a projected 25% in 2026. The second is that distributed generation will see exponential growth and by 2030 the connections will be almost 3 times the ones made in 2022.

€ 17,2 billion
of investment for Italy
€ 12,2 billion
of investment for grids
€ 2,9 billion
of investments for renewables
€ 1,5 billion
of investments for customers

Therefore, grids will play a fundamental role in Italy, both in accommodating the demand for flexibility by customers and in supporting the growth of renewables.  

That is why we are investing 17.2 billion euros over the next three years, which represents 49% of the total amount of the 2024-2026 plan, a 2.9 billion euro increase over the 2021-2023 three-year period, confirming that Italy is, and will continue to be, the company’s core country of activity.

The grid in particular will see a very important economic commitment, almost doubling compared to the 2021-2023 three-year period (+47%), with 12.2 billion euros.

The role of renewables is also key, with 2.9 billion euros allocated. The focus on customer centricity, with an investment of 1.5 billion euros, half of the Group’s total investment dedicated to this front.


Financial and environmental sustainability

Through investment optimization, cost rationalization, simplification of processes and increased efficiency in terms of operations, we expect to increase our Group’s ordinary EBITDA to between 23.6 and 24.3 billion euros by 2026, with a Group Net Ordinary Income expected to increase to between 7.1 and 7.3 billion euros


 “Financial discipline will be the cornerstone of our strategy, boosting cash generation and efficiencies, with sustainability continuing to guide our business decisions. By carrying out these actions and reaching our targets, we will be able to further strengthen the Group’s financial position and enhance value creation, ensuring sound returns for our shareholders.”


Flavio Cattaneo, CEO of Enel

The plan foresees a simple and appealing dividend policy with a 0.43 euro fixed minimum Dividend Per Share for the three-year period, with a potential increase of up to a 70% payout on Net Ordinary Income if cash flow neutrality is achieved.

Another distinguishing feature of the plan is highlighted by the willingness to expand collaborations with external partners, with 6.1 billion euros financed by investment funds. Through this financing we aim to form high-profile partnerships with the goal of beginning new projects aimed at renewable energy generation with a special focus on the United States.

Our commitment to environmental sustainability has also been reconfirmed through:

  • delivering around 13.4 GW of additional renewable capacity globally by 2026;

  • the closure of all our coal plants by 2027, and in Italy by 2025, with the exception of the Sulcis plant due to electrical system balance requirements;

  • the reduction in direct and indirect greenhouse gas, in line with the Paris Agreement and the 1.5° C scenario, with an ultimate goal of zero emissions by 2040.