The €28.7 billion strategic plan includes investing up to €14.4 billion in renewable energy projects. 50% of the planned investments will be made in decarbonising the utility’s operations.
By 2022, Enel plans to add 14.1GW of new renewable energy capacity to reduce coal capacity by 61% from 2018 levels.
This marks a 22% increase in renewables investment compared to the utility’s previous plan. The plan will increase Enel’s renewables capacity to 60% in three years.
Up to €1.2 billion has been set aside for electrification projects.
A total of €13 billion will be invested in the drivers of the energy transition based on the two main trends of electrification and decarbonisation.
€11.8 billion will be invested in digitisation, automation of grids and to improve grid resilience and customer services.
The investments provided a return of €4.8 billion in 2019 and will provide an expected €6.1 billion by 2022.
Francesco Starace, the 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.
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“Our new plan envisages higher overall investments compared to our previous plan and directly addresses the pursuit of UN Sustainable Development Goals (SDGs).
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.”