EGP CEO Francesco Starace recently spoke to the magazine Recharge about the company’s decision to diversify its energy mix and the positive results this has brought the business and the Group as a whole.
With 734 power plants on three continents, Enel Green Power is a business that can produce energy from every type of renewable energy source in both developed and emerging markets. Ever since the Group was established, EGP has focused its strategy on having a diversified energy mix.
‘It was necessary to choose between abandoning a number of developing fields and specialising, or growing and building an organisation capable of taking charge of a variety of areas,’ said EGP CEO Francesco Starace in a recent interview to the Recharge magazine. ‘We made the right decision and today our range of different technologies enables us to operate independently from weather conditions.’
Additionally EGP can reassure investors by providing reliable production forecasts – which other competitors cannot provide – thanks to forecasting studies that also increase plant efficiency.
Through diversification Enel Green Power has achieved a balanced energy mix, allowing it to seize opportunities for growth across a number of markets through technology tailored to each geographical area. Moreover, it does not depend on incentives from institutional stakeholders: ‘Markets don’t always experience the same situations at the same time’, Starace remarked.
‘In Europe, the risks are not higher or lower, they are simply different,’ added Starace on EGP’s interest in emerging renewable energy markets. ‘For instance, the risk originating from an agreement to purchase energy from a Mexican corporation is totally comparable to the risk of installing a solar plant in an European country, where energy incentive policies could subsequently be modified.’
By the end of 2017, Enel Green Power’s installed capacity in new markets will reach 3.6 gigawatts.