Nov 25, 2020 - Energy & Environment

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

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)

Go deeper