Transition Plan Analysis Enel is the largest global renewable private player, biggest grid operator by end users and retail operator by customer base. It has substantially reduced carbon emissions in recent years and as a result, it has a built up a substantial ESG equity investor base. However, very recent changes to government policy and senior management raise uncertainty over Enel’s commitment to its transition strategy. In this report, Chris Moore, Senior European Power and Utilities Analyst, looks at -

• The changes to government policy and Enel senior management team. What could that mean for Enel’s transition strategy.
• The risks and implications of Enel not hitting its 2023-24 emissions targets.
• The risks of Enel’s new gas build.
• The technical and feasibility of delivering Enel’s ambitious renewables build on schedule.
• How does Enel replace 30% of Group EBITDA from fossil fuels.

If you are a portfolio manager, analyst (equity/credit), engagement lead, finance provider, insurer, or rating agency this report is for you. The energy transition is changing the power industry at increasing speed as new technology adoption reaches a new stage. Therefore, a transition plan will progressively be viewed as a survival plan, and not all decarbonisation plans will be rated equal. If you are an investment professional and have any further questions, feel free to email Chris at cmoore@carbontracker.org