Enel

Who owns Enel?
Enel is a publicly traded company listed on the Borsa Italiana under the ticker ENEL. The Italian Ministry of Economy and Finance holds approximately 23.6% of Enel's share capital, making the Italian state the largest single shareholder. The remaining shares are held by institutional investors, retail investors, and other shareholders. Enel was partially privatized in 1999 but the Italian government has retained its significant ownership stake.

Is Enel publicly traded?
Yes, Enel is publicly traded on the Borsa Italiana stock exchange under the ticker ENEL. The company has been publicly traded since its partial privatization in 1999. The Italian government retains approximately 23.6% ownership through the Ministry of Economy and Finance.

What is Enel's revenue?
In fiscal year 2025, Enel reported revenues of EUR 80.35 billion, an increase of 1.8% from EUR 78.93 billion in FY2024. Ordinary EBITDA was EUR 22.87 billion, and group net ordinary income was EUR 7.01 billion. Group net ordinary EPS was EUR 0.69, and the proposed dividend was EUR 0.49 per share.

What are Enel's main business segments?
Enel operates through three primary business lines: Enel Grids (electricity distribution, serving approximately 61 million end users), Enel Green Power (renewable energy generation with approximately 66 GW of installed capacity), and Enel Global Retail (electricity and gas supply to final customers, energy efficiency services, and value-added solutions).

When was Enel founded?
Enel was established in 1962 as Italy's National Electricity Board (Ente Nazionale per l'Energia Elettrica), consolidating approximately 1,270 private electricity companies under state control. The company was partially privatized and listed on the Borsa Italiana in 1999.

What is Enel's sustainability strategy?
Enel targets carbon neutrality by 2040, with all installed capacity becoming 100% renewable by that year. The company plans to phase out all coal-fired power plants by 2027 and targets 85% renewable installed capacity by 2030. Enel's climate targets have been validated by the Science Based Targets initiative (SBTi). The company has been a pioneer in sustainability-linked financing, issuing bonds that tie borrowing costs to environmental performance.

What is Enel's 2026-2028 Strategic Plan?
Enel's 2026-2028 Strategic Plan targets EUR 53 billion in gross capital expenditure, with approximately 60% allocated to grids and renewables in eight core countries with stable regulatory frameworks (Italy, Spain, Brazil, Chile, Colombia, Peru, Romania, and Argentina). The plan focuses on growth in stable environments, maximizing capital productivity, and ensuring a balanced risk-return profile.

Enel was established in 1962 by the Italian government as the National Electricity Board (Ente Nazionale per l'Energia Elettrica), consolidating Italy's fragmented electricity sector under state control. The creation of Enel nationalized approximately 1,270 previously private electricity companies and unified Italy's electricity generation and distribution infrastructure.

During the 1960s and 1970s, Enel expanded Italy's electricity generation capacity, investing in thermal power plants, hydroelectric facilities, and nuclear power. The company also began exploring renewable energy, including geothermal power in Tuscany, where Italy has a long history of geothermal exploitation.

The 1980s and 1990s brought significant changes. Following the Chernobyl disaster in 1986, Italy held a referendum in 1987 that led to the phase-out of nuclear power. Enel shifted its focus to thermal generation and began expanding internationally. In 1999, Enel was partially privatized and listed on the Borsa Italiana stock exchange as part of Italy's broader liberalization of the energy market. The Italian government retained a significant ownership stake.

In the 2000s, Enel expanded aggressively through international acquisitions. The company acquired stakes in electricity companies across Europe and the Americas, including a significant investment in Endesa in Spain. Enel also entered the renewable energy market, creating Enel Green Power in 2008 as a dedicated renewable energy subsidiary. Enel Green Power was briefly listed on the Borsa Italiana in 2010 before being fully reintegrated into Enel in 2016.

In 2017, Enel launched its first strategic plan focused on the energy transition, committing to decarbonization and renewable energy expansion. The company began divesting coal-fired power plants and investing heavily in wind and solar capacity. Between 2017 and 2024, Enel increased its renewable capacity by 60% and reduced direct greenhouse gas emission intensity from power generation by more than 70%.

