By Brazil Stock Guide – Enel CEO Flavio Cattaneo said the company is engaged in discussions with authorities to deliver a definitive solution to recurring blackouts in São Paulo, according to Reuters. The remarks come as Brazil’s power regulator assesses whether to terminate the group’s local distribution concession, while Enel unveils a €53 billion global investment plan through 2028.
Speaking during the presentation of Enel’s strategic plan on Monday, Cattaneo defended the company’s performance in Brazil’s largest city. He argued that storm-related outages are structurally linked to São Paulo’s above-ground grid and dense urban tree coverage.
“If this type of vegetation continues, only someone could solve it — and it’s not a human being, it’s Jesus Christ,” he said, according to Reuters. “The cables are inside the trees, not next to them.”
Regulatory Flashpoint
Enel’s Brazilian unit has faced mounting scrutiny since late 2024, when extreme weather events left millions without power for days. A December blackout affected 4.4 million customers, prompting Brazil’s electricity regulator, Agência Nacional de Energia Elétrica (Aneel), to open proceedings to assess potential caducity of the São Paulo concession.
The process was suspended after a request for further review by director Gentil Nogueira. Aneel is expected to decide whether to grant an additional 60 days to finalize his vote, while director-general Sandoval Feitosa has called for urgent deliberation.
Capital at Stake
Globally, Enel plans to invest €53 billion between 2026 and 2028, prioritizing grid modernization and renewable generation in Europe and the United States. Of that amount, €6.2 billion is allocated to Latin America — including Brazil — subject to what the company described as a predictable regulatory environment and clearer visibility on future rules.