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MILAN, Nov 3 (Reuters) – Italy’s biggest utility Enel ( ENEI.MI ) said Spain’s planned gas tax on energy companies was “right” and it could challenge the moving in court.
Enel, which runs listed Spanish utility Endesa ( ELE.MC ), revised up its guidance for 2022 net income on Thursday on the back of cautious expectations for its Italian business.
The new guidance also includes a 300 million euro hit from the new tax, Enel Chief Financial Officer Alberto De Paoli told analysts in a post-results conference call.
“We will continue to monitor the parliamentary work (in Spain) … to assess the judicial process and the law will be approved,” De Paoli said.
“We think the tax is contrary to the provisions of European Union law,” he said, adding that it was illegal.
The group’s net income fell by 9.5% year-on-year to 3 billion euros between January and September as high commodity prices hit the company’s retail business. group, especially in Italy, the company said.
The company currently sees revenues between 5.0 and 5.3 billion euros this year, against the previous forecast of 5.6-5.8 billion.
It left its EBITDA guidance unchanged and said it will pay a dividend of 0.40 euros per share this year.
Net debt at the end of September rose to 69.7 billion euros from 62.2 billion euros at the end of June but the group believes it will fall to between 58 and 62 billion euros by the end of this year.
Enel will present its 2023-2025 plan on November 22 and update investors on new areas in Latin America and elsewhere, De Paoli said.
Commentary by Francesca Landini and Keith Weir; edited by Elaine Hardcastle
Our Standards: Thomson Reuters’ Guardian Principles.
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