November 24, 2021 Read More →

Enel plans $191 billion to fund clean energy plans for coal, gas exit

Reuters:

Europe’s biggest utility Enel (ENEI.MI) will ramp up spending to 170 billion euros ($191 billion) this decade to fund its green power and networks businesses as it brings forward plans to become carbon-free by 2040.

The group will spend 70 billion euros on renewable energy to almost triple capacity it directly owns to 129 gigawatts (GW) by 2030 and will spend the same amount on infrastructure and networks to boost the number of grid customers and electricity sales.

Enel, one of the world’s biggest green energy groups, will exit coal and gas generation by 2027 and 2040, respectively, replacing them with new green capacity and hybrid renewable-storage solutions. It will exit its gas retail business by 2040.

“We will continue to grow in renewables, extracting value from what is already today the biggest private portfolio of renewable assets in the world,” Chief Executive Francesco Starace said. Enel’s gross renewable pipeline amounts to 371 GW.

German utilities E.ON (EONGn.DE) and RWE (RWEG.DE) have also unveiled green spending plans, amid pressure to shift away from fossil fuels to limit global warming.

[Stephen Jewkes]

More: Italy’s Enel cranks up spending to become carbon-free by 2040

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