Investments in renewables will be more selective, the group said, adding it would spend 12.1 billion euros in onshore wind, solar and battery storage.

It will devote 49% of gross capex to investments in Italy, up from a 48% in the previous plan, which envisaged investment of 37 billion euros including 17 billion for renewables.

Flavio Cattaneo, who succeeded long-serving CEO Francesco Starace in May, said the new 2024-26 business plan would turn Enel into a leaner and more flexible group.

"In the next three years, we will adopt a more selective

approach towards investments in order to maximise profitability while minimising risks," Cattaneo said in a statement, adding financial discipline would be the cornerstone of his strategy.

Enel said its net ordinary income was expected to grow to between 6.6 billion and 6.8 billion euros next year and rise to 7.1-7.3 billion euros in 2026.

The group confirmed a floor of 0.43 euro per share for its dividend over the next three years and pledged to increase the dividend per share up to a 70% payout on net ordinary income if cash flow neutrality is achieved.

($1 = 0.9168 euros)

(Reporting by Francesca Landini, editing by Giulia Segreti)

By Francesca Landini