Latest news with #Enel
Reuters
a day ago
- Business
- Reuters
Spain's Endesa faces $240 million claim in LNG contract dispute
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab faces claims of $240 million as part of an arbitration process related to a price review of a long-term liquefied natural gas supply contract, it said in a financial report published on Tuesday. The amount could change during the arbitration, launched by an unidentified LNG producer in January, the conclusion of which is not expected before the end of next year, it said. Endesa disclosed the legal dispute in February, at which time it estimated a potential hit of $300 million. The claim was then presented in June. Owned by Italian energy giant Enel ( opens new tab, Endesa was in 2023 ordered to pay $570 million to QatarEnergy in a dispute over a retroactive price adjustment, while in November, a court rejected a similar case filed by a Nigerian supplier seeking around $650 million in compensation. The company plans to progressively reduce its gas business as part of its decarbonisation plans and will let contracts with Qatar and Nigeria that end in 2025 and 2026, respectively, expire.
Reuters
a day ago
- Business
- Reuters
Endesa reports 30% profit rise but warns Spain's grid plan lacks incentives
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab reported on Tuesday a 30% rise in first-half net profit to 1.04 billion euros ($1.20 billion), while warning that a proposed remuneration framework for power grid investments in Spain fails to offer adequate incentives. The company, majority-owned by Italy's Enel ( opens new tab, has shifted its focus to expanding and upgrading power networks amid soaring electricity demand and connection requests, reducing spending on renewables. A massive blackout on April 28 affecting Spain and Portugal has reignited discussions about the investment needs for the country's power networks, which are regulated by Spain's competition and energy watchdog CNMC. The company criticised a proposal by Spain's competition and energy watchdog CNMC to update the remuneration framework for investments in grids in the coming year, including raising the guaranteed return on investments in power grids to 6.46%. "This proposal seriously jeopardises the level of investment Spain needs to achieve its decarbonisation, increase electricity demand and grid investment goals" included in the country's climate and energy plan, Chief Executive Jose Bogas said. Endesa booked a net profit of 1.04 billion euros ($1.20 billion) in the period. This compares with 800 million euros a year earlier, when results included a windfall tax on energy companies. The company said it is on track to meet its targets this year. "Endesa suffered a declining trend in its integrated electricity margin" in the second quarter "and lower, albeit still high, gas unit margins," RBC analyst Fernando Garcia said in a note. "We expect a declining trend in gas unit margins in the second half and beating guidance looks now more challenging," he said. ($1 = 0.8632 euros)
Reuters
a day ago
- Business
- Reuters
Endesa blasts grid remuneration proposal as 1H profit rises 30%
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab posted on Tuesday a 30% increase in first-half net profit and warned that the proposed remuneration framework for power grids investments in Spain doesn't offer the right incentives. The company, owned by Italian energy giant Enel ( opens new tab, booked a net profit of 1.04 billion euros ($1.20 billion)in the period. This compares with 800 million euros a year earlier, when results included a windfall tax on energy companies. The company criticised a proposal by Spain's competition and energy watchdog CNMC to update the remuneration framework for investments in grids in coming year, including raising the guaranteed return on investments in power grids to 6.46%. "This proposal seriously jeopardizes the level of investment Spain needs to achieve its decarbonisation, increase electricity demand and grid investment goals" included in the country's climate and energy plan, Chief Executive Jose Bogas said. ($1 = 0.8632 euros)
Reuters
a day ago
- Business
- Reuters
Endesa on track to meet targets after 1H profit rises 30%
MADRID, July 29 (Reuters) - Spanish power utility Endesa ( opens new tab said on Tuesday it is on track to meet its targets for the year after first-half net profit rose 30%. The company, owned by Italian energy giant Enel ( opens new tab, booked a net profit of 1.04 billion euros ($1.20 billion)in the period, compared with 800 million euros a year earlier. ($1 = 0.8632 euros)
Euractiv
11-07-2025
- Business
- Euractiv
Italy seeks bigger role in Ukraine's defence and reconstruction
ROME – Italy pledged Thursday to increase its defence cooperation with Ukraine and encourage private investment to support Kyiv's post-war reconstruction. Speaking at the Ukraine Recovery Conference in Rome, Prime Minister Giorgia Meloni emphasized stronger collaboration between Italian and Ukrainian defense industries, describing the partnership as 'increasingly central' to Kyiv's resilience. Ukrainian President Volodymyr Zelensky welcomed the initiative, with a particular focus on air defence and drone technologies. He praised Italy's potential role in protecting lives in Ukraine 'today' and in protecting Italy itself 'tomorrow'. Over 1,000 companies attended the conference during which Meloni announced a new EU equity fund designed to mobilize private capital and support Ukraine's economic recovery. 'Don't be afraid to invest, to build, to rebuild in Ukraine,' Meloni said, highlighting the involvement of national champions like Leonardo, Enel, Terna, and Ferrovie in joint projects with Ukrainian partners. She also warned that companies linked to Russia's war machine must be excluded from reconstruction efforts, echoing recent statements from the G7. Agreements signed at the conference reached over €10 billion – below the €16.5 billion announced at the previous Ukraine Recovery conference in Berlin last year.
