Poland's Enea plans $26 bln power shift over next decade

Enea SA

29/11/2024 09:59

Nov 29 (Reuters) - Poland's Enea  ENAE.WA  will focus on
spinning off coal assets, expanding its renewable energy
capacity and energy storage, and ensuring the security of its
distribution network under a new 10-year plan backed by $26
billion in capital expenditure.
    Enea said in a statement late on Thursday that it plans to
increase its share of Polish electricity production from 10% at
the end of 2023 to 15% by 2035 and to cut its CO2 emissions by
66% by the same time.
    Poland is still heavily reliant on burning coal, which is
readily available in the country, for its electricity.
    Poznan-based Enea said that more than 40% of its energy will
be generated from renewable sources by 2035 and it aims to
become fully climate-neutral by 2050.
    Enea said its capital expenditure for the period from 2024
to 2035 would total 107.5 billion zlotys ($26 billion),
including 36.2 billion zlotys for renewable energy projects.
Enea's capex in 2023 was 3.7 billion zlotys, of which 1.86
billion zlotys was for investment in power distribution.
    Its vice-president for finance Marek Lelatko said that the
investments would be financed through a combination of Enea's
own funds and financing from banks and financial institutions.
    Enea shares were down 1.4% to 11.81 zlotys at 0933 GMT on
Friday, underperforming the Polish mWIG40  .mWIG40  index, which
was up 0.25%.
($1 = 4.0723 zlotys)  

 (Reporting by Marta Maciag; Editing by Alexander Smith)
 ((Marta.Maciag@thomsonreuters.com;))