Portugal´s Energy Grids Operator REN Committed to Reducing Environmental Footprint

REN – Redes Energéticas Nacionais, whose biggest shareