Enel launches new 2022-2024 strategic plan: focus on the electrification of customer energy demand

The Enel Group is presenting its 2022-2024 Strategic Plan today. The Group is also presenting its strategic vision towards 2030. The Group expects to mobilize 210 billion euros between 2021 and 2030. Out of this amount, the Group plans to directly invest around 170 billion euros (+6% on the previous Plan) through the Ownership and Stewardship business models, the latter also catalyzing an additional 40 billion euros through third parties.

This capital allocation is expected to accelerate the achievement of the Group’s electrification and decarbonization goals.

By 2030, the Enel Group expects to reach a total renewable capacity of around 154 GW, tripling its 2020 portfolio, to grow its grid customer base by 12 million and to promote electrification of consumption, increasing electricity sales by almost 30% while focusing on the scale up of beyond commodity services such as public electric mobility or behind-the-meter storage, supported by partners.

The Group plans to directly invest around 160 billion euros through theOwnership business model, mainly in “Tier 1” countries[1]. Specifically:

Nearly half (around 70 billion euros) will be devoted to Renewables, which are expected to add about 84 GW of capacity, out of which 9 GW in storage, leading to 129 GW of consolidated installed renewable capacity by 2030.This is expected to be accomplished byleveraging on a growing pipelineof around 370 GW, more than double the one that was presented last year, alongside three global platforms for Business Development, Engineering and Construction as well as Operation and Maintenance;

An additional investment of around 70 billion euros is planned to be deployed in Infrastructure and Networks, with a 10 billion euro increase compared to the previous Plan, concentrated in Europe, aimed at strengthening the Group’s position as a global player in terms of scale, quality, efficiency and resiliency. This investment is expected to result in a Regulatory Asset Base (“RAB”) of 65 billion euros in 2030, alongside the full digitalization of the Group’s entire grid customer base through smart meters. The development of the Group’s network activities will leverage on the implementation of Grid Blue Sky, a digital platform to manage its grid portfolio under a unified global model with the client at the center of the value chain.

Under the Stewardship business model, the Group plans to invest approximately 10 billion euros, while further catalyzing around 40 billion euros from third parties, focusing on countries where generation is not integrated with customers, in new geographies or in areas where the Group can monetize its expertise to offer services to partners.

Francesco Starace, CEO and General Manager of Enel said: “This year’s Plan, with 170 billion euros of direct investments by 2030, is a pivotal one. Its implementation is enabling us to step up from the previous Decade of Renewable Energy Discovery, to the current Decade of Electrification. We are accelerating growth across the business, bringing value to our customers who are at the core of the Group’s Strategy, a value which translates into a projected reduction in their energy spending, while increasing their electricity demand by 2030. Furthermore, we are bringing forward the Group’s full decarbonization target by ten years, reaching Net Zero by 2040. We will continue to grow in renewables, leveraging on what is already the world’s leading private renewable asset base. The Infrastructure and Networks as well as the newly-launched Global Customers business line will allow us to seize the incredible opportunities that electrification has to offer. The pioneering work carried out by all Enel colleagues and the advanced digital transformation of the Group will allow us to address the evolution of customer needs during this decade.”