5 European Utility Stocks to Buy Now

2. Enel SpA (OTC:ENLAY)

Market Capitalization: $52.55 billion

Enel SpA (OTC:ENLAY) is a Rome, Italy-based electricity and natural gas distributor.

The company plans on transitioning to renewable energy sources for power generation in the future. Enel SpA (OTC:ENLAY) intends to conduct a capital expenditure outlay of nearly $173 billion from 2021 to 2030 in line with its decarbonization goals.

Amongst all the utility companies covered in this list, Enel SpA (OTC:ENLAY) has the highest forward dividend yield of 7.45% as of August 17. For the first half of 2022, the company saw its revenue increase by 85.3% YoY to $68.39 billion. Meanwhile, GAAP EPS was posted at 16 cents. According to the management, Enel SpA (OTC:ENLAY) will increase its renewable energy capacity by 84 GW over the course of this decade. This would include energy storage of 9 GW. By 2030, the company’s fleet will have a capacity of 129 GW.