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Enel’s results for 2021: Francesco Starace’s analysis

Francesco Starace: data for 2021 confirm Enel’s resilience and positive impact on sustainability-related issues


Enel’s results for 2021 “once again demonstrate the resilience and sustainability of our business model.” In commenting on the results, CEO Francesco Starace stressed their value in light of the “increasingly complex scenario” in which they were achieved, characterized “on the one hand, by signs of post-pandemic recovery and, on the other, by the negative impacts of increasing fossil fuel prices.” Some figures: Enel ended 2021 with net income at 3,189 million euros (2,610 million euros in 2020, +22.2%). Revenues also increased, to 88,006 million euros (66,004 million euros in 2020, +33.3%): the positive change can be attributed to all Business Lines, mainly due to the higher volumes of electricity produced and sold. Ordinary EBITDA rose to 19,210 million euros (18,027 million euros in 2020, +6.6%) while EBITDA stood at 17,567 million euros (+3.9%). EBIT was at 7,680 million euros (-9.2%) and mainly reflected the higher amortization recorded for the investments made. The Enel Group’s net ordinary income was at 5,593 million (+7.6%): this increase can be attributed to the positive performance in terms of ordinary operations.

“Enel’s results for 2021 once again demonstrate the resilience and sustainability of our business model, even in an increasingly complex scenario”

Francesco Starace, Enel CEO

It is now clear that utilities play a key role in managing the rapid changes in the energy sector,” said Starace, who added: “This is the direction in which our strategy is heading, focusing on decarbonization and electrification. In this way, we can seize opportunities along the entire value chain and, at the same time, contribute to energy independence in the countries where we operate.” As he pointed out, it is therefore essential that we “accelerate investment in renewables, which provide a stable, secure and competitive source of energy, in addition to being the solution for fighting climate change, together with the digitalization of networks and the electrification of consumption.” These words were confirmed by the numbers: in order to accelerate the energy transition, Enel invested a total of 12,997 million euros in 2021 (+27.5% compared to 2020).

The validity of our strategy enables us to maintain our commitment to distributing a growing dividend to shareholders, based on a simple and transparent policy,Starace said in conclusion. The total dividend proposed for the entire 2021 financial year is in fact 0.38 euros per share – of which 0.19 euros per share were already made as an interim payment in January 2022 – with a 6.1% increase on the total dividend of 0.358 euros per share for the entire 2020 financial year.


Enel editorial staff