Italian utility Edison's board has reviewed and approved the company's five-year industrial plan, which calls for faster growth in the group's investments in renewable energy sources and an expansion of its international operations, both in hydrocarbons and electric power.
During the plan, the group hopes to strengthen its position in the electric power and hydrocarbon markets, equipping its Italian manufacturing system with flexible and efficient facilities and building infrastructure to import natural gas that will enable it to significantly increase its commercial potential and to achieve full autonomy in supplying its needs in this area.
To achieve the plan’s objectives, the group intends to invest a total of about E6.2 billion (including 50% of the investments planned by Edipower, in which Edison has a controlling stake).
In Italy, the company plans to build an additional 800MW combined-cycle power plant that will enable it to maintain, at around 15%, its share of the Italian generating market. In addition, the company plans to streamline its portfolio of facilities, investing in power plants with a total capacity of 600MW to increase their generating flexibility, and divesting other facilities.
Investments in the area of renewable energy, a business in which Edison intends to play a leading role, would total about E1 billion, the company said.