José Gálvez Bogas Director of the Enel Group for Iberia
Endesa, the good results of Enel’s bet 15 years ago
The first gift for Flavio Cattaneo, the new CEO of Enel, should come from the company’s good dividend, something like 1 billion and 100 million. And a large part of this result comes from what 15 years ago was considered a controversial acquisition, that of the Spanish Endesa. The operation is proving to be decidedly advantageous. The excellent trend of Endesa, which almost quadrupled its results between 2021 and 2022, will help bring a dividend of just over one billion in 2023.
In 2022, the toughest year of the energy crisis, in which gas and electricity reached all-time highs, almost one in three euros earned by Enel came from Spanish operations. “Enel is very satisfied with the investment it made in its time, we are a very important building block,” said Joseè Bogas, CEO of Endesa, presenting the results for the year. Enel, with a value of 60 billion euros, owns about 70% of Spain’s second largest electricity company. That purchase of Enel, criticized at the time, is now considered of value. Enel paid 40 billion for Endesa. Today the company is worth 21 billion and 500 million plus the South American share of 8 billion and 31 billion in dividends taken since 2008.
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