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

UEFA plans ‘Lisbon Final Eight’ to conclude 2019/2020 Champions League

first_img Related Articles All-in Global: ‘Fantastyc’ markets around the world July 16, 2020 Bet-at-home maintains 2020 outlook as regulatory headwinds loom August 3, 2020 StumbleUpon Share UEFA is set to ratify plans to complete the 2019/2020 Champions League by hosting a ‘Final Eight’ tournament held over 12-days in Lisbon this August.Reuters International has reported that the proposal is UEFA’s preferred option for completing its flagship tournament, which will be voted on tomorrow by UEFA’s executive committee. European football’s governing body is reported to have ‘reached consensus’ with competing clubs on how to finish the tournament.The Champions League will resume with Premier League duo Man City and Chelsea FC fulfilling their respective ‘last 16’ ties against Real Madrid and Bayern Munich.   Meanwhile, Serie A and La Liga champions Juventus and Barcelona will be required to complete their last 16 ties against Olympique Lyonnais and SC Napoli.Scheduled for 12-15 August, UEFA will then host ‘single-leg’ quarterfinal games played at the Lisbon venues of Benfica’s Estadio da Luz and Sporting Lisbon’s Jose Alvalade stadium.UEFA plans to complete the Champions League final by 23 August, avoiding a clash with the kick-off of major European football leagues in September.The final eight tournament will be held under the public safety arrangements of the Portuguese government, which will see matches likely played behind closed doors. UEFA is understood to have left the door open for possible changes should public health conditions in Portugal allow. Teams that have already qualified for the quarter-finals stages are Paris St Germain, Atalanta, Atletico Madrid and RB Leipzig.Meanwhile, UEFA has also proposed a Final Eight format for the Europa League, to be held across the German venues of Duisburg, Düsseldorf, Gelsenkirchen and Cologne.At present, UEFA is hoping to start next year’s European football season by hosting the UEFA Super Cup final in Budapest on 24 September. Submit UEFA confirms indefinite Finals postponement March 24, 2020 Sharelast_img read more