(Alliance News) - Edison Spa is accelerating the deployment of new renewable capacity to serve the country's decarbonization through EUR5 billion of investments to increase the group's installed green capacity from the current 2 GW to 6 GW.

"Edison has a highly sustainable and flexible generation park distributed throughout the country, with which it ensures about 7 percent of electricity demand. The goal of the development plan is to increase the wind installed base by an additional 1 GW, the photovoltaic installed base by 2 GW, and to dedicate 1 GW to the development of renewables for green hydrogen production and energy storage systems such as batteries and, in particular, pumped storage, which are indispensable for balancing the grid and ensuring the release of green energy even during the hours of non-operation of renewable plants," the company explained.

Edison currently has wind and photovoltaic projects under authorization for about 1,100 MW of total capacity, mainly in central and southern Italy, including 500 MW of greenfield photovoltaic and about 600 MW of new wind power projects, a share of which is dedicated to intergral reconstructions. In addition to these, there are open construction sites for 92 MW of new photovoltaics - 45 MW in Sicily, which will come into operation during 2023, and 47 MW in Piedmont - and about 170 MW, already approved, for the construction of new plants in Campania, Puglia, Sicily and Veneto.

During 2023, the group plans to further accelerate the pace of development, through the start of the authorization process for new installations from renewable sources - wind and photovoltaic - for 1,400 MW, including about 600 MW of integral reconstructions of existing wind power plants.

"Edison considers hydropower, which is the only programmable renewable source, a strategic asset for the energy transition. A revision of the current regulatory framework on the duration of hydroelectric concessions would unlock total investments by all operators of at least EUR9 billion additional, which would benefit an all-Italian industrial supply chain and allow to increase production from hydroelectric sources, making it more efficient."

Over the past few years, Edison has invested more than EUR200 million in the acquisition and construction of new power plants, bringing its hydroelectric generation fleet to more than 120 plants, 80 of which are small-scale, with a total capacity of about 1 GW. Last year, it inaugurated a new 3,600 kW hydropower plant on the Sesia River in Palestro, in the province of Pavia, and opened two new sites on the Dora Baltea River in Piedmont. In addition, in 2022, the company acquired 10 plants located on major irrigation canals in Piedmont, with a total capacity of about 20 MW.

In 2022, Edison produced more than 3,358 GWh of renewable energy, equivalent to the needs of about 1.3 million households, enabling the avoidance of 1.3 million tons of CO2 emissions.

"We are reinforcing our commitment to accompanying the country in the challenge of the energy transition," said Marco Stangalino, executive vice president and director of Edison's Power Assets. "We are implementing a concrete plan for organic growth, focused on the realization of new renewable capacity, and integrating the different sources of production while also introducing flexibility systems such as pumping and electrochemical batteries, which are essential to manage the intermittency of renewables. By 2030, green generation will account for 40 percent of our generation mix in a major decarbonization effort."

Edison's stock-which quotes only savings shares-is up 1.5 percent at EUR1.39 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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