Buenos días. Good day, dear shareholders. Thank you very much, everyone, for your thematic participation. And I'd like to, first of all, welcome you to this event on behalf of the Board of Directors and on my own behalf.
For the second year in a row, and in view of the health situation caused by COVID-19, and in order to protect the health of shareholders, employees, suppliers, directors, and citizens in general, and following the extraordinary measures established by law regarding the holding of General Shareholders Meetings, and specifically considering the provisions of Letter A, Section 1, Article 3 of Royal Decree 34/2020 of 17 November on urgent measures to support regional solvency in the energy sector and on tax matters, as amended by Final Provision 8 of Royal Decree- Law 5/2021 of 12 March, Endesa's Board of Directors has decided to hold its 2021 Annual General Shareholders Meeting exclusively by electronic means, without the physical attendance of shareholders or their proxies. Technology today helps us to be able to hold this meeting with the online presence of many of the shareholders through the channel provided on our website.
I'd like to thank you all who have joined us through remote attendance. In addition, as every year, electronic voting and proxy voting was available to shareholders. It is necessary to verify compliance with legal requirements for the valid constitution of this General Meeting. I give the floor to the Secretary who, together with me, will have the powers of organization provided for in the rules of procedure for the board. Thank you very much, Mr. President. Good morning and good day, dear shareholders. We hereby notice that this meeting is being held exclusively remotely, without the physical attendance of shareholders or their representatives, and for legal purposes, it is considered to be held in Madrid, at the Registered Office of Endesa, 60 Ribera del Loira Street, at 12:30 P.M. of 30th April 2021.
The General Shareholders Meeting of Endesa will meet in a single summons to the General Shareholders Meeting on 30 April 2021. The announcement of the call was published on 24 March 2021 in the Official Gazette of the Mercantile Register, on the company's website, and on the website of the National Securities Markets Commission, and is hereby deemed to have been read and understood for all purposes. We have required the presence of a notary public to record the minutes of the meeting, and we have Mr. Francisco Javier Gardeazábal, Notary of Madrid, to draw up the minutes of the meeting. The proposed resolutions were motioned by the Board of Directors on the items of the agenda, and the corresponding reports have been available to shareholders since the publication of the meeting call on the website.
For shareholders connected telematically, it's also available on the telematic assistance app that you're accessing this through. Therefore, this is deemed to have been read for all effects and purposes. We'd like to inform you that an independent expert is carrying out a review of compliance with the procedures for convening and holding the General Shareholders Meeting, including a review of the voting and proxy process, from which it appears that pending the conclusion of the final verifications, systems, and procedures applied by Endesa are in accordance with the current General Shareholders Meeting regulations in force.
Finally, it should be noted that a reliable electronic publication service provider has verified that from the date of publication of the call of meeting and until 10:30 A.M. today, the insertion of maintenance documents on the website www.endesa.com have remained published on the aforementioned website without interruption, available with the possibility of downloading and printing them, and unaltered. The attendance list has been drawn by computer in accordance with the terms established in Article 98 of the Mercantile Register Regulations, and duly completed, shall be attached as an annex to the minutes, and the attendance quorum is as follows. So shareholders consider to be present by law. They're not physically present, but the law considers them as present. 537 representing 744,314,565 shares, representing 70.301% of the share capital. Legally representing the shareholders, 2,427 representing 161,869,838 shares, representing 15.289% of the share capital.
So altogether, we have 2,784 shareholders and 106,184,403 shares, representing 85.590% of the share capital with voting rights. And that entails a valid quorum for the constitution of the General Shareholders Meeting and to deal with all the items, including the agenda. Endesa has a treasury stock of 8,799 shares, representing 0.008% of the share capital. The treasury stock has been included to calculate the necessary quotas for constituting and adopting agreements in the GSM. In agreement with the law, the voting rights of these shares are suspended. Dear President, Mr. Chairman, please go ahead. Thank you. In view of the definitive data provided by the Secretary, we confirm the requirements necessary for the valid constitution of the General Shareholders Meeting on a single call so that we can make a decision on all the items of the agenda.
The voting channel for shareholders attending this meeting electronically will be available until the Secretary completes the reading of the proposed resolutions. The bureau is composed by the members of the Board of Directors present in this auditorium and those connected by audio conference to this telematic meeting. We give the floor to the notary public. Thank you, dear President. In compliance with Article 101 of the Mercantile Register Regulation, I hereby declare that I have been requested to attend this General Shareholders Meeting, being held exclusively electronically, to draw up the minutes of the meeting. I hereby declare that I'm present in the auditorium of Endesa's head office.
I have checked that the meeting has been convened in accordance with legal requirements, and I have verified that the means of real-time remote communication used by council members and board members who are bureau members and who are not physically present adequately ensure the constitution of the board and of the meeting. Finally, if there are any reservations or protests regarding the statements and valid constitution of the board, please do so now through the use of the IT assistance application for due record. Mr. President, having checked the information, there are no reservations. I give the floor back to the President. Thank you. I'll give the floor to the Secretary now. Thank you.
In accordance with the Companies Law and Regulations, General Meeting shareholders have been able to request such information and clarifications as they have deemed necessary regarding matters including the agenda of the call of the meeting, information accessible to the public that has been provided by the company to the Securities Markets Commission since the General Meeting was held, and all regarding the statutory report. Because of the characteristics of this meeting, a computer application has been made available to shareholders on the company's website in order to attend remotely and to allow shareholders to exercise their right to information in writing.
