Finance
Enel's $63 billion investment plan points to higher grids outlay in Spain
Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: February 23, 2026
Tags:infrastructure
Quick Summary
Enel’s $63B plan channels €26B into grids by 2028, with about 21% for Spain via Endesa. The boost follows the April 28, 2025 blackout as CNMC fixes a 6.58% grid return, below utilities’ >7% push.
Enel’s $63B Plan Signals Bigger Endesa Spending on Spain’s Power Grids
Endesa’s Increased Grid Investment in Spain
MADRID, Feb 23 (Reuters) - Spanish power utility Endesa is set to increase investments in Spanish power grids as part of Italian parent company Enel's $63 billion investment plan.
April 28 Iberian Blackout Context
The increase would come at a sensitive time in Spain. A massive blackout that hit Spain and Portugal on April 28 reignited the debate about investment needs in the country's power networks and the return on such investments.
Enel’s 2028 Grid Capex and Spain’s Share
Enel said on Monday it plans to invest some 26 billion euros ($31 billion) in power grids through 2028. Of this, roughly 21%, or about 5.5 billion euros, is earmarked for Spain, where it operates through Endesa, according to a presentation of the plan.
Comparison With Prior €4bn Allocation
This would be a significant increase compared with the roughly 4 billion euros Endesa previously allocated to invest in this business under a plan that it will update on Tuesday.
CNMC’s 6.58% Return Framework
Spain's competition watchdog recently set the financial return for power grid activities at 6.58% for the coming years, saying it sought to balance network investment needs with consumer protection.
Utilities Seek Above 7% Returns
This is well below the more than 7% Spanish power utilities - including Endesa - have called for.
FX Reference: $1 = €0.8480
($1 = 0.8480 euros)
(Reporting by Pietro Lombardi, Editing by Louise Heavens)
Key Takeaways
- •Enel will invest about $63B overall, including €26B in grids through 2028.
- •Roughly 21% (~€5.5B) of Enel’s grid capex is earmarked for Spain via Endesa.
- •Endesa’s Spain grid spending rises from a prior plan of around €4B.
- •After the April 28, 2025 Iberian blackout, grid upgrades gained urgency.
- •Spain’s CNMC set a 6.58% return for 2026–2031, below utilities’ >7% ask.
Frequently Asked Questions about Enel's $63 billion investment plan points to higher grids outlay in Spain
1What is the main topic?
Enel’s $63 billion investment plan and its impact on Endesa’s grid spending in Spain, including a larger allocation to electricity networks through 2028.
2How much is allocated to Spain’s grids?
Enel plans €26B for grids through 2028, with roughly 21%—about €5.5B—earmarked for Spain via Endesa, up from a prior ~€4B plan.
3What is the regulatory return set in Spain?
Spain’s regulator CNMC set the financial return for grid activities at 6.58% for 2026–2031, below the >7% level sought by utilities.
