New Directors and farewell address
As well as Bogas’ appointment as an External Director, Endesa’s General Shareholders’ Meeting approved the appointment of Angela Eliseo as Shareholder-Appointed Director, replacing Francesca Gostinelli, who has stepped down following her appointment as CEO of Enel Italy; and of Ana Muñoz Merino as Independent Director, replacing Cristina de Parias, whose term expired this year. The General Shareholders’ Meeting, held at Endesa’s headquarters in Madrid, recorded a quorum of 85,998%.
In his farewell address, the outgoing CEO reviewed his three terms in office, highlighting how Endesa, particularly over the past 12 years, has been at the forefront of the energy transition, accelerating decarbonisation, renewables, electrification and digitalisation, phasing out coal and consolidating its position as the leading electricity company in Spain and Portugal.
Regarding the international situation, marked by the war in Iran, Bogas underlined the strength of the Spanish electricity system: the high percentage of renewables and the nuclear fleet have limited the impact on prices. In 2026, gas influenced the electricity price in only 15% of the hours, confirming renewables as the main tool for countering volatility in international markets.
Iberian power outage and the future of nuclear energy
Referring to the Iberian blackout on 28 April 2025, the outgoing Chief Executive Officer reiterated that the incident was due to structural and management shortcomings by the system operator, Red Eléctrica. While he conveyed a message of reassurance about the low likelihood of similar events recurring, he stressed that voltage stability will remain a challenge in a system with an increasing share of renewable energy. He said that this requires the contribution of all technologies, clear rules and a strong degree of institutional coordination.
On the subject of nuclear energy, Bogas called for a pragmatic approach to the phase-out plan, proposing that the timetable be aligned with the actual progress of the energy transition. Postponing some plant closures would allow for an orderly transition, avoiding electricity price increases (estimated at around 20%) and negative effects on climate targets, given the role of nuclear power as a stable, CO₂-free source.
Annual results
With regard to the company’s financial performance, over the eight years between 2014 and 2022, gross operating profit rose from €3,090 million to €5,320 million, while the share price increased from €13.50 to €17.60. Over the last three years, gross profit grew to reach €5,756 million, and the share value climbed from €17.60 to €38.40.
‘These results allow us to propose to you, our shareholders, a dividend distribution that is 22% higher than originally forecast, increasing from €1.30 to €1.58 per share,’ Bogas stated.
Final messages and acknowledgements
In closing, Bogas said that the next three years will be decisive for the Spanish electricity sector. The availability of clean, abundant and competitive energy gives Spain a strategic advantage in attracting new demand and strengthening industry, but seizing this opportunity will depend on the decisions taken, in particular the adoption of a regulatory framework capable of supporting long-term investment.
He concluded by thanking several groups and individuals for their support: “I would like to thank all Endesa employees. The effort and dedication of our people are this company’s main asset. There is no question that the best part of my 44 years at Endesa has been those people, at every stage I have lived through in this company. I can say, without fear of being mistaken, that Endesa’s staff are the company’s best asset. I would also like to thank our shareholders for the trust they have placed in me over these years. It has been a true honour to count on your support.
“Naturally, I am grateful to the people who in years past have been key guiding figures in my career: There are many such role models, and I have learned something from each of them, but please allow me to mention Rodolfo Martín Villa, Manuel Pizarro and Rafael Miranda. I would also like to thank Juan Sánchez-Calero, Chairman of Endesa; Flavio Cattaneo, Chief Executive Officer of Enel and Vice-Chairman of Endesa; and all the members of the Board of Directors for their support. I would like to take this opportunity to thank the Directors who are stepping down from our Board (Francesca Gostinelli and Cristina de Parias) and to welcome the new Directors (Angela Eliseo and Ana Muñoz Merino).”
Bogas also wished the new CEO every success, expressing his confidence that he will lead the company towards new goals and to even greater heights in the future.
About Endesa
Endesa is the leading electricity company in Spain and the second largest in Portugal. It is also the second largest gas operator in the Spanish market. It operates an integrated business model spanning electricity generation, distribution, and supply. Furthermore, the company offers value-added services focused on the electrification of energy use for households, businesses, and public administrations. Endesa is committed to the United Nations’ SDGs and corporate social responsibility. In the latter area, it also operates through the Endesa Foundation. Our team comprises around 9,000 employees. Endesa is part of Enel.