Italy's Enel to cut spending on renewables

ROME, Nov. 22 (Xinhua) -- Italian energy giant Enel said on Wednesday it will spend 35.8 billion euros (38.9 billion U.S. dollars) on new investments in the next three years, but will scale back in the renewable energy sectors.

The company said it would spend nearly 19 billion euros on grids between 2024 and 2026. But investments in renewables, particularly onshore wind, solar and battery storage, will fall from 17 billion euros to 12.1 billion euros, it said.

The changes represent the first major strategic plan released under the leadership of Stefano De Angelis.

Rome-based Enel is one of Europe's largest integrated energy companies in terms of market capitalization and number of customers. (1 euro = 1.09 U.S. dollar)