Capital Markets & ESG Day 2024

Sixty percent of our investment plan (€21.5 billion) is dedicated to expanding and strengthening grids in the U.S., the U.K., Brazil and Spain. This infrastructure is key to ensuring the integration of new renewable capacity into the electricity system and accommodating the increased demand from new uses such as electric vehicles, heat pumps and data centres.

As a result, electricity grid assets will grow by 38% to €54 billion, including €15 billion in transmission networks. Eighty-five percent of this asset base is secured under fixed regulatory frameworks for the coming years.

We plan to allocate €15.5 billion gross to the renewable-energy business – including €5 billion contributed by strategic partners in ongoing projects – with selective growth in manageable technologies.

Of this amount, more than half is focused on offshore wind in the United States, the United Kingdom, France and Germany; 28% on onshore wind, and 18% on photovoltaic solar. What’s more, 100% of the investment is dedicated to projects already under construction.  

Thanks to these investments, by 2027 we will have 3,000 new MW of offshore wind in operation, bringing the total to 5,000 MW, and we plan to launch an additional 6,000 MW of onshore wind and solar power.

Storage is becoming a strategic technology for stabilising market prices and avoiding margin volatility. For this reason, we plan to allocate €1.5 billion to this area, enabling us to reach a storage capacity of 120 million kWh through hydroelectric pumping (a 20% increase). Additionally, we will have an extra portfolio of 150 million kWh.

We continue to make advances in our role as an active agent in the fight against climate change. As such, environmental and social factors are fully integrated into our Strategic Plan, and we are aiming to align our growth with the goal of zero emissions in our generation plants and own consumption by 2030, and in all our activities by 2040.

What’s more, the company’s activities will create 10,000 jobs globally by 2026, which will increase to 500,000 jobs across our entire supply chain. All of this is in line with our commitment to gender equality: women currently account for 34.5% of leadership positions, and this percentage will rise in the immediate future, continuing to lead the rankings in governance, ethics and compliance.