Endesa

What Endesa does

Endesa S.A. is a Spanish electric utility company founded in 1944 and listed on the Madrid Stock Exchange (IBEX 35) under ticker ELE (OTCMKTS: ELEZY), operating as a controlled subsidiary of Italian energy group Enel S.p.A. The company runs a fully vertically integrated business spanning electricity generation (hydroelectric, nuclear, thermal, wind, and solar via Enel Green Power España), regulated distribution (e-distribución covering 195,845 km² across 24 provinces and serving approximately 22 million people), and energy commercialization (Endesa Energía for the liberalized free market with 6.2M+ customers plus Energía XXI for the regulated PVPC tariff). Geographic operations are concentrated on the Iberian Peninsula, covering Spain and Portugal.

The commercial product portfolio spans electricity tariffs (Conecta Luz flat-rate, Luz Fija 24h Online, Conecta 3 Periodos time-of-use, Única personalized flat-rate, Tempo Happy, and Endesa Solar self-consumption), gas tariffs, solar panel installation (Endesa Solar gama Optim from €4,449), EV charging (Waybox from €1,099 plus Tarifa Recarga en Casa), and home maintenance add-ons (Protección 360 Plus, Mantenimiento Aire Completo/Gas Completo). The customer-facing technology layer includes the Área Cliente web portal and Endesa Clientes mobile app, AENOR-certified telemarketing operations (CAT Emisión), an SEO-optimized website, and the PARA TI loyalty program with Orange telecom partnership. Generation and distribution rely on smart-grid infrastructure, remote monitoring, fault detection, and advanced analytics. Underlying generation technology includes 131 MW of agrivoltaic capacity (Envatios I-III), hybrid solar+BESS PPA structures, and bespoke financial hedging products for renewable operators such as Sonnedix.

Revenue is generated through a combination of regulated distribution tariffs (subscription, CNMC-set), usage-based generation sales (wholesale and PPA), subscription retail tariffs across both free and regulated markets, one-time hardware sales (solar panels, EV chargers, boilers), subscription maintenance services, and professional services for corporate/municipal customers. FY2025 results show net profit of €2.198 billion (+16.4% YoY) and EBITDA of €5.8 billion (+9% YoY), with approximately 85% of EBITDA from regulated or contracted sources. The €10.6 billion 2026-2028 strategic plan, €2 billion share buyback program, and ~€5 billion planned dividend distribution alongside €1 billion in completed hydro acquisitions (Acciona Hidráulica) underscore Endesa's combination of regulated cash flow stability with active capital deployment across renewable and grid infrastructure.

Name

Endesa

Legal name

Endesa S.A.

Website

https://endesa.com

Company type

Public

Founded year

1944

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Endesa S.A. is a vertically integrated Spanish electric utility (subsidiary of Enel) operating generation, regulated distribution, and retail across Spain and Portugal. It serves 6.2M+ free-market customers and approximately 22 million people via its e-distribución network, offering electricity, gas, solar, EV charging, and maintenance services.

Ownership category

akta.pro rank

Product category

Electric Utilities

NAICS

Electric Power Generation, Transmission and Distribution (2211), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Hydroelectric Power Generation (221111), Electric Power Distribution (221122)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Energy Management Systems & Plant Controllers (PPC, AGC Participation, Curtailment Control) (EUAMAIAI), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE), Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF)

Keywords

• Electricity generation
• Electricity distribution
• Retail energy supply
• Renewable energy
• Natural gas supply

