As reported by MF, Plenitude (Eni’s subsidiary in the retail and renewable activities) may be interested in participating in the tender for the sale of Enel’s gas portfolio in Spain. These are approximately 1.8 million customers that Enel has put up for sale as part of the industrial plan presented in recent weeks and which allows Enel to pursue both the de-leverage objectives and the decarbonisation objectives which envisage the focus on electricity and abandonment of the gas business by 2040. On the Plenitude front, the company would accelerate on the plan objectives which envisage expansion in Europe as well as in renewables also in the retail business (Plenitude focuses on the offer integrated along the value chain).
The sale of the gas portfolio in Spain is part of the 12.2 billion plan envisaged by Enel for 2023, which also includes the sale of Peru, Romania, Argentina, the gas assets in Latam and Spain, the assets in Greece/Australia and part of the Renewables business (about 1 GW). “We believe that every step forward in the disposals process (including Plenitude’s interest in the part of the assets in Spain) is a positive element for Enel. In fact, group de-leverage represents the largest short-term catalyst for the group” writes Equita Sim.