Endesa’s 71% Decrease in Profits: CEO Jose Bogas Discusses Renewable Energy Partnerships and Regulatory Reforms

Endesa, the Spanish energy company, faced significant challenges in 2021 that led to a 71% decrease in profits. The Italian parent company Enel, brought about major changes in leadership and a reshuffle of the board of directors for Endesa. Despite these difficulties, Endesa held its Shareholders’ Meeting in Madrid where CEO Jose Bogas discussed potential partnerships to support renewable projects and highlighted the limitations in Spain’s electrical networks.

Bogas emphasized the need for regulatory reforms and elimination of investment caps in electrical networks to facilitate growth and development. He called for Spain to align with other European countries in terms of public remuneration for these investments to drive economic opportunities such as manufacturing industries and data centers. Endesa’s strategic plan for 2024-2026 includes significant investments in Networks, Renewables, and Customers with the possibility of partnering with others in renewable energy projects.

The CEO also addressed challenges posed by government tax limits on investment capacity. As Spain’s energy sector continues to evolve within the sector while facing political changes, Bogas acknowledged that regulatory frameworks, industry dynamics, and potential partnerships are closely tied to Endesa’s strategic direction and future initiatives.

Endesa’s new board composition reflects Enel’s increased control and influence aiming to rebalance its representation in alignment with its ownership stake. The company remains committed to driving growth within the renewable energy sector while navigating the ever-changing landscape of the energy industry in Spain and Italy.