For this reason, in this meeting, there will not be speaking turns as such, but requests for information clarifications that shareholders may have made up to 12:00 P.M. today will be forwarded to this meeting through the computer application for telematic attendance, all that in accordance with the law and the call of the meeting. An attempt will also be made to respond to these requests during the meeting. If this is not possible, a written reply will be sent to shareholders within seven days, as stated by law. Dear Chairman, dear President. [Foreign language ] Dear shareholders. We're pleased to share with you all of the rendering of the accounts for the financial year 2020. We have made available to you very extensive information that sets out in detail the development of this financial year and the resolutions proposed for approval by the General Meeting.
In particular, I must mention the preparation of the new statement of non-financial information on sustainability 2020, describing how Endesa meets its fundamental commitment to sustainability. Endesa has lived the 2020 financial year practically in its entirety under the very serious effect of the COVID-19 pandemic. We have experienced and keep experiencing a health crisis with an unprecedented social impact in recent history. Endesa's Board of Directors remembers all the victims of COVID-19, their families, and loved ones. Our condolences go especially to all Endesa and Enel colleagues who died as a result of the virus. Our condolences also go to the family of our contractor's worker who died in an accident while repairing a transformer station in Seville. The pandemic has posed multiple challenges for our company.
From the first moment of the crisis, we felt that in addition to normal development of our business, Endesa had to act in many different areas. Our company was involved in an exercise of solidarity in agreement with the seriousness and exceptional nature of the situation. Faced with an emergency that forced us into confinement, separation, and distance, society was calling for support measures to help alleviate the impact of the pandemic on the lives of so many people, families, and communities. At the 2020 General Meeting, we presented our Public Responsibility Plan, a plan with which Endesa and its Foundation have been tackling the consequences of the pandemic on our community, deploying direct aid in the health, social, and economic spheres. The plan has included activities aimed at supporting those hardest hit by the crisis in an attempt to collaborate to maintain economic activity.
These are actions for a total amount of EUR 25 million, which have so far benefited more than 2 million people, and whose details you will find, dear shareholders, in the documentation made available to you. Protecting the health of our employees and families and that of our partners also made it necessary to adopt safety and prevention measures at work. Firstly, regarding the essential jobs requiring presence. Secondly, by accelerating the use of the technology for all jobs that could be performed remotely. And we have adapted these measures to our contractors and suppliers. This same organizational responsibility and the utmost caution are our priority criteria in the scenario of an eventual and progressive return to normality in Endesa's operations. The challenge posed by the health crisis was compounded by other extraordinary events, such as extreme weather events of the first few days of 2021.
Dealing with the consequences of this is no mean feat, and withstanding extreme temperatures was possible thanks to the determination and commitment of Endesa's employees and collaborators. The security and continuity of the electricity supply in such difficult times as those experienced at the time are a factor of stability for the entire community. The 2020 fiscal year has enabled Endesa to make progress in the step change in which its activity and business are immersed, as the CEO will explain in his speech. These changes take place on multiple levels, all of which point towards the common goal of energy transition, which has received an additional incentive on the international stage. The European Union was right to consider the fight against the pandemic required a historic response that was equal to the challenge, making energy policy a priority and one of the keys to this response.
The steps designed to ensure that the financial resources reach the destination have been implemented, as stated by the regulatory framework that should support this transition process. The energy transition is now a priority policy demanding from each company a response in its respective position. Endesa took on the challenge posed by this environment of unstoppable innovation, with the aim of specifying the aims that are usually included in the notion of sustainability as an expression of precise objectives in the economic, social, and environmental spheres. The presentation in November 2020 of the new 2021-2023 Strategic Plan and its accompanying Sustainability Plan 2021-2023 expressed an intention to accelerate the changes that had previously been set in motion. The new plan significantly increases investment to advance decarbonization and digitalization. With these measures, Endesa stands out in the reconfiguration of our energy sector and in contributing to a new economic model.
We're doing so with specific measures that demonstrate our ability to lead the transition process. We are aware of all the consequences of this transformation process, and we respond to that with accompanying plans. In implementation of the agreement for a just transition of April 2020, these plans are aimed to reactivate in the areas affected by energy transformation. These areas are linked to Endesa's history, and we want them to remain so in the future. The accompanying plans express our concern to ensure that the new activities to be developed in these areas result in the employment of the population and the continuity of their economic activity. Equally, Endesa has also presented a catalog of projects aimed at contributing to the process envisaged in the Recovery, Transformation, and Resilience Plan approved a few days ago by the Spanish government.
The implementation of this plan would provide additional impetus to the energy transition process. On the other hand, we have confirmed our willingness to translate institutional coordination into solutions that favor access to electricity supply for vulnerable social groups. Thus, the recent agreement with the Generalitat de Catalunya has meant, among other measures, the cancellation of the debt accumulated by 35,000 families in a vulnerable situation. Regarding Endesa's corporate governance, numerous measures have been proposed or adopted throughout 2020. Endesa pays special attention to the development of best practices, which we are integrating into our system and which ensure our status as a benchmark in terms of transparency. We have a corporate governance system that we want to consolidate based on the annual evaluation by the board of its operation and that of its committees carried out with the support of an external advisor.
In 2020, our system has been modified with a comparison of changes required by the new law and approved by amendments to some corporate policies. Thus, we have taken into account the recommendations derived from the current Code of Good Governance of June 2020 and adopted various measures in anticipation of the subsequent approval of the recent Law 5/2021 of 12 April on the promotion of long-term shareholder engagement. We suggest several amendments to the Articles of Association and the Regulations of the General Meeting of Shareholders, in particular those relating to the holding of meetings by electronic means and attendance of such meetings. This is an option which, on the basis of recent experience, seems appropriate to be included in the Articles of Association and the aforementioned regulations. Regarding regulations, the report justifies the changes made to these have been available to shareholders.
