Coal losses prompt Spain’s Endesa to speed renewable energy investments

first_imgCoal losses prompt Spain’s Endesa to speed renewable energy investments FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Endesa SA is going all out on wind and solar power to replace money-losing coal plants in Spain and Portugal, executives said, after write-offs on the legacy assets dragged down the utility’s net income by 80% in 2019.Endesa, one of Spain’s largest utilities, is planning to close most of its remaining coal plants by 2021 in light of deteriorating market conditions for the fossil fuel, resulting from low gas and high carbon prices. To make up for the lost capacity, CFO Luca Passa said the company will aim to ramp up its spending on renewables.“The plan is to accelerate as much as we can,” Passa told analysts on a Feb. 25 earnings call, noting that Endesa already plans to increase its capital expenditure from €1.9 billion in 2019 to €2.2 billion in 2022. “If we have the opportunity to spend more capex, even in 2020, we will do so,” Passa said.Endesa, which is owned by Italian renewables giant Enel SpA, recorded impairments of €1.47 billion on coal-fired units in Spain and Portugal, which helped drag down its net income by €1.41 billion to only €171 million for the full year.Endesa already spent 40% of its investment in 2019 on new renewables and said last fall that it expects to spend a total of €3.8 billion on green power between 2019 and 2022. CEO José Bogas previously announced that the utility will replace its 1.1-GW coal plant in Teruel with 1.7 GW of renewables.As it stands, the company said it has 5.4 GW of new solar and wind capacity ready to come online, the bulk of it between now and 2022. Prodiel, a Spanish solar developer, sold 10 projects worth a combined 1 GW to Endesa in December 2019 and Passa said that around 100 MW of capacity from the deal could already come online this year.[Yannic Rack]More ($): Endesa doubles down on renewables to replace money-losing coal plants in Spainlast_img read more

Cricket News Navdeep Saini to be net bowler for India cricket team in two-Test series vs West Indies

first_img New Delhi: Navdeep Saini had an impressive start to his India cricket team career during the three-match Twenty20 Internationals against West Indies. In his first match, he picked up 3/17 at Lauderhill which included a wicket in his first over and also a wicket maiden in the last over. In the second game, he went wicketless but in the third game, on a slow pitch, he picked up 2/34 as India whitewashed the West Indies 3-0. Looking at the performance of Saini, the Indian cricket team has decided to keep Saini as a net bowler for the upcoming two-Test series against West Indies. A senior BCCI official told PTI that Saini has been groomed for future red ball assignments. “Yes, Navdeep Saini has been asked to stay back by the team management for the Test series. He will stay back primarily as a net bowler, they want to groom him for the Test format keeping an eye on the future. Saini has been a performer in red ball cricket for the past few years. He has the pace, and ability to hit the deck, move the ball both in air and off the pitch. If he is groomed well, it will only increase our pool of fast bowlers for the top tier cricket. That’s how the team management is looking at him,” the official said. It is believed that if Saini stays back, it will help bowling coach Bharath Arun to invest more time in the 26-year-old Karnal-lad, who has taken 120 wickets from 43 first-class games with three five-wicket hauls.  “One can’t ignore the effort that Arun has put in to make India’s fast bowling unit the best that has emerged from the country. Rather than playing domestic cricket, he now needs to be in and around the international scene and learn the tricks of the trade for the next level,” he said.  India will play five Test matches at home this season with three against South Africa and two against Bangladesh. It will not be a bad idea to blood Saini against Bangladesh since the management would be monitoring Jasprit Bumrah and Mohammed Shami’s respective workloads.  highlights India play two Tests against West Indies on August 22 and August 30.Navdeep Saini took five wickets in three Twenty20 Internationals.Saini took 3/17 in his first match at Fort Lauderhill.center_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more