Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports.
Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that, like the sector, Naturgy would reinforce the investment effort in Networks as it is a key part of the energy transition.
We recall that the current Strategic Plan 23-25 envisages investments of €10,000 million in the period, of which 61% would be in renewables, 28% in networks and 11% in others.
NATURGY: SELL (Close €24.68 P.O. €24.12)
