Nov 25, 2020 - Energy & Climate

A power giant's $190 billion push for cleaner future

Ben Geman

Replicating solar panels and wind turbines — Illustration: Aïda Amer/Axios

Enel Group, the Italy-based global power giant, is planning to spend $190 billion over the next decade in a push that includes a huge expansion of renewables and wider clean-energy infrastructure and business lines.

By the numbers: The company, already a big renewables player, said Tuesday that it's devoting $83 billion toward plans to grow its installed renewables capacity to 120 gigawatts by 2030, up from about 45 GW now.

The plan also includes investments in storage, hydrogen, digital networks and electrification more broadly.

Why it matters: It's part of a wider push by some of the world's largest energy companies to bet their future on huge new investments in low-carbon power and services.

Catch up fast: Earlier this month, the Spain-based multinational Iberdrola unveiled plans to invest almost $89 billion over the next five years, with most of the money going to renewables growth and grid enhancements.

Go deeper: Europe’s biggest utility company to ramp up spending on wind and solar power (WSJ)

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A power giant's $190 billion push for cleaner future

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