The company that owns the electrical networks in Spain, Redeia, has committed to investing at least 1,000 million a year starting in 2024 to address the expansion of the network demanded by the massive arrival of renewables.
This was announced yesterday by the company's CEO, Roberto García Merino, during the presentation of the results. The amount even exceeds the 825 million that Redeia invested in 2023 in the adaptation of electrical infrastructure and which already represented an increase of 55% compared to what was invested in the previous year. This is a level of investment that García Merino himself described as “a record never seen in the company” to which is added a commitment to execute an investment of 2.1 billion in the next two years.
Redeia will update its Strategic Plan to adapt it to the new objective, which is 5% of what was announced last year and 15% above the original wording of the plan.
The update is carried out when the roadmap that the company designed for 2021-2025 has covered 60% of the initial forecasts with about three quarters of its content destined to the transformation of the energy model through the development of the transportation network electricity and international interconnections, storage deployment and system operation. With these updates, the total amount invested by Redeia in the period of the strategic plan will exceed 5,000 million euros. “Efforts must be redoubled in the networks, since these are the true element that facilitates the energy transition and decarbonization,” recognized the president of the company, Beatriz Corredor.
This investment effort responds to the need to update the connection system for a new energy environment that requires expanding the capacity of the network to allow the connection and entry into the network of the increased production of renewable energies on the one hand and the need connection of the new most energy-intensive demands such as data centers, quantum computers, among others.
Redeia presented its results this Wednesday, reporting a profit of 690 million euros in 2023, which represents an increase of 3.7% compared to the previous year.
The gross operating result (Ebitda) amounted to 1,507.8 million euros, 1.1% higher than that obtained in 2022. The international business especially contributed to this figure, with its Ebitda being 16% higher than in the year former.
Regarding its investees, Hispasat improved its income by 9.1% compared to the previous year, reaching 249.3 million euros in 2023. In the case of fiber, Reintel also increased its turnover by 5. 2% compared to 2022.
