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