In the different board committees, several changes have taken place. Endesa has not followed recommendation 48 regarding having a nomination or appointment and remuneration committee. The explanation lies in our experience. The existence of a single committee ensures coordination required and necessary between the two committees. It is split on appraisal and remuneration, talent attraction and retention, and results orientation. In 2020, the Audit and Compliance Committee and the Appointments and Remuneration Committee were reorganized in line with the importance of sustainability in Endesa's governance and business. Following the resolution of the general shareholders' meeting to create it, the Sustainability and Corporate Governance Committee began to operate. The presence of independent directors of each of the committees has been maintained at least 75%. All committees have been attended with 40% of female directors, and independent directors were appointed as chairpersons.
The corresponding integrated report detailing the activities of each of the board committees during the 2020 financial year is available to all of you. The diversity policy and objectives set by the board in relation to present and future composition of the board have been further developed. The diversity policy will also be reinforced in the senior management regime. The good governance of a company is an organic performance based on the individual performance by each of the directors of their respective duties, functions, and competencies. My gratitude, therefore, to all directors for their performance throughout 2020. I must especially emphasize that the directors, Alejandro Echevarría and Miguel Roca, have reached the end of their term after serving on Endesa's Board of Directors for 12 years, a period during which our company has benefited from their experience and prestige.
On behalf of the general shareholders' meeting and Endesa's Board of Directors, I would like to express to both our appreciation and gratitude. Endesa has had a positive year in 2020. The shareholders, despite the exceptional circumstances arising from the pandemic, have achieved this thanks to various factors that are characteristic of our company, starting with the trust placed in us by our shareholders. Endesa benefits from its ability, capabilities, and competitiveness provided by its membership of the Enel Group. It also benefits from the commitment of all our employees and the special performance of the management team led by the CEO, José Bogas, to whom I would like to hand over the floor now. Thank you very much.
Dear shareholders, good morning. Today, we are holding this annual General Meeting in order to account for what I would call a unique, special, and unprecedented fiscal year in history.
And for that reason, I would like to start this address by recalling all those who passed away due to COVID, their beloved ones, and all those whose health or professional life has been affected by COVID. And I would also like to express a heartfelt message to all of Endesa's employees who suffered the impact of the pandemic. These have been and continue to be difficult times for many people. That's why I would like to acknowledge wholeheartedly all of Endesa's coworkers who have worked in order to continue securing our activity, that is, the ongoing supply of energy. Thanks to all of our employees, we have been able to attain the targets set that is surpassing our guidance and continuing to make progress throughout our roadmap.
This roadmap will enable us to go through the biggest industrial reconversion process in our sector, and we intend to be more sustainable, more digital, more efficient as leaders, as well as a business reference in a world that would certainly be different. Fiscal year 2020 was totally marked by the pandemic. Spanish GDP fell by 10.8%, something that had never happened in recent history. Electricity demand already showed some signs of weakness in the early months of 2020 due to a drop in demand in the manufacturing sector. Between mid-March and mid-May, the drop was up to 17%. That was the toughest part of the pandemic until it recovered, gradually dropping 2%-3% in the last quarter of the year. All in all, the accumulated drop was 5% in the peninsula, 19% in the Balearic Islands, and over 10% in the Canary Islands.
The service sector has been the one that was hit the hardest, in addition to the hotel catering, automation, car, and steel industry. Now, I would like to talk about the process of reconversion towards sustainability, but I would like to mention the key financials that enabled me to state unequivocally that 2020 was an excellent year despite the tough environment. Last year, we were able to report a net ordinary result of EUR 2.132 billion, up 36% compared to 2019, therefore going beyond the guidance. This profit increase will enable us to pay our dividend 37% higher compared to the previous year, specifically EUR 2.0136 per share and 6% higher compared to the guidance. EBITDA, on a like-for-like basis, stood at EUR 4.027 billion, 5% more, therefore exceeding the target of EUR 3.9 billion. Our sound focus on sustainability has been acknowledged.
50% of our share capital is already tied to ESG criteria or to environmental, social, and governance criteria. Therefore, we also keep a significant presence on world socially responsible investment indexes. We also made progress in decarbonization. In June last year, we shut down the Compostilla, Teruel plants. Through these shutdowns, 85% of our peninsular production is now emission-free, something that we had planned for 2022 but what we were able to do in 2020. We also reinforced our leadership in electric mobility by deploying a public and private network of 7,072 charging points. That is to say, 41.4% higher compared to the closing of 2019. We also proved our huge strength in a challenging year like 2020. In addition, we also put in place our reconversion plans in order to become more flexible and efficient in our generation distribution commercialization businesses.
All in all, during the year, Endesa obtained a market share of 18% in terms of generation, 42.9% in distributed energy, and 32.4% in terms of electricity sales. All these figures, therefore, show once again that we are the leading company in the Spanish electricity sector. Dear shareholders, the world has changed. The energy sector is now immersed in a very deep industrial reconversion process, and our position in the face of this transformation is one of the utmost responsibility. But in addition to the reconversion of the energy sector, renewable generation, smart grids, demand electrification, and energy efficiency will certainly have a dragging effect in highly CO2-emitting sectors such as transportation or the manufacturing sector, among others, and this is no doubt good news for sustainable development.
