Short-, medium- and long-term trends are re-shaping our key business drivers.
Short-term uncertainties require a company to be as flexible as possible.
Rules for investing are simple and clear:
first of all, we’ll deploy capital where returns are visible,
regulatory frameworks remunerative,
macroeconomics and political environments stable.
In light of this strategic change,
now the lion’s share of the accumulated capex will be invested in Europe,
accounting for approximately 75% of the total investment.
Efficiency will total €1.2 bn,
and we will build over a reduction of approximately 15%
of the addressable cost baseline of 2022.
We target to achieve Net Zero by 2040,
when 100% of our power generation will come from renewables,
and the push towards electrification will allow us
to exit the gas retail business.
Regulated businesses will be at the core of our strategy,
as we see the need to improve quality
and resiliency, and to accommodate for hosting capacity.
Renewable investments will be cherry-picked,
diversifying technologies and countries,
analyzing returns and risks,
and concentrating capital where the first are maximized while the latter minimized.
Investments will be allocated efficiently,
with our integrated model to enhance results and speed up delivery.
The guiding star of our strategic actions will be financial equilibrium.
The next three years will see the Group generating cash,
as net investment and dividends will be covered by funds from operations.