Enel eyes 13.4GW of RE by 2018

Italian utility Enel said its future growth will be geared around renewables and emerging markets as it outlined its strategy for the 2014-18 period.

Italy’s largest utility said it plans to invest about  €6bn ($8.3bn) in renewables during the period,  €5.2bn of that to expand capacity in the 16 countries where its Enel Green Power (EGP) subsidiary already operates, and in “new emerging countries and areas that have already been identified”.

Enel’s installed renewables capacity is earmarked to grow to about 13.4GW in 2018 from 8.9GW in place at the end of last year. The utility has about 90GW of conventional generating assets.

The utility told its shareholders its plan taps into “expected structural change in the key scenarios, relating both to the world’s economic macro-systems and the energy sector”.

Enel said those changes, among other things, will see a greater need for technological innovation, a consumer who is increasingly “aware” of environmental and technical issues, and regulations that force a sharper focus on the environment and costs.