So if prior to the pandemic we used to speak about the fourth industrial revolution, given the determinant role played by technological companies, the worldwide pandemic has placed climate change and sustainable future at the very core of our lives, at the core of the economy, and has also changed the paradigm of business management models. In this new global framework, the electricity sector has a key position, and the Enel Group is one of the key players at a global level, the same as Endesa in Spain and Portugal. For that reason, I'm speaking about a huge degree of responsibility that is about deploying all of our plans with a sustainability perspective. We are talking about comprehensive sustainability to fight against climate change, but also in favor of inclusion, diversity, equity, ethics, and transparency.
Today, a company that fails to be sustainable will not be profitable, nor will it add value, nor will it have a future. And that is where our strategy backbone lies. Throughout this fiscal year, we proved that we can be profitable while contributing value to our shareholders through a sustainable model, a model that is based upon creating clean processes, distributing energy in a reliable and efficient manner, and driving demand electrification, a model that places customers at the center thanks to the opportunities provided by digitalization and the possibility of working on a platform-based model. We are moving towards a world where society and users are increasingly asking for managing their own resources, sharing, and reusing them.
The circularity of this process means that we will have to include circular economy parameters into our work model and think of energy as a service rather than as a product. Companies need to face this revolution from disruption and innovation. Both social demand and the new management models will lead us to a deep social and business transformation, and this was part of our endeavor in 2020 and will remain so in 2021. I would also like to mention, within the framework of our sustainability actions, the efforts made by Endesa in order to implement the Public Responsibility Plan against COVID-19. EUR 25 million were allocated, and 2 million people were benefited from this plan through more than 150 agreements. We provided assistance in the healthcare center as well as in the employment and social and economic spheres.
We should also add EUR 55 million that were allocated to the Social Bond. This is our contribution to make sure that nobody is left behind due to the pandemic. Dear shareholders, in the post-COVID context that we begin to envisage, it's absolutely mandatory to foster energy transition, smart investment in networks, and household electrification, electrification of companies, and mobility. Our roadmap is clear, and it can be sped up by the Next Generation funds. If properly done, at Endesa, I'm sure that we will take advantage of this package in order to speed up the transition and do it in a sustainable manner. I would like to recognize the progress made in this respect by the government through the Ministry for Ecological Transition and Demographic Challenge.
Within the energy and climate strategic framework that was put in place by the ministry, I would like to highlight the progress made in terms of regulation across the decarbonization process in Spain. This is no doubt a good start, even though still a lot to be done. Spain has a Climate Change and Energy Transition Bill that is pending approval by Congress. It has also laid the groundwork for a circular economy strategy. It has also approved the National Integrated Energy and Climate Plan that has already been submitted to the EU, which covers an ambitious plan to reduce emissions. It has also submitted the second national plan for adaptation to climate change within the framework of the 2030 horizon. It also has a Long-Term Decarbonization Strategy that paves the way in order to reach climate neutrality by 2050.
It has also developed an early roadmap for renewable hydrogen that should be a driving force in order to build a truly Spanish industry around hydrogen. It has also approved a new electricity tariff structure made up of a toll circular and a royal decree on tariffs in order to foster the use of the electricity network at low rates when its capacity is idle. As a result, we will be able to promote electrical recharge for sustainable mobility, self-consumption storage, and demand management. It has also prepared a bill for the National Sustainability Fund of the electricity sector that casts some clear signs in favor of electricity, and that will have a very positive repercussion on the economy electrification.
This bill that is about to be discussed in Parliament is aimed at dealing with the high costs brought about by the first wave of renewables in the first decade of the 21st century, and despite the fact that it was an obligation in final consumption of all energies, it was only borne by the electricity client. Therefore, as of now, these efforts will be shared gradually among all of the energy sector players, not only in the electricity sector, therefore freeing or relieving the electricity client from this burden. After the electricity system sustainability fund and after the new structure of tariffs, we believe that this is critical, and it will be a breaking point for demand electrification based on clean energies.
This internal reform framework will therefore enable us to take significant steps forward, but it's also important to highlight the huge opportunity entailed or brought about by the Next Generation funds. This is an unprecedented recovery fund comprised of EUR 750 billion, including both loans and subsidies, out of which EUR 140 billion will be earmarked to Spain. This is a fund which is significantly higher and different from the Marshall Plan than was used by Europe at large between 1948 and 1952, so it's bigger not only because of the amount involved. The Marshall Plan totaled EUR 112 billion current currency, and we can say that Spain is going to be one of the members that will benefit the most.
We believe that this is no doubt a good opportunity to improve our short-term and medium-term economic outlooks, and also in order to transform our economy both in the medium and in the long term. For this package to be effective, an integral and coordinated strategy is being put in place in order to identify investment proposals hand in hand with driving companies like Endesa. Endesa submitted projects to the government in the amount of EUR 19 billion, but we have continued to develop new initiatives and projects within the reconversion and recovery framework we foresee. We have also reviewed our plans and projects upwards. That's why today I would like to announce that total investment that we will be submitting for the recovery transformation and resilience funds will total EUR 23.3 billion in aggregate allocated throughout 122 projects. So the distribution of this investment by geographical area would be EUR 2.655 billion.
This will be allocated to energy transition across extra-peninsular territories, EUR 19.918 billion through the energy transition in the peninsula, and EUR 727 million to the energy transition process in Portugal. As for the different types of projects, the breakdown would be smart grids, EUR 3.727 billion, out of which EUR 2.542 billion will be allocated to automating the network, and EUR 1.185 billion will be allocated to operational enhancements, sustainable transportation, EUR 793 million, building retrofitting, EUR 2.192 billion, renewable hydrogen, EUR 2.955 billion, storage and flexibility, EUR 4.560 billion, renewable energies, EUR 8.188 billion. Circular economy projects mainly blade and battery recycling, EUR 21 million, and plant streamlining, and other EUR 865 million. So as you can see, this is a powerful set of projects based on energy transition, development of renewable energies, energy efficiency, renewable hydrogen, sustainable transportation, or development of smart grids.
