Italy’s Enel to accelerate Russia exit - report

Italian electric utility Enel SpA (BIT:ENEL) plans to leave Russia “reasonably fast,” chief executive officer Francesco Starace was quoted as saying.

The CEO said on Bloomberg TV that he recognises growth in renewables for Russia but because of the country’s armed invasion of Ukraine, Enel sees no other option but to exit the market. This will happen in a “matter of months,” according to Starace.

Enel’s head also pointed out that the company had initiated a reduction of its presence in Russia even before the military conflict.

At present, Enel holds a majority stake of 56% in Enel Russia PJSC, which has a number of wind assets in addition to gas-fired combined heat and power plants.

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