Enel has presented its new strategy for the period 2020-2022 that encompasses an investment plan €28.7bn over the next three years.
The Italian company will devote more than half of its total capital expenditure, i.e. €14.4bn, to decarbonise its power mix by replacing its conventional power generation fleet with renewable power capacity. Enel will invest €11.5bn to add 14.1 GW of new renewable power capacity. More specifically, the group plans to invest €5.6bn to replace conventional capacities with 5.4 GW of renewables in Italy, Spain and Chile, €4.7bn to develop 5.1 GW of renewable capacity driven by power purchase agreements (PPAs) with Commercial and Industrial (C&I) customers mainly in Brazil and the United States, and €1.2bn to develop 3.6 GW in new or recently-entered markets, directly (1.1 GW of equity projects) or through joint ventures (2.5 GW). Enel aims to reach a 60% share of renewable in total capacity and 68% of CO2-free electricity production by 2022, while reducing its coal power capacity and production by 61% and 74%, respectively, compared to 2018 levels.
Enel will also invest €13bn in the drivers of the energy transition, including €11.8bn in the digitalisation and automation of grids and €1.1bn in Enel X, its affiliate specialised in energy ecosystems and platforms. Enel X plans to increase its demand response capacity from 6.3 GW in 2019 to 10.1 GW in 2022 from 6.3 GW, and its storage capacity from 113 MW in 2019 to 439 MW in 2022.
Finally, Enel will invest €1.2bn to the electrification of consumption. The group aims to raise the number of public and private electric vehicle charging points from around 82,000 in 2019 to 736,000 by 2022.
Searching for proven generation costs?
Then CAPEX & LCOE is the database you need. The module provides exclusive insights on both Capital Expenditure and Levelised Cost of Electricity.
Make informed decisions in terms of which technologies to invest in and where. In just a few clicks, access unique, premium data on both thermal and renewable power generation costs by technology and by country. Put our detailed, reliable information to use and benchmark your project.