For CEO, cheap oil can help green transition

For Enel CEO Francesco Starace, the current global picture of cornavirus dissemination and falling oil prices should not hinder the company’s commitment to green economic transformation. In an interview, the executive said that investment in renewable energy will continue and that the crisis may even weaken initiatives that aim to delay change.

Enel generates 43% of energy from renewable sources and plans to increase renewable capacity to 60% in its strategic plan by 2022. “The development of renewable sources has not slowed down,” Starace said. “If, in a few months, we have the health situation under control, many investments will have to be accelerated.”

“Falling electricity prices make room for lobbying forces that were ideologically opposed and remain opposed to renewable sources,” he said. “We have demand from large customers who have decided to move on with renewables for economic reasons.”

On Thursday (18), Enel reported an increase of 17.4% in ordinary net income, to 4.8 billion euros (US$ 5.1 billion). The company does not expect the virus outbreak to affect operations in 2020. 

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