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Enel, Europe's largest utility, will spend 160 billion euros ($190 billion) over the next 10 years and mobilize more money to strengthen its clean energy business and reach zero-carbon goals
by 2050.
The company said it expects to mobilize a total of 190 billion euros in investment during this period to boost earnings and help it reduce carbon emissions by 80 percent
by 2030.
As technology advances and stricter regulations to combat climate change, Europe's big utilities have invested heavily in their clean energy businesses, forcing energy companies, including Big Oil, to rethink their development strategies
.
The company's main rival, Spain's Iberdrola, also said this month it plans to invest 75 billion euros
in renewable energy production, the grid and retail businesses by 2025.
Enel, who controls Spanish utility Endesa, said it would spend 70 billion euros on renewable energy by 2030, almost tripling its installed capacity to 120 GW
.
Enel said ordinary core income is expected to grow at an annual rate of 5-6% by 2023, while net debt will grow to €5.
7-58 billion to fund
renewable energy development.
The dividend will grow at an average rate of about 7% per year over the next three years, reaching €0.
43 per share by 2023, compared to an estimate of €0.
35 this year
.
Enel, Europe's largest utility, will spend 160 billion euros ($190 billion) over the next 10 years and mobilize more money to strengthen its clean energy business and reach zero-carbon goals
by 2050.
The company said it expects to mobilize a total of 190 billion euros in investment during this period to boost earnings and help it reduce carbon emissions by 80 percent
by 2030.
As technology advances and stricter regulations to combat climate change, Europe's big utilities have invested heavily in their clean energy businesses, forcing energy companies, including Big Oil, to rethink their development strategies
.
The company's main rival, Spain's Iberdrola, also said this month it plans to invest 75 billion euros
in renewable energy production, the grid and retail businesses by 2025.
Enel, who controls Spanish utility Endesa, said it would spend 70 billion euros on renewable energy by 2030, almost tripling its installed capacity to 120 GW
.
Enel said ordinary core income is expected to grow at an annual rate of 5-6% by 2023, while net debt will grow to €5.
7-58 billion to fund
renewable energy development.
The dividend will grow at an average rate of about 7% per year over the next three years, reaching €0.
43 per share by 2023, compared to an estimate of €0.
35 this year
.
