Econostrum | Economic News in the Mediterranean



Italy's Enel programs €160 billion investment in renewable energies

Enel plans to become a "zero-carbon" company by 2050 (photo: Enel)
Enel plans to become a "zero-carbon" company by 2050 (photo: Enel)
ITALY. The Italian energy company Enel plans to invest a total of €160 billion in renewable energy by 2030, plus €30 billion from third parties that it will catalyze. This will enable it to reduce its carbon emissions by 80% by 2030 and increase its profits.

Initially, the group's strategic plan for 2021-2023 includes a €17 billion investment program, according to a press release published on Tuesday, November 24, 2020. In 2023, annual net income should reach €6.5 to 6.7 billion (€5 to 5.2 billion expected in 2020), representing an annual growth rate of 8 to 10% for an Ebitda (gross operating surplus) between €20.7 billion and €21.3 billion (€18 billion expected in 2020).

Nearly half of this amount (€70 billion) will be devoted to the production of electricity worldwide using renewable energy sources to achieve 120 GW of installed capacity by 2030, i.e. 2.7 times more than the 45 GW that Enel has today.

Enel, which also controls Spain's Endesa, plans to be a "zero-carbon" company by 2050.

Eric Apim

Tuesday, November 24th 2020

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