Plenitude is born, Eni shares renewable and retail activities

Plenitude is the name of the Eni group company that brings together the retail and renewable energy activities and which will be listed on the stock exchange by the end of 2022. The top management of the energy group presented the new company to the financial community in Milan and indicated the objectives for the next few years. Among these is the commitment to reach the net zero emissions target by 2040, providing 100% decarbonised energy to all customers. The listing of Plenitude, explained Eni’s CEO, Claudio Descalzi, “is a cornerstone of our decarbonization strategy and a fundamental step in Eni’s ongoing transformation”. The new company “will attract new capital, release value and accelerate the energy transition.” Eni will keep a majority stake in Plenitude, which should have a free float on the stock market of around 20-30% of the capital. The listing will take place during 2022, “but we need to take the right time windows, given the high volatility” of the markets, added Descalzi. On the retail front, the company aims at 11.5 million customers by 2025, from the current 10 million, and over 15 million by 2030, while in renewables the goal is to reach over 6 Gigawatts of renewable installed capacity by 2025. supported by a pipeline of projects already identified, to then exceed 15 Gw by 2030. In the electric mobility segment, then, from the current 6,500 charging points, Plenitude’s target is to expand the network with a rapid growth plan in Europe, reaching over 31 thousand recharging points by 2030. To achieve these objectives, growth will be driven by an annual average investment plan of 1.8 billion euros over the period 2022-2025, mainly focused on renewable activities that will attract beyond 80% of the total expenditure. On the financial front, Plenitude is aiming for an Ebitda more than doubled, from € 0.6 billion in 2021 to € 1.3 billion in 2025, and an operating cash flow of around 1 billion by 2025. Net debt will be close to zero January 1, 2022 The CEO of the new company, Stefano Goberti, explained that Plenitude is “the outpost of Eni’s decarbonization strategy. We can count on a solid balance sheet, independent access to financial markets, the cash availability generated by retail and a structured organization supported by a strong reference shareholder “.