Spain’s Endesa looking to speed up renewable energy investments in pandemic recovery efforts

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Utility Endesa SA said it could speed up investments in wind and solar power as the Spanish government emphasizes green spending to boost its economy, while the coronavirus is leading to only minor delays in its construction program.“The company has already resumed construction on all its renewable farm projects and remains fully committed to the investments envisaged in [its] strategic plan,” CEO José Bogas said May 4 in a statement on Endesa’s first quarter, which saw profits excluding extraordinary effects rise 59%.In February, the company announced it had more than 5 GW in new installations ready to be built, mostly over the next three years. Enel Green Power, the renewables arm of Italy’s Enel SpA, which also owns Endesa, announced April 27 that it had started building a 50-MW solar power plant in Spain’s Seville province.“We are even considering speeding up the planned investments, especially in wind and solar plants, to help jump-start the economy by creating jobs and generating wealth,” Bogas said.Spain has been among the hardest-hit countries in Europe by the coronavirus, but Bogas said on an earnings call that Endesa is expecting only minor delays with some renewables parts sourced from a Chinese equipment provider. This will delay capital expenditure in some smaller projects but not affect 2020 earnings, Bogas said.While renewables production rose considerably during the first quarter, thanks in part to a recovery in hydropower production, output from Endesa’s four remaining coal plants in Spain, with a combined capacity of nearly 4,600 MW, was about 90% lower than in the same period in 2019, Bogas said, dragging down total mainland production by 13%. The CEO reiterated that the market conditions for coal in Spain are “completely uneconomical” and “remain unfixable” due to structurally low gas and rising carbon prices, meaning Endesa would not reverse its decision to close the plants by the end of 2021.[Yannic Rack]More ($): Endesa’s renewables plans could accelerate, despite minor delays due to COVID-19 Spain’s Endesa looking to speed up renewable energy investments in pandemic recovery effortslast_img

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