Edison celebrates 140 years and plans to invest €10 billion in ecological transition by 2030
MILAN, Italy, Oct. 05, 2023 (GLOBE NEWSWIRE) — Edison marks 140 years in business this year and unveils its development strategy for 2030, with goals extending to 2040, aimed at “strengthening its commitment to ecological transition in support of its customers and the safety and autonomy of the national energy system.” The energy group, led by CEO Nicola Monti, intends to accelerate Italy’s path towards energy transition through a plan that entails investments of €10 billion between 2023 and 2030, with 85% of these investments aligning with the UN Sustainable Development Goals (SDGs).
Approximately €5 billion will be allocated to renewables, €1 billion to flexibility systems, €2.5 billion to energy services for decarbonising consumption, and €1-2 billion to gas sector activities and expanding the customer portfolio. Edison’s plan aims to double EBITDA by 2030, reaching a range of €2 to €2.2 billion compared to €1.1 billion achieved in 2022. According to top management, this goal will be achieved through a significant transformation of the industrial portfolio, with activities having zero or near-zero direct emissions accounting for 70% of EBITDA, compared to the three-year average of 35%.
Edison also intends to maintain its key role in the country’s energy security and autonomy, with a flexible and increasingly decarbonised gas portfolio, thanks to green gases like hydrogen and biomethane. The goal for 2030 is to continue to meet 20% of Italy’s gas demand with green gases, which will account for around 5% of the portfolio.
Among the announcements made during Wednesday’s press conference at the Milan headquarters, CEO Monti talked about hiring plans: “We expect to hire an average of around 300 people per year until 2030.” Monti then focused on Edison’s role: “140 years ago, we initiated the electrification process in the country and ushered in a new era. Today, we are a leader in the energy transition, and our history of pioneering has accustomed us to responsibly contribute to the country’s future to ensure the safety, stability, and autonomy of the national energy system.” “This,” Monti continued, “means always looking ahead and making courageous choices today. That’s why Edison continues to invest in innovation to create new Italian and European value chains in the ecological transition.”
The company is also betting on new technologies. According to Edison, “nuclear energy is one of the lowest CO2-emitting generation sources, ensures minimal land consumption compared to installed electric power, and allows for optimal production scheduling.” The ambition, it stresses, is “to develop new nuclear power, if the conditions are created for its return to Italy. In particular, Edison aims to launch two 340 MW nuclear power plants with SMR technology between 2030 and 2040, leveraging the technological expertise of shareholder EDF.”
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