Earnings VolatilityPotentially higher earnings volatility with lower regulated earnings (~35% in 2023 from 45% on average in 2020-2022) following divestment of some grid assets and higher investment in renewables capacity.
Limited Shareholder ReturnsIt is deemed too early for Enel to increase shareholders' remuneration further, prioritizing healthy debt ratios and investment in renewables and grids.
Revenue DeclineFY24A revenues decreased by c.17% y/y to €78.9bn, mainly attributable to the lower volumes of thermal energy produced, lower electricity and gas sold in end-user markets, combined with lower prices.