Enel, hitherto the world's biggest listed renewables developer, plans 35.8 billion euros ($39 billion) of gross capital expenditure in its plan to 2026, of which nearly 19 billion euros will help to modernise and make its networks more resilient.
Shares in the state-controlled power group were down 0.4% at 1530 GMT paring a 1% initial loss on the Milan bourse and underperforming a nearly flat blue-chip index.
Rising indebtedness was one of the reasons why the Italian government, which is the single biggest shareholder in Enel, decided to oust the group's previous CEO, Francesco Starace.
New CEO Flavio Cattaneo pledged to spend only the cash generated by the business, without increasing the debt pile.
The group will devote some 3 billion euros to actively manage its customer portfolio through bundled offers, which will include different commodities and services.
Persons:
Antonio Parrinello, Enel, Francesco Starace, Flavio Cattaneo, Cattaneo, Stefano De Angelis, Starace, Francesca Landini, Giancarlo Navach, Keith Weir, Giulia Segreti, Elaine Hardcastle, Jonathan Oatis
Organizations:
REUTERS, Milan bourse, Thomson
Locations:
Catania, Italy, MILAN, Milan, Enel