Italian energy company Enel plans to invest €26bn in smart grids as part of its 2025 to 2027 plan. This is 40% more than in the previous plan.

Around 78% of this will be in Italy and Spain, countries characterised by regulatory frameworks that can support investments, and about 22% in Latin America.

In the total 2025-2027 plan, Enel’s total gross capex will amount to approximately €43bn, around €7bn more than the previous plan.

On top of the €26bn for smart grids, approximately €12bn will be spent on renewable energy, adding around 12GW of capacity, with an improved technological mix that foresees over 70% of onshore wind and dispatchable technologies such as hydro and batteries, up to an overall capacity of about 76GW and an increase of over 15% in production in 2027.

Around €2.7bn will be spent on customers, of which approximately 85% will be in countries where the group has an integrated presence, with a portfolio of bundled offerings covering energy, products and services.

Enel (www.enel.com) plans to allocate investments proportionally across its main geographies, based on their contributions to EBITDA, with around 75% in Europe as well as about 25% in Latin and North America.

In 2027, group ordinary EBITDA is expected to grow to between €24.1bn and €24.5bn and group net ordinary income is expected to increase to between €7.1bn and €7.5bn.

The visibility on the group’s 2024 financial results allows for the proposal at Enel’s next shareholders’ meeting of an overall dividend payout of €0.46 per share, above the fixed minimum dividend per share (DPS) of €0.43 set in the previous plan.

Throughout the 2025-2027 period, the implementation of the actions is expected to result in visible and highly predictable returns; on this basis, the dividend policy was revised upwards with a new fixed minimum annual DPS of €0.46 and a potential further upside corresponding to up to a 70% payout on the group net ordinary income.