Enel SpA, Italy’s largest utility, will exit from its Russia operations in a “matter of months,” Chief Executive Officer Francesco Starace said.
The Italian company joins the world’s biggest energy companies, including BP Plc, Shell Plc and Italy’s Eni SpA, that have announced plans to stop investing in Russia amid a swathe of sanctions against the country.
Established in 2004, Enel Russia PJSC contributes just over 1% of the company’s overall gross operating profit, according to Bloomberg Intelligence. Enel had already begun reducing its presence in Russia, and is in the process of selling its thermal generation assets due to the difficulty in reducing carbon emissions within the Russian power system, Starace said on Bloomberg TV.
