Enel from now on

Dear stakeholders,

The year 2023 marked an important change in the management of the Enel Group with the renewal of the entire Board of Directors and the appointment of the new Chairman, Paolo Scaroni. In turn, the Board of Directors has appointed Flavio Cattaneo as Chief Executive Officer.
The new management has defined the Group’s strategy, based on three pillars:
(i) Profitability, flexibility and resilience through selective capital allocation aiming at maximizing the Group’s return while minimizing risk;
(ii) Efficiency and effectiveness through the simplification of activities and processes, a leaner organization with clear accountability and a focus on core geographies in which the Group has an integrated position (Italy, Spain, Brazil, Chile, Colombia, and the United States) in order to maximize cash generation and compensate for inflationary dynamics and rising cost of capital;
(iii) Financial and environmental sustainability to pursue value creation strengthening the financial structure, while addressing the challenges of climate change.

In 2023, Enel is confirmed as the world’s largest private operator in the renewable energy sector, with 63 GW of managed capacity (including BESS), and in the energy distribution sector, with over 70 million end users connected to the grids. Furthermore, it is the private company with the largest customer base, amounting to over 61 million people, to whom it supplies energy and related services.
The Group continues to pursue the decarbonization roadmap in line with limiting global warming to below 1.5 °C: in 2023, absolute direct and indirect greenhouse gas emissions along the entire value chain, amounting to 94.3 MtCO_2eq, were reduced by 26.3% compared to 2022, in line with the decarbonization targets for 2030 and 2040, as certified by the Science Based Targets initiative (SBTi).
In 2023, Enel also confirmed the technological leadership in generation from renewable sources, storage systems, and distribution networks. In the energy distribution sector, Enel continues to modernize and digitalize electricity grids, both to enhance their resilience to increasingly extreme weather events and to prepare them to play the role of enablers of the energy transition.
The push for innovation will continue to be a strategic driver. The Group will continue to monitor the evolution of new technologies that will mature in the medium-long term, such as hydrogen and the new small and modular fission or fusion nuclear reactors.
Enel is also leading the path of energy transition and electrification of consumption through the development of a portfolio of products and services dedicated to residential consumers, businesses, and municipalities.
In the countries where it operates, Enel recognizes the importance of building strong and positive relationships with all stakeholders, from local communities to governments. Continuous dialogue with these stakeholders makes it possible to carry out projects that respond to common priorities and needs and allow the creation of sustainable and shared value.
People and human capital play a central role in leading the change and the achievement of strategic objectives. More than 61,000 people (about 23% are women), 79 different nationalities in 38 countries, 4 generations working together, all demonstrate how diversity and inclusion are a fundamental prerequisite for a sustainable company. Enel pays constant attention to people’s training and to the enhancing of talents, promoting growth paths based on merit.
Another key element is the more than 8,300 qualified suppliers, with whom the Group shares the goal of creating sustainable processes, capable of maximizing economic, social, and environmental benefits, in the knowledge that it is necessary to minimize the need for critical raw materials through innovation and circular economy.
Enel also maintains vigilant and constant attention to safety in the workplaces: safety is not only a corporate objective but a commitment to mutual responsibility between the Company, workers, and suppliers. In order to promote a shared and acted culture, Enel has launched a global communication campaign on safety issues.
To conclude, the Group is determined to create value for all stakeholders, contributing to the energy transition, the electrification of consumption, and the fight against climate change.