This project pipeline would certainly help our country recover by creating 240,000 jobs all in all, while reducing CO2 emissions by 13.6 million tons per year. Ladies and gentlemen, we are already, but we shall continue to be no doubt one of the key industrial investors in Spain in the forthcoming years and a key driving engine to the country's economic recovery. In this respect and in the context of these challenges at Endesa, we have been working on a permanent basis in order to be a key player for the future. On November the 25th, we submitted our 2023 Strategic Plan, and we have also submitted our vision for 2030.
We want to increase our investment in renewables and digitalization, and we also want to focus on electrification of household demand, and we also want to focus on the manufacturing sector and transportation to speed up energy transition and decarbonization. The new 2021-2023 strategy plan that we submitted to investors forces to increase gross investment by 25% compared to the prior plan, up to EUR 7.9 billion, in order to expedite decarbonization and digitalization. With regards to renewable energies, we foresee to grow by 50% in terms of our fleet, making an investment in development of EUR 3.3 billion. That is 20% more compared to the prior plan. That way, next year we will be the integrated electricity company with the lowest amount of emissions in the Iberian Peninsula. As for networks, we estimate to invest EUR 2.6 million.
This is a gross amount, 30% more than what we announced in our strategy plan. We will be able to improve our service quality and therefore our efficiency. As for demand electrification, we will channel all of our efforts through Endesa X by increasing service contracts by 42%, reaching 2.7 million households. As for the charging point deployment plan for electric vehicles, we'll reach 56,000 charging points that will be installed at the closing of 2023. So 89% of this investment will be directly related to the attainment of the UN SDGs, according to the new taxonomy set forth by the European Union. So this plan has been supplemented with a 10-year view, with investments that have been projected in the amount of EUR 25 billion until 2030. Therefore, by 2030, 80% of all of our output, including that of non-peninsular systems, will be CO2-free.
As for the estimated investment until the end of this decade, EUR 10 billion will be allocated to implementing new renewable power in order to reach a minimum of 18,000 megawatts of installed capacity, and an additional EUR 10,000 million will be allocated to digitalization and modernization of the network to streamline the service, being more efficient, improving quality indicators, and the network's resilience while integrating renewable capacity and fulfilling electricity mobility targets. Finally, we have set ourselves the goal of reaching out to more than seven million customers on the free market by providing a platform-based subscription service, providing flexibility mechanisms for household demand and business demand with more than 1,000 MWs, and also reaching 575,000 recharging points for EVs at the closing of 2030. So power and investment capacity that will make it possible to improve the quality of life in Spain, while supporting the creation of new jobs.
Having come to this point, once we have shared with you our vision, performance, and outlook for the future, I would like to explain very quickly the role played by more than 9,000 employees at Endesa that did a terrific job during this fiscal period. Our human team is our best asset, so I would like to extend my appreciation to all of them, as well as to our business areas, generation, distribution, Endesa Energía, Endesa X, nuclear and energy management, for making progress along the roadmap that we have in terms of decarbonization, digitalization, and demand electrification. All lines of business played a key role in a complex environment, always with a customer-centric approach, then we should also mention other staff units, such as administration, finance, control, audit, institutional relations, media regulation, general secretariat, legal department, procurement, digital solutions, sustainability, people and organization, and communication.
Thank you to all of them for supporting the business and for enabling us to anticipate ourselves to future changes and being able to be up to the challenges that will enable us to continue to be leaders. Dear shareholders, as you can see, our commitment to you and to Spain and Portugal, our main spheres of action, is unchallengeable. Endesa will continue to be a driving company that will contribute to economic recovery after the health crisis. We are one of the number one manufacturing investors in the country. We pay taxes in the amount of more than EUR 4 billion on average per year. We also generate direct and indirect jobs, and we work with nearly 5,000 vendors, most of them small and medium-sized Spanish companies. At the beginning of my address, I mentioned the industrial reconversion process, well, and the areas where we shut down some coal plants.
I would like to say that the commitment of a company to a future that is more sustainable and just should be measured by actions and not only by words. That's why I would also like to underscore, dear shareholders, that Endesa was critical in providing services to small villages, especially in areas where supply was mainly based on the coal energy mix. That's why today we are a company that is committed to future plans in each and every area that has been affected by the shutdown of coal plants. That is, we are not leaving behind, and we are not going to neglect the areas where we have been present for many decades because this is already part of our history.
We shall remain there with new ways of working, with a sustainable model over time, and with a fair transition model, with a focus on not leaving anybody behind. In the next five years, we plan to invest more than EUR 4.5 billion in those locations where coal plants will be shut down in order to develop new renewable projects and new green hydrogen projects for those areas. In Andorra and Teruel, we will develop 1,725 renewable megawatts with an investment of EUR 1.487 billion, creating more than 1,000 jobs per year in the next four years. As for the Compostilla future plan in León, we are going to develop 780 renewable megawatts with an investment of EUR 600 million. All these projects will be carried out together with the shutdown of the plant in the next five years, and they will create more than 1,000 jobs annually.
