Enel to set renewable energy at core of its business

Enel to set renewable energy at core of its business Enel Pavillon at the World Expo 2015 in Milan, Italy (source: Enel Share)
Alexander Richter 11 Jan 2016

With the integration of Enel Green Power, Italian utility Enel is setting renewables at the core of its business model.

In a shareholder vote this afternoon, Enel is expected to fully integrate its renewable energy business Enel Green Power into the company, increasing its share from 63 to 100 percent.

With the direction set by its CEO Francesco Starace in 2004, he recently “described the integration of EGP as being about placing renewables at the core of the group’s growth and business models.”

The plan is to increase the share of renewable energy capacity to 52 percent by 2019, up from 38 percent in 2004. With wind and solar as the bulk for the increase.

According to Italian news, “more than half of the company’s projected growth-related investment for 2016-19 – a total of EUR17 billion ($19 billion) – has been earmarked for renewables.

The company has also announced plans to close 23 fossil fuel power plants in Italy by 2019, scrapped plans for new facilities in Italy and Chile and is seeking to offload assets worth six billion euros, particularly in eastern Europe.”

Source: The Local