Enel chief blames EU energy policy for bloc’s reliance on gas imports

He also called on them the accelerate the transition to other energy sources including renewables, while acknowledging this could not be done overnight.

“Of course these things require some time, so you need to do things in the order of importance,” he added. “And clearly you have first to survive and then try to reduce your dependence.”Enel, which has a market capitalisation of €62 billion and is one of the world’s largest renewable energy producers, plans to stop using fossil fuels to generate electricity by 2040.

The EU hopes to build its renewables capacity to 600 terawatt hours by 2030, a timeline that has run into criticism from businesses and politicians across Europe because of the potential impact on jobs and a rise in costs linked to the transition. Enel has €300 million exposure to Russia, where it employs 1,500 people at its three large combined-cycle thermoelectric power plants using gas to produce electricity for the domestic network and provide heating to three large cities.

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