We are also fostering the creation of a significant or a major sustainable manufacturing hub that will be a reference in the peninsula. In As Pontes, we propose to replace 1,468 thermal megawatts in the plant for 1,505 MW of renewable energy in the 2020-2026 period. We will, therefore, invest EUR 1.580 billion, and we will create about 1,250 direct jobs on average in the next six years of construction. In Andorra and Compostilla, we also have some green hydrogen-related projects, even though As Pontes is the one that is the most advanced out of the 23 projects we have in the pipeline in Spain. In As Pontes, we will have a wind hub for Endesa to carry out all the logistic operations and maintenance work for our wind farm in Spain. In Almería, our future plan covers over 100 constructions of 1,520 megawatts of solar and wind power.
We will, therefore, invest EUR 1.2 billion, and we will create 700 direct jobs on average in the next six years of construction. As for the Alcúdia plant in Mallorca, we are analyzing the development of up to 73 solar megawatts in the central area. So, ladies and gentlemen, as you can see, our best way to present ourselves before you is to present all these facts. At Endesa, we will grow, and we shall continue to remain leaders in the electricity market in Spain and Portugal within a sustainability and profitability framework. That's our goal and our main aim. That's why I would like to thank you all wholeheartedly, as well as the Board of Directors of Endesa, for their never-ending support. I would like to extend my appreciation to Miguel Roca and Alejandro Echevarría, especially for those 12 years during which I have been able to learn from them.
I would also like to thank the chairman, Juan Sánchez-Calero, Francesco Starace, and the Enel Group for their trust and for their ongoing support. We are all part of a great group, a leading group that has a clear-cut and precise plan. At the Enel Group and at Endesa, we are proud of being able to contribute from our operation in Spain and Portugal to keep on building a better future that is more overarching, cleaner, and sustainable. Thank you very much, and we shall keep on working.
[Foreign Language]
My parents tell me that this is the future, and that I'll understand it when I grow up, that in my hands I have the task of keeping building a better world. What a responsibility. For them, it's simple because they work at Endesa, a very large company that helps us take care of our planet.
I think that if I get my friends together, we'll be able to create a good dosage of positive energy so that altogether we may design the world we want to live in. We'd like to know how we're going to do it. Javi says, first of all, we should use all technology available to us so that we may change things. That's why I show them this game that I got for my birthday, and that can really help. Now the important bit. Can you imagine a world with cleaner air? My mom told me the other day that thanks to wind, water, and sun, we'll be able to have cleaner and more sustainable energy. Close your eyes. Close them tighter. One of them is open. That's good. Now breathe through your nose. In and out. Aren't you breathing better? We also want to create more parks.
Yes, parks. And have lots of them for generating renewable energies. They're not like the parks we play at, but they'll help us have fun by breathing cleaner air. So that one day I can go on a trip with my parents, and I went to see one of these farms, and it was great. At school, we got told that renewable energies are the best, and thanks to them we may move around in electric cars that we can recharge easily. Increasingly more charging points to travel anywhere with them. And we shouldn't forget helping each other. We've seen on the news that the planet is kind of upside down lately, and that's quite saddening. Some people are struggling, and if we have quite a bit of positive energy, we should share it. So, according to my teacher, life is constant transformation and change.
That's why a new world should be in constant movement to be a little better every day. These ideas are quite smart, don't you think? So please be welcome to a world full of positive energy. The future can be built with all of us. Together, we change the future. [Foreign language] . I would like to thank our CEO for his speech, and next, the Secretary will comment on the shareholders' requests for information received electronically. Thank you, dear Chairman. There are two information requests. The first one, it is not a question, but it is rather a statement made by Mr. Pedro González Fuertes with 6,000 shares. Mr.
González begins by asking the chairman when he will take on his statutory functions, and afterwards, he criticizes the statements that he judges as made by the CEO regarding the benefits and profits of the Endesa employees that were qualified as privileged and unsalaried. Mr. González says that the workers of Endesa have lost many social benefits in exchange for a salary remuneration in the last bargaining agreement, and he says that the one privileged is the CEO due to his remuneration. Mr. González criticizes the treatment given to the workers of Endesa with the shifts and says that Enel has not complied with their commitments to develop any activities in Latin America, investing in Spain, stating that they have virtually recovered their investment.
He also criticizes Endesa's paying dividends above their profit and criticizes the fact of making environmental investments in coal plants that were decided to close three years later. According to Mr. González, Endesa does not comply with the just transition principles, so he's quite angry and sad about it. We have another statement by the Foundation Ethical Finance and Critical Economy, and they say that for many years now, many neighborhoods in Spain are suffering electricity cut-offs affecting the daily life of families. According to this foundation, Endesa has not given a final solution and replies to cut-offs with partial solutions that do not solve the root of the problem, and according to the foundation, the poor state of the distribution, lack of investment and maintenance is causing those problems.
The foundation states that the company talks about irregular connections that stem from the actual legal powers, quoting a ruling by a contentious court. They have said that the answer is the responsibility of the company. And they ask, "Do you know about the serious problems that happen in these neighborhoods? Do you think the current investment programs are appropriate? And are you planning to work specifically on all of those to finally solve this problem?" Afterwards, the foundation also comments on the fact that the Endesa management, and Endesa that has historically had a good management of vulnerable consumers because beyond complying with their legal obligations such as Social Bond or the prohibition of cut-offs, they actually promote the harassment of defaulting families through recovery companies and firms that are not very professional in their opinion. And that goes against the sustainability policy of the company.
The foundation asks, "What is the assessment of the Board of Directors regarding these practices? And do you commit to treat differently the debts of vulnerable customers and not to outsource their management?" These have been the two requests for information made electronically, dear chairman. First of all, I will answer the request by Mr. Pedro González Fuertes. I'd like to thank him for his request and for the time he devoted to prepare it. I'd also like to thank for the recognition to Endesa employees who have proven a great ability to adapt and excel this year. Regarding my functions, I must refer him to the information given to the shareholders regarding the performance in the year and the functions of this President and his assessment regarding the references to loss of social benefits by the Endesa staff.
