GreenTech Media reports that the transition to a clean-energy market no longer relies heavily on incentives and tax breaks, as it did in the beginning.
“Subsidies are not needed anymore,” said Antonio Cammisecra, head of global power generation for the European utility giant Enel and CEO of subsidiary Enel Green Power, “Indeed, they are becoming rare today in this industry.”
The company is building renewable energy projects coupled with battery storage in places like Texas and Australia, without any incentives. These projects are created based on merchant demand, and are centered on dispatching power where it is needed, as well as providing services such as frequency regulation.
In November 2019, Enel announced a new strategic plan that entails committing half of its global investment over the next few years to decarbonization, according to GreenTech Media.
The world, Cammisecra said, has entered “a new phase of renewable energy development.”
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