The zero-carbon emissions target set for 2050 by the Paris Agreement will be achieved by Enel ten years in advance. The news was given by Francesco Starace, CEO of Enel, during an interview with Il Sole 24 Ore on the company’s strategies and goals. Such a result has been made possible by growth in conventional generation assets alongside renewable forms: by installing 2.5 gigawatts of green energy every year through Enel Green Power, the project to achieve the Paris objectives will be completed within 15-20 years. This trend is now consolidating, and “soon, the idea of setting targets for CO2 reduction will no longer have any sense.” The manager goes on to announce a historic turning point in the electric market. According to recent research studies, it is more economical to create a totally new renewable energy plant than to maintain an existing conventional plant whose cost has already been amortized. This policy will inevitably involve the closing of traditional plants, which will lead to a resultant reduction in carbon emissions.
Francesco Starace next outlines Enel’s strategic plans for the next three-year period. In a market which is generally enjoying a growth trend, there are two main investment areas: digitalization and scientific improvements. These two strategic drivers will allow a reduction in the costs of power generation and distribution, as well as an expanded use of electric energy in sectors where it previously appeared to be a waste. Enel was able to foresee this historic change now occurring in various markets, particularly in Europe, well in advance.
Part of the interview is dedicated to the margins for further development in Italy, which Francesco Starace believes to be important. With the installation of next-generation meters (a process which began this year), offices, houses, factories, and shopping centres will all enjoy huge benefits as they decide autonomously how to organize their energy consumption. Furthermore, this type of digitalized power plant does not involve any significant investment. A plan has also been drawn up for the installation of 12,000 recharging stations for electric cars, a move designed to promote the spread of e-mobility.
To conclude, Francesco Starace addresses the issues of the BSO model in financing renewable energy projects, fixed and capped-rate electricity tariffs, and the reorganization of Enel holdings in South America.
To read the complete interview: Il Sole 24 Ore - Starace: «Enel sarà carbon free con 10 anni di anticipo»
Enel editorial staff