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation: Endesa generates electricity through diverse sources including hydroelectric, nuclear, thermal, wind, and solar plants. The generation business in Spain and Portugal sells power into the wholesale market (REMIT) and via PPAs, contributing to Endesa's overall revenue with mix dependent on resource availability and market prices.
2. Electricity Distribution (Regulated): Through subsidiary e-distribución, Endesa distributes electricity across 24 provinces in 8 autonomous communities in Spain covering 195,845 km² and serving ~22 million people. Distribution revenue is regulated by CNMC, providing stable, predictable returns.
3. Energy Commercialization (Free Market): Endesa sells electricity and gas to 6.2M+ customers in Spain and Portugal through its liberalized market brand Endesa Energía, using various tariff structures including fixed, time-of-use, indexed, and flat-rate plans. Also offers bundled products combining energy with maintenance, solar, and EV charging services.
4. Regulated Market (PVPC): Through Energía XXI Comercializadora de Referencia S.L., Endesa offers the regulated PVPC (Precio Voluntario para el Pequeño Consumidor) tariff to small consumers in Spain.
5. Products and Services of Added Value (PSVA): Endesa offers maintenance services (Protección 360 Plus, Mantenimiento Aire Completo, Mantenimiento Gas Completo), solar panel installations (via Endesa Solar), electric vehicle charging infrastructure (Endesa X Way Waybox), air conditioning/boilers, insurance policies, and home automation/smart home solutions.
6. Energy Management & Hedging Services: Endesa provides originators and financial risk-management services to renewable energy producers, offering structured hedging products for long-term positions in the competitive power market, creating service-based revenue streams beyond traditional generation.
7. Corporate Energy Solutions & Smart City Services: Endesa offers energy audits, demand management, distributed generation, electrical infrastructure installation, smart city services (public lighting, smart city development), and electric mobility infrastructure for businesses and municipalities.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels10 records

Core offering

Endesa generates electricity through diversified sources including hydroelectric, nuclear, thermal, wind, and solar plants; distributes it via its regulated e-distribución smart grid covering 195,845 km² across 24 Spanish provinces serving ~22 million people; and commercializes electricity and gas to 6.2M+ customers through Endesa Energía (free market) and Energía XXI (regulated PVPC). The company also offers solar self-consumption installations, EV charging solutions (Waybox), home maintenance services, and customized PPAs and hedging products for renewable operators.

Product overview

Endesa operates as a multi-product energy services platform offering electricity and gas commodities alongside value-added services. The core offering consists of retail electricity tariffs (Conecta Luz, Tarifa Luz Fija 24h Online, Tempo Happy, Única) and gas tariffs (Tarifa Gas Endesa, Conecta Gas) distributed through the Endesa Energía free-market brand and the regulated Energía XXI (PVPC) subsidiary. The product portfolio extends to solar self-consumption solutions (Endesa Solar panels with Endesa Solar tariff), electric mobility (Tarifa Recarga en Casa, Waybox charger), home maintenance services (Protección 360 Plus, Mantenimiento Aire Completo, Mantenimiento Gas Completo), and climatization products (calderas). The company operates regulated electricity distribution through e-distribución serving 22 million people, while Enel Green Power España manages renewable generation assets. Digital services include the Endesa Clientes mobile app and online Área Cliente portal. The PARA TI loyalty program integrates across product lines offering points-based rewards.

Differentiator

Problem solved

Functional benefit

Brands

• Endesa X Way: Electric mobility and charging solutions subsidiary
• Fundación Endesa
• e-distribución
• Enel Green Power España
• Única
• PARA TI

