Italian multinational energy group Enel intends to reexamine its investment plans for the Greek market as a result measures announced by the energy ministry to counter the RES special account deficit, including an extraordinary contribution from RES producers, the group’s chief executive officer Francesco Starace informed yesterday during on online event through which the group presented its annual strategic plan.
Major banks, funds, investment groups and hundreds of journalists from all over the world were tuned in for Enel’s presentation.
Starace strongly opposed the Greek government measures, describing them as moves that frighten investors and undermine the investor community’s confidence in Greece.
The Enel group’s chief financial officer Alberto De Paoli reiterated these remarks, noting they increase the country risk factor.
Yesterday’s words of warning by the Enel officials come as no surprise. Over the past month or so, ever since the government announced it would impose an extraordinary charge on RES producers as part of the package of RES account measures, Enel and three other multinationals active in Greece’s RES market all expressed strong objections, warning their local subsidiaries would reconsider investment plans.
It remains to be seen what Starace’s latest remarks will mean in practice, once the government begins implementing its package of measures, valued at 350 million euros annually.
The Greek administration has described these measures as a necessity in order to avoid a further widening of the RES special account deficit to inconceivable proportions.