The fifth agreement has a new social benefits scheme to update them and modernize them, and that meant an updating in the original agreements. There was also a consultation period with the social consultation to talk about those benefits out of the bargaining agreement that was standardized and that reaches social benefits reference on the provisions of the bargaining agreements that were derogated or modified. The CEO has not talked about the fact that Endesa workers are not salaried or that they have privileges. What he said is that in the framework of any negotiation in any company or sector, there are always some, few, but that try to have specific beneficial situations and conditions, ignoring the market status of Endesa. Endesa has the utmost respect for each and every employee and has always tried to oversee their health.
Health and safety is essential in our company culture, as we usually say in Endesa. Regarding dividend distribution, we act in agreement to the share capital law, and we cannot give the same treatment to losses and to debts. Regarding Enel, they have complied with all the obligations and commitments taken on in the due time and form. Investments, again, what the shareholders are saying, have not decreased regarding 2005 because homogeneously in the Spanish scope, they have increased quite relevantly. As we've heard, Endesa wants to lead any transition that we're in so that we're actually investing massively in renewable energies, as stated by the CEO in his speech. In demand electrification and digitalization, we have challenges ahead that will request an important investing effort. Therefore, in 2021, the dividend will be reduced from a payout of 100% to 80%, and in 2022 and 2023 from 80% to 70%.
The dividend distribution is agreed at the General Shareholders Meeting, and that benefits all the company shareholders. I'd also like to state that the net investment flows in 2019 were EUR 1.9 billion and EUR 1.7 billion in 2020. Regarding the closing of the coal plants, we need to invest regarding the Industrial Emissions Directive. Otherwise, the authorization to operate could be revoked, and we could not generate energy, including different elements that have an important physical value. In 2018, there was a deep modification in the market conditions affecting the thermal energy plants regarding coal and the commodity and CO2 rights prices, a structural situation so that thermal plants are not competitive, and they might not exist for a long time in the energy plan.
Together with that plan to close thermal plants, Endesa has presented voluntarily future plans that try to avail of the possibilities of those locations for some wind and storage infrastructure cooperation with local stakeholders and innovation plans based on four axes: active search and deployment for the staff affected, promoting economic activity and employment, training for the employability of the local influence environment, and actions to mitigate the impact from the closure in the municipality where the plant is located. Due to all that, I do apologize for your disappointment with Endesa and the shareholder. I hope this information has clarified your concerns, and please remember that we're always available to help if you need any clarification that you can also get through the Shareholders' Office. Regarding the Ethical Finance Foundation, the CEO will answer. [Foreign language ]. Thank you, dear President.
Dear ladies and gentlemen of the foundation, first of all, thank you very much for your request as a shareholder. Regarding your reference in your statement about the bad state of the network and the supply cut-offs, we can ensure from Endesa that the distribution network is appropriately sized to cater for the consumption of connected customers. In the network, we do all the necessary maintenance and conservation work, and we also repair any faults, complying with the obligations of the regulation. Sometimes, and since part of the network is exposed not only to climate conditions but also to third-party actions, there may be supply cut-offs that are hard to foresee, and we act on that to reestablish power, complying with established quality parameters.
The development of the electrical network has been an essential pillar for a long time in Endesa's strategy, in parallel with the acceleration of the renewable energy implementation pace nationally and also the electrification of demand to a lower extent. And Endesa is carrying out a deep renovation of distribution infrastructures to keep ensuring the quality and efficiency of the network, to reduce operation cut-offs, and to increase the value of assets through the investment in smart grids and operational excellence. As mentioned in the Strategic Plan published in November 2020, Endesa foresees to give EUR 2.6 billion gross in the period 2021-2023 to the development, automation, and modernization of the network. This amount represents about a 30% increase on the total investment included in the former plan. This initiative for digitization will contribute to improving the reliability of the network and the quality of the service.
In particular, Endesa foresees to reduce the cut-offs in 23% and the network losses in 23%. As an essential reference for the year 2020, the equivalent interruption time of installed power in the markets where we distribute was 46.9 minutes. So the reliability of the service was 99.99% taking into account all hours in the year. Regarding the management of defaulting invoices by vulnerable families, the Royal Decree 897/2017 regulates the management of defaults by domestic customers, and Endesa manages this process by following all the regulations regarding the communication models for consumers, the administration, the times, and the rest of the conditions. Endesa has specialized services for vulnerable clients with a direct communication channel with municipalities, organizations, and the rest of competent social entities. This team services directly in a customized manner any cut-off that may be experienced by any vulnerable client.
In March 2020, until March of this year, we have served 179,273 requests coming from municipalities and other regions, an average of 12,000 requests per month, with a coverage of 82,664 vulnerable clients. Endesa has always had special sensitivity in managing defaulting invoices of domestic customers, especially since the beginning of the pandemic and before publishing the regulation allowing for suspending power cut-offs by the government. Endesa paralyzed on March 13, 2020, any actions geared towards stopping any electricity supply and/or gas supply motivated by a defaulting invoice. Likewise, I'd like to highlight that Endesa keeps a firm commitment in the fight against poverty, and we help vulnerable people in unfavorable situations with different actions and initiatives for poor families and groups. Currently, there are 273 agreements in place and three other agreements being negotiated, seven of those with autonomous communities and seven with municipality federations.
