"Despite the changes in Enel's board of directors, it is not expected, in principle, that there will be any change in Endesa's or in its business strategy" with these words the president of Endesa, Juan Sánchez-Calero, wanted to clear up the doubts that The shareholders present at the meeting that the company has held in Madrid have transmitted this Friday.
The Government of Giorgia Meloni in Italy changed the management of Enel, owner of 70% of Endesa, a few weeks ago, which has led to the departure of its CEO Francesco Starace, who in turn will leave on May 10 as vice president of Endesa. These changes have unleashed rumors that the new directors Meloni appoints Flavio Cattaneo CEO of Enel to replace Starace and Paolo Scaroni, as president, could decide changes in the Spanish leadership.
At the moment, from the electric company they deny it and prefer not to go into too many details. Both Sánchez-Calero and Bogas have taken advantage of their speeches at the meeting to offer an affectionate farewell to their still vice-president • "He is and will be an indisputable benchmark in energy matters", commented Bogas.
Endesa's CEO has preferred to focus his speech on evaluating the company's accounts for 2022 and warning that the current improvement in the markets cannot be considered the end of the problems. "We must not let our guard down" he warned after reiterating, for the umpteenth time since the crisis broke out, that "Endesa has not had extraordinary benefits and that it has limited itself to complying with the regulations set by the Government".
In this line, Bogas has also warned of the need to guarantee legal certainty in the electricity market at a key moment in which "strong investments are needed to advance in the energy transition", he has assured.
The manager of the electric company recalled that the sector has had to face 131 regulatory changes in 24 months, 74 of them in 2022. "These are changes that have sought to protect citizens and the business fabric and have allowed Spain to prices are better contained than in other EU countries, but they have also generated distortions in the market and operational tensions”, the manager warned.
For this reason, it has demanded that the government take into account the need to strengthen the system during the energy transition in the review of the National Energy and Climate Plan (PNIEC), as well as review everything that concerns permits and their impact on deployment. of renewables, as well as giving legal certainty to the necessary investments in distribution networks.
Endesa's shareholders have approved this Friday lines of credit and loans worth 3,000 million euros. Some operations that the president of the company, Juan Sánchez Calero, has described as "fair and reasonable" before the shareholders meeting held this Friday in Madrid, after several of the shareholders present questioned these operations with criticism of the operating strategy and of the company's parent company, the Italian Enel, which they say unnecessarily binds the Italian electricity company to its parent company despite its good results.
Despite these criticisms and in the absence of knowing the specific percentage of the votes, Endesa has managed to carry out all the proposals that it submitted to the board this Friday. Among them are also the continuity of various executives and the president Juan Sánchez Calero himself, as an independent director of the company.
