Wednesday, February 8 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Feb 06
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Spain's Endesa to invest EUR 4.3bn in renewables in 2023-2025

    November 23, 2022 - SeeNews Renewables


      November 23 (Renewables Now) - Spanish utility Endesa SA (BME:ELE) is prepared to invest up to EUR 8.6 billion (USD 8.9bn) in 2023-2025 and dedicate half of that amount to grow its renewables capacity in the Iberian Peninsula, the group announced on Wednesday in the presentation of the three-year strategic plan.

      The company will aim to spend the bulk of the EUR-4.3-billion renewables investment to build 4,400 MW new solar and wind farms. It said that it will also work to install 200 MW of battery energy storage systems (BESS) by 2025, a technology that is included in its two energy transition projects in Pego, Portugal, and Andorra, Spain.

      Endesa expects that this investment rhythm will help it reach 13,900 MW of emissions-free capacity, including BESS and hydrogen, in 2025.

      At present, 58% of projects in Endesa’s pipeline are for solar power, 16% for wind and some 20% for BESS, according to the presentation.

      The planned investment in distribution grids stands at EUR 2.6 billion, which Endesa will spend on network digitalisation, adaptations to be able to incorporate more self-consumption and distributed generation, and grid resilience.

      The next largest spending item in the 2023-2025 plan is the retail business, to which Endesa will allocate EUR 900 million to be able to offer affordable prices and value-added services to customers, the company said.

      The overall investment for the upcoming three-year period is 15% higher compared to the 2022-2024 strategic plan, mainly because Endesa will pour more money into the renewables build-out. Endesa’s strategy is in line with the plan that its parent company Enel SpA (BIT:ENEL) presented on Tuesday, which put Italy and Spain, and Portugal by extension, at the centre of the Italian group’s operations in Europe.

      As for Endesa’s financial targets, the utility expects its investments to deliver EBITDA of EUR 5.2 billion to EUR 5.5 billion in 2025, up by 4% compared to estimated earnings for 2022.

      Ordinary net profit for the fiscal year 2022 is expected to stand at between EUR 2.2 billion and EUR 2.3 billion. At the end of 2025, it will drop to EUR 2 billion to EUR 2.1 million once the Spanish government starts grabbing some EUR 250 million to EUR 300 million per year in the name of tax for energy windfall profits, Endesa added.

      (EUR 1.0 = USD 1.033)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.