Spanish power transmission system operator (TSO) REE (Red Eléctrica de España) has announced plans to invest over €3.2bn over the 2018-2022 period to support the energy transition through the development of the domestic high-voltage power transmission grid, in line with national renewable energy targets of 32% by 2030.
REE will invest €3,221m over the 2018-2022 period, including €2,880m in its power transmission network: more specifically, €1,538bn (47%) will be earmarked for the integration of intermittent renewable energy projects, €908m will strengthen the reliability of transport networks and security of supply, and €434 million will be dedicated to expand technological and digital tools. In addition, REE will invest €215m in energy storage, mainly hydropower pumped-storage (€185m) and in a lesser extent in other storage technologies (€30m).
This €3.2bn investment in energy transition is part of a broader investment programme (€6bn) over the 2018-2022 period. REE aims to become a global infrastructure operator of a strategic nature and will invest around €1,680m in telecommunications, including the acquisition of a 89.7% stake in Hispasat. REE also aims to expand its international activity in the electrical and telecommunications sectors; the group will invest €1bn investment in international activities by 2022.