Enel announces €28.7 billion 2020-2022 energy sustainability plan

Enel has announced its plan to expand investments in energy sustainability through 2022.

As part of the plan, Enel will increase its total CAPEX by 11% compared to the previous plan. The energy company will invest €28.7 billion.

The CAPEX will be directed towards three sustainable development goals including affordable and clean energy, industry, innovation and infrastructure and in sustainable cities and communities.

Decarbonisation : Enel has plans to invest €14.4 billion to accelerate the deployment of new renewable energy. By 2022, the Group is expected to develop 14.1GW of new renewable capacity. The share of renewables on total capacity is due to reach 60%.

Electrification : The energy giant will invest €1.2 billion in the electrification of energy consumption.

Energy transition : A total of €13 billion euros will be invested in the drivers of the energy transition, decarbonisation and electrification.

Enabling Infrastructures : 11.8 billion will be invested in the continued digitalisation and automation of the grid.

Ecosystems and Platforms : €1.1 billion euros will be dedicated to Enel X for the ongoing deployment of services and infrastructure.

Francesco Starace, CEO of Enel said: “The plan that we are presenting today underscores the success of the sustainable and integrated business model that we have deployed since 2015, targeting the opportunities in the power sector connected with the global decarbonisation and electrification trends. Thanks to this approach, Enel is now a more sustainable, efficient and profitable organisation, with a substantially lower risk profile and a greater capability to rapidly adapt to change.

“We are future-proofing our networks and customer processes through investments in grid digitalisation as well as the progressive transformation of Enel into a platform-based group. With this approach, we are ensuring uniformity of our customer management processes as well as those relating to resource allocation, asset operation and maintenance. These actions are key to embracing the electrification of consumption, boosting the action against climate change as well as ensuring the supply of affordable, clean energy.”