From Breakingviews - Enel self-help plan has one known unknown
Enel CEO Francesco Starace speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidChief Executive Francesco Starace’s slim-down plan is not getting enough attention. Last year, the $57 billion utility’s shares suffered as its net debt rose to 70 billion euros, and soaring interest rates and its base in a high-debt Italy battling spiralling energy costs spooked investors.
Starace’s possible exit at the end of his third mandate in May is, however, a worry. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation
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