Enel, all of Cattaneo’s operations abroad and internal moves
Enel has sold part of its assets in Australia and Chile, as envisaged in the strategic plan for debt reduction. Meanwhile, Cattaneo restructures the internal organization of the company. All the details
First moves of Enel's new top management.
Enel's new CEO, Flavio Cattaneo, is continuing the company's debt reduction strategy, which stood at 58.9 billion euros in the first quarter of 2023 but which will have to fall to 51-52 billion by the end of the year. 'year.
THE AGREEMENT WITH INPEX IN AUSTRALIA
Last Thursday Enel announced an agreement between Enel Green Power (the subsidiary dedicated to renewable energies) and the Japanese oil group INPEX for the sale to the latter of 50 percent of the two companies that own the group's assets in Australia: i.e. say three 310-megawatt capacity PV plants, plus various wind, solar and storage projects.
The deal is worth approximately 400 million euros and it is estimated that it will benefit Enel's consolidated net debt by 145 million, and that it will have a positive impact of 87 million euros on ordinary EBITDA for 2023.
THE AGREEMENT IN CHILE
The day before, Wednesday July 12, Enel sold its entire stake in Arcadia Generación, a Chilean photovoltaic company that owns four 416 MW plants, to energy producer Sonnedix. This transaction should have a positive impact both on Enel's net debt (for 504 million) and on the group's net profit (for 20 million).
ENEL'S STRATEGIC PLAN
Both the deal in Australia and the one in Chile were envisaged or in line with the group's strategic plan to 2025, which envisages the sale of some assets (choice motivated by the need to reduce debt) and, in parallel, the focus on six key markets in Europe and the Americas: namely Italy, Spain, the United States , Brazil, Chile and Colombia.
– Read also: Why nationalizations in Argentina don't surprise Enel too much
THE NEW ORGANIZATION OF ENEL IN CATTANEO
According to an internal document dated July 13, Enel's Global Business Lines have been organized as follows, without upheaval:
- Green Power and Thermal Generation is entrusted to Salvatore Bernabei
- Global Energy and Commodity Management and Chief Pricing Officer to Claudio Machetti
- Grids and Innovability to Gianni Vittorio Armani
- Enel X Global Retail to Francesco Venturini
Activities in Italy remain under the leadership of Nicola Lanzetta, José Gálvez Bogas has been confirmed as director for the Iberian region, while the head of the remaining countries ( Rest of the world ) is Alberto De Paoli, previously director for North America and the 'Latin America.
A new unit was then created, Global Service Function , entrusted to Stefano Ciurli.
Flavio Cattaneo assumes responsibility for the security area ad interim, which from 15 September will pass to Valerio Giardina, commander of the Carabinieri for environmental protection and ecological transition. The other areas were divided as follows:
- Administration, Finance and Control is entrusted to Stefano De Angelis
- People and Organization to Guido Stratta
- Communications to Roberto Deambrogio
- Legal and Corporate Affairs to Francesco Puntillo
- Audit to Silvia Fiori
– Read also: All the first appointments of Cattaneo and Scaroni in Enel
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/enel-cattaneo-organizzazione-interna/ on Fri, 14 Jul 2023 07:29:31 +0000.