ENEL Enel Spa

By Joshua Kirby

Enel SpA plans to step up investment in renewable energy and infrastructure in the coming years and aims to reach carbon neutrality sooner than previously targeted.

Marking its capital markets day Wednesday, the Italian utility said it plans to increase direct investment to 170 billion euros ($191.22 billion) between now and 2030, 6% more than the previous plan. A further EUR40 billion will be invested via third parties, Enel said.

Around EUR70 billion will be invested in renewables, and a further EUR70 billion will be invested in infrastructure and networks, EUR10 billion more than previously targeted, Enel said. Around EUR45 billion of the total will be invested between next year and 2024, the company said.

Enel expects ordinary earnings before interest, taxes, depreciation and amortization to grow at an average compound rate of 5%-6% a year to 2030, while net income should increase by 6%-7% annually. In 2024, ordinary Ebitda should reach up to EUR21.6 billion from up to EUR19.3 billion estimated this year.

Enel said it is also bringing forward its commitment to net zero direct and indirect emissions to 2040 from 2050 previously. By 2040, all of the group's electricity should come from renewable sources, Enel said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

November 24, 2021 02:28 ET (07:28 GMT)

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