We are in touch with 537 municipalities. As a result of this agreement in 2020, Endesa served 123,664 requests for an amount of EUR 30,650,230 of customers who were in a vulnerable situation and who could not meet the payment of their bills. In the specific case of Catalonia, Endesa has recently signed an agreement with the Generalitat that, taking into account Law 24/2015 and the procedures of the state law, will allow for the deployment of the action protocols and finance mechanisms that will allow people and vulnerable families to be protected. An example of our commitment is a recent agreement signed with the Generalitat de Catalunya to cancel out the historical debt of 30,000 families in a vulnerable situation between 2015 and 2020, amounting to EUR 38,924.
Endesa will assume 100% of that debt for the period 2015-2018, and the debt for 2019-2020 will be split between Endesa and Generalitat at 50% each. Last, regarding recovery management, Endesa acts on many occasions through external collaborators, achieving higher efficiency in actions. At Endesa, however, we have an operation control system for outsourcers who work with us. Any company working for us will need to adhere and commit to comply with a strict ethical regulation. If they do not do that, penalties and other measures will be adopted. It is obvious that besides control systems, there may be one-off incidents, and Endesa is sorry about that, and we usually report that even through the appropriate reporting at the tax ministry. We know that we need to act in these situations, but our systems work. And these cases are, fortunately, very few. Thank you.
Next, we will vote on the proposed agreements for the opinions on the agenda, and we'll give the floor to the Secretary. Thank you. Regarding the general regulation of the company, Article 20.6, votes in favor of the proposed resolutions made by the board shall be deemed to be those corresponding to all the shares attending the meeting or represented in this case, remotely represented minus the votes corresponding to the shares whose holders have notified the notary of the votes against, blank, and abstentions. The minutes shall, therefore, record the votes against, blank votes, and abstentions resulting from the remote votes received prior to this meeting, as well as the votes against, blank, and abstentions received from shareholders through the electronic attendance application, and also those, if any, that they submit to the notary for each proposed resolution.
Finally, the shares on the attendance list, minus those whose holders are absent from the meeting before the vote and have recorded these circumstances with the notary, shall be deemed to have been present at the meeting. I will now, therefore, read out the summary of the agreements submitted for consideration by this General Meeting. First, approval of the individual annual accounts of Endesa, as well as the consolidated annual accounts of Endesa and subsidiaries for the year ended 31st December 2020. Two, approval of the individual management report of Endesa and the consolidated management report of Endesa and subsidiaries for the year ended also 31st December 2020. Third, approval of the segment of non-financial information on sustainability of this consolidated group for the year ended 31st December 2020. Four, approval of the corporate management for the year ended 31st December 2020.
Fifth, approval of the application of the result of the financial year formulated by the Board of Directors at the meeting held on 23rd February 2021, corresponding to financial year 2020, amounting to EUR 2.32 billion in the following terms. A dividend maximum amount to be distributed corresponding to EUR 2.0136 gross per share for the total number of shares, which are 1.58 billion shares, which is EUR 2.13 billion. As a reminder, EUR 197 million with a total of EUR 2.39 billion. On 25th November 2020, the Board of Directors of Endesa resolved to distribute an interim dividend of EUR 0.70 gross per share against 2020 profit. This interim dividend was paid on 4th January 2021. The final dividend, that is EUR 1.3136 gross per share, will be paid on the 1st July 2021. Sixth, amendment of the Articles of Association.
Incorporation in the Articles of Association 6.1, incorporation in the Articles of Association of a new Article 26 to provide for the possibility of holding the General Meeting exclusively by telematic means. 6.2, amendment of Articles 26 bis, 27, 13, and 33 of the Articles of Association to allow shareholders' representatives to attend general shareholder meetings telematically and incorporate other improvements related to telematic attendance. 6.3, amendment of Article 40 of the Articles of Association to introduce technical improvements in the regulation of the directors' remuneration. And last, within this point six, we have 6.4, amendment of Article 43 of the Articles of Association to update the regulation of meetings of the Board of Directors held by telematic means. Seven, amendment of the Regulations of the General Meeting of Shareholders with two subparts.
7.1, incorporation into the regulations of the General Shareholders Meeting of a new Article 10 to provide for the possibility of holding the General Meeting exclusively by telematic means in accordance with part 1.6 before. Amendment of Articles 9, 10, 10 bis, 11, 16, and 21 of the Regulations of the General Meeting of Shareholders to allow shareholders' representatives to attend General Meetings telematically and incorporate other improvements related to telematic attendance. That is point 7.1, also in accordance with part 6.2 before. Eight, setting the number of members of the Board of Directors at 11. Nine, binding vote on the Annual Report on Directors' Remuneration. 10, approval of the Directors' Remuneration Policy 2021-2023. 11, approval of the Strategic Ince ntive 2021-2023.
12, just an instrumental matter, delegation to the Board of Directors for the institutional development of the resolutions adopted by the General Meeting, as well as to replace the powers received from the General Meeting and granting of powers for the conversion into a public instrument and registration of such resolutions. From the participation voting data on record at the table, it is evident that each and every one of the items on the agenda has been approved by an ample majority once the votes in favor and against and abstentions were reviewed for the notary by shareholders who have not voted in the vote section of the telematic assistance application and who now decide to abstain or vote against. The final results and the resolutions approved will be published in full on the company's website within the legal period of five days.
Probably this afternoon, Endesa will publish the final results and the agreements adopted. And that's all, dear Chairman. Each and every resolution submitted to the General Meeting is hereby approved. The notary shall draw up the minutes of the meeting in due course. And I just have to thank you all, dear shareholders, for your attendance. The GSM is hereby closed.