Products and services

• Tarifa Conecta Luz Electricity tariff offering a stable flat 24-hour rate with no permanence commitment and 2 years of price stability; currently advertised at €0.1090/kWh without taxes, online-exclusive.
• Tarifa Luz Fija 24h Online Fixed 24-hour electricity tariff with stable pricing across all hours and a 20% discount on consumption during the first year; discounted price €0.128235/kWh vs standard €0.160294/kWh.
• Tarifa Conecta 3 Periodos Three-period time-of-use electricity tariff with valley (€0.094410/kWh), flat (€0.117810/kWh), and peak (€0.186210/kWh) pricing, including 10% first-year discount and 2-year price stability.
• Tempo Happy Time-discrimination electricity tariff with flexible pricing periods that adapt to customer routines and consumption habits.
• Única de Endesa Personalized flat-rate electricity tariff offering stable monthly payments based on consumption history with customizable add-ons.
• Tarifa Gas Endesa Natural gas tariff for residential customers in Spain with competitive pricing and flexible contract terms.
• Tarifa Conecta Gas Natural gas tariff with competitive pricing and flexible terms for residential customers.
• Tarifa Endesa Solar Solar self-consumption tariff designed for customers with photovoltaic panel installations, enabling energy cost optimization.
• Tarifa Recarga en Casa Electric vehicle home charging tariff providing up to 1,250 km/month for less than €22/month with discounted charging rates (€0.8219/day without taxes, 216.99 kWh/month).
• Waybox Electric vehicle home charger available from €1,099 with financing up to 60 months, including 20% discount on public charging network for one year.
• Endesa Solar (Placas Solares) Solar panel installation service offering self-consumption solutions with panels from €4,449 (gama Optim), 12-year warranty, and financing options up to 120 months.
• Protección 360 Plus Comprehensive home protection service covering electrical failures, locksmith, plumbing, and glazing emergencies with urgent response within 3 hours.
• Mantenimiento Aire Completo Complete air conditioning maintenance service including annual inspection, priority service, and urgent repair assistance.
• Mantenimiento Gas Completo Comprehensive gas installation maintenance service with annual safety reviews and emergency support.
• Calderas y Climatización Boiler, air conditioning, and heat pump products and installation services for residential customers.
• PARA TI Customer loyalty program offering points redeemable for energy bill discounts, exclusive promotions, partner benefits (Movistar Arena VIP concerts), Orange partnership discounts, and referral rewards (€50 per friend brought, up to €500/year).
• Endesa Clientes (Mobile App) Mobile application for iOS and Android enabling customers to manage electricity and gas contracts, view bills, track consumption, and access exclusive offers.
• Tailored Financial Hedging Products Customized risk-management and structured financial hedging products offered to renewable energy operators (e.g., Sonnedix), enabling long-term risk coverage for renewable generation portfolios.
• Hybrid Solar + Battery Virtual PPA 150 MW virtual hybrid power purchase agreement combining solar and battery energy storage across Spain and Portugal, enabling optimized energy management and flexible supply tailored to customer demand.
• Endesa Energía Free-market electricity and gas retailer serving over 6.2 million customers in Spain and Portugal under the liberalized market.
• Energía XXI Reference electricity marketer offering the regulated PVPC (Voluntary Price for Small Consumer) tariff for eligible small consumers in Spain.
• Envatios I, II and III agrivoltaic portfolio 131 MW agrivoltaic solar portfolio in Andalusia combining solar generation with agricultural land use, featuring PV trackers, bifacial modules, 220kV transformers, beekeeping, and sheep grazing.
• e-distribución Distribution Service Regulated electricity distribution across 24 provinces in 8 autonomous communities in Spain covering 195,845 km² and serving approximately 22 million people, with smart grid remote monitoring, fault detection, and advanced analytics.
• Protección Luz 360 Electrical home protection service covering breakdowns and urgent electrical assistance for residential customers.
• Protección Gas 360 Gas home protection service covering breakdowns, leaks, and urgent gas assistance for residential customers.
• Endesa Drive Renting service for electric vehicles targeted at residential customers.
• Tarifa Tu Otra Casa 50 Luz Time-discrimination electricity tariff with 50% discount designed for secondary residences or low-consumption homes.
• Caldera + Gas bundled offer Combined offering of a gas boiler with a natural gas supply tariff for residential customers.
• Orange + Energy bundle Bundled telecom + energy package offering customers up to €6/month savings on energy bills when subscribing to Orange fiber, mobile, and TV services.

