Italy's Enel to cut spending on renewables

Italian energy company Enel announced on Wednesday that it plans to invest 35.8 billion euros over the next three years, with a focus on grids and a reduction in renewable energy spending.

The company will allocate nearly 19 billion euros to grid investments from 2024 to 2026, while reducing investments in renewables such as onshore wind, solar, and battery storage from 17 billion euros to 12.1 billion euros.

These changes mark the first significant strategic plan released under the leadership of Stefano De Angelis.

Enel, headquartered in Rome, is among Europe’s largest integrated energy companies in terms of market capitalization and customer base. (1 euro = 1.09 U.S. dollar)