In recent years, Enel has continued to refine its strategy. The company has divested assets in non-core markets, including operations in Russia (following the 2022 invasion of Ukraine), and has concentrated investment in countries with stable regulatory frameworks. Under the 2026-2028 Strategic Plan, Enel targets EUR 53 billion in gross capex, with a focus on grids, renewables, and final customers in eight core countries.

In FY2025, Enel reported revenues of EUR 80.35 billion, up 1.8% from EUR 78.93 billion in FY2024. Ordinary EBITDA was EUR 22.87 billion, up 0.3% from FY2024. Group net ordinary income was EUR 7.01 billion, down 1.7% from FY2024 but up 5.7% when excluding changes in the scope of consolidation. Group net ordinary EPS was EUR 0.69. The proposed dividend for FY2025 was EUR 0.49 per share.

Enel has established ambitious sustainability commitments centered on achieving carbon neutrality. The company's climate targets have been validated by the Science Based Targets initiative (SBTi), confirming alignment with the Paris Agreement goals.

Key sustainability commitments include:

• Carbon neutrality by 2040: Enel targets complete carbon neutrality across its entire value chain by 2040, with all installed capacity becoming 100% renewable by the same year.
• Coal phase-out by 2027: Enel plans to phase out all coal-fired power plants by 2027, ahead of many competitors.
• 85% renewable capacity by 2030: Enel targets 85% renewable installed capacity by 2030, up from approximately 66% in 2025.
• EUR 53 billion capex (2026-2028): The majority of Enel's capital expenditure is allocated to grids and renewables, reinforcing its commitment to the energy transition.

Between 2017 and 2024, Enel increased its renewable capacity by 60% and reduced direct greenhouse gas emission intensity from power generation by more than 70%. The company has been a pioneer in sustainability-linked financing, issuing sustainability-linked bonds that tie borrowing costs to the achievement of specific environmental targets.

Enel's sustainability reporting follows international standards and includes comprehensive disclosure of environmental, social, and governance performance. The company maintains strong positions in major ESG ratings and sustainability indices.

The company's "Open Innovability" approach emphasizes collaboration with stakeholders to drive innovation and create shared value. Beyond environmental initiatives, Enel focuses on social responsibility through community engagement, employee safety programs, and initiatives to promote energy access in developing markets.

Enel operates in a heavily regulated industry and faces scrutiny across multiple dimensions:

Regulatory Scrutiny: As a major utility with operations in multiple countries, Enel is subject to extensive regulatory oversight. Electricity distribution tariffs are set by regulatory authorities, and changes in tariff structures can significantly impact revenue. The company must navigate diverse regulatory frameworks across its eight core countries, each with different rules for grid investment, renewable energy incentives, and retail market competition.

Geopolitical Risk: Enel's international operations expose it to geopolitical risk. The company's decision to divest its Russian operations following the 2022 invasion of Ukraine demonstrated this exposure. Enel has since concentrated investment in countries with stable regulatory frameworks, reducing but not eliminating geopolitical risk.

Environmental Impact: Despite its renewable energy leadership, Enel still operates thermal generation assets, including gas-fired power plants. The company faces pressure from environmental groups to accelerate the phase-out of fossil fuel generation. Its commitment to phase out coal by 2027 and achieve carbon neutrality by 2040 addresses these concerns, but the timeline has been criticized by some activists as insufficiently ambitious.

Nuclear Legacy: Enel was involved in nuclear power generation before Italy's 1987 referendum led to nuclear phase-out. The company retains responsibility for decommissioning former nuclear sites in Italy, a process that has been lengthy and costly.

Market Manipulation Allegations: Like other major European energy companies, Enel has faced scrutiny over its role in electricity pricing, particularly during periods of high energy prices. No major regulatory actions have been taken against Enel in this regard, but the scrutiny reflects the broader public concern about energy company profits during periods of high prices.