Quantifiable outcome

• EBITDA of €5.8 billion in 2025 (9% YoY growth), net ordinary income of €2.3 billion (18% YoY growth), both significantly exceeding guidance targets.
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SonnedixcoreStrategic or Co-development Partner · 14 April 2026Endesa and Sonnedix signed two agreements: (1) a 150 MW virtual hybrid PPA covering solar and battery installations across Spain and Portugal, and (2) a tailor-made financial hedging product covering 262.8 GWh of renewable energy starting in 2027. The PPA represents the first hybrid product in Sonnedix's portfolio combining solar PV with battery energy storage systems.
• Ferrovial Energia and Tellink (Joint Venture for Smart Streetlighting)minorStrategic or Co-development Partner · 13 March 2026Telefonica Tech implemented an NB-IoT smart streetlighting system in Burriana, Spain, connecting over 6,300 nodes. The project was contracted by a joint venture between Ferrovial Energia and Endesa, with Tellink providing the connected nodes. The setup enables remote control, fault detection, and advanced analytics, reducing electrical and maintenance costs for the municipality.
• ADNOC / Masdar (Battery Storage)minorStrategic or Co-development Partner · 16 December 2025ADNOC's Masdar subsidiary partnered with Endesa for battery energy storage system (BESS) development in Spain as part of Masdar's global BESS expansion strategy. This is part of ADNOC's pivot to building external energy storage market position, acquiring stakes in Terra-Gen (US), Arlington Energy (UK), and Endesa (Spain).
• Masdar (Abu Dhabi Future Energy Company)coreStrategic or Co-development Partner · 2 October 2025Enel (Endesa's parent) completed the sale of a 49.99% stake in EGPE Solar 2 to Masdar for €184 million (enterprise value €368 million on 100% basis). The vehicle contains four Endesa photovoltaic plants with 446 MW total capacity operating in Spain. Endesa retains control and consolidates the assets under a partnership model. The deal includes 15-year PPAs under which Endesa acquires the energy generated. Masdar also partnered with Endesa on BESS development in Spain.
• Orange (Telecom Partnership)coreGTM or Marketing PartnerEndesa and Orange cross-promote bundled telecom + energy packages. Orange sells Endesa electricity and gas alongside its fiber, mobile, and TV services. Customers save up to €6/month on energy bills. Endesa gains access to Orange's large retail customer base in Spain. Additional PARA TI loyalty points (€50) offered for joint customers.

Scale indicators18 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Iberdrola: Iberdrola is the most direct comparable to Endesa—both are vertically integrated Spanish utilities with ~24% market share each, similar generation portfolios (renewables, nuclear, hydro), and matching distribution and retail operations across Spain. They compete head-to-head in retail electricity, regulated distribution, and renewable development.
• Naturgy Energy Group: Naturgy is another major Spanish integrated gas and electricity utility competing directly with Endesa in retail energy, gas distribution, and increasingly renewable generation. Comparable in terms of regulated and liberalized market exposure in Iberia, with a similar customer base scale and product breadth.
• EDP - Energias de Portugal: EDP is a Portuguese integrated utility with significant renewable energy operations and direct overlap with Endesa in the Iberian market, particularly in renewable generation, retail electricity, and energy services across Portugal and Spain.

Emerging players

• Repsol: Repsol is expanding aggressively into Spanish retail electricity from its oil and gas base, targeting 5M customers by 2030 (from ~3M currently). While not historically a utility, its growing overlap with Endesa in retail energy, EV charging, and renewable generation makes it a meaningful emerging competitive threat.
• Acciona Energía: Acciona Energía is a Spanish pure-play renewable energy company that was part of the broader Acciona group before its spin-off. While more focused on renewable generation than Endesa, it is a direct competitor in Spanish wind and solar development and is the parent of the Acciona Hidráulica assets Endesa acquired for €1B in 2024.

Broad incumbents

• Enel S.p.A. Enel is Endesa's parent company and one of the world's largest integrated utilities. As a broader incumbent operating across generation, distribution, and retail in dozens of countries, Enel provides a key strategic parent context—Endesa's investment plan is part of Enel's €53B 2026-2028 group plan.
• Électricité de France (EDF): EDF is a major European integrated utility with comparable business model (nuclear, hydro, renewables, distribution, retail) and similar regulated/contracted revenue mix. As a broader incumbent in the European utility space, EDF faces the same electrification and grid modernization tailwinds as Endesa.
• E.ON SE: E.ON is a large German integrated utility operating distribution networks and retail energy across Europe. While not a direct competitor in Iberia, E.ON's comparable business model (regulated distribution, retail, energy services) and pivot toward grid and customer solutions make it a relevant European peer for strategic benchmarking.
• RWE AG: RWE is a major European utility that has pivoted heavily into renewables, similar to Endesa's transition trajectory. Comparable in generation mix evolution, renewable pipeline development, and the strategic challenge of managing legacy thermal assets while scaling clean energy.
• Vattenfall AB: Vattenfall is a Swedish state-owned integrated utility with comparable hydro, nuclear, and renewable generation portfolios. Similar vertical integration (generation through retail) and European regulatory exposure make it a relevant peer for benchmarking operational and capital allocation strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/7022

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Endesa