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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enel Spa | BIT:ENEL | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.008 | 0.13% | 6.25 | 6.24 | 6.30 | 6.327 | 6.228 | 6.281 | 22,061,520 | 17:00:00 |
By Giulia Petroni
Enel SpA (ENEL.MI) plans to put about half of its total planned investments towards decarbonisation, the company said on Tuesday ahead of its capital-markets day.
The Rome-based energy company said it targets a total organic capital expenditure of 28.7 billion euros ($31.6 billion) for the 2020-22 period, up 11% on previous estimates. Approximately EUR14.4 billion of this will be invested in increasing the company's renewable energy capacity, Enel said.
"2019 has marked a turning point for the dynamics of transformation within the world's energy systems and we expect an acceleration of the trends of decarbonisation and electrification in the years to come," said Chief Executive Francesco Starace.
More specifically, Enel plans to invest EUR12.5 billion in renewables and expects capacity to increase by 14.1 gigawatts by 2022, reaching approximately 60 gigawatts of total managed capacity.
By the end of the planned period, Enel expects to reduce its global production of coal by 75% compared to 2018 and the share of renewables on total capacity to reach 60% in a three years.
Enel's investments in decarbonisation are expected to contribute EUR1.4 billion to the company's earnings before interest, tax, depreciation and amortization over the plan period.
The company also said it plans to invest EUR1.2 billion of capex in electrification of consumption, which are expected to yield around EUR400 million in Ebitda growth over the period.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 26, 2019 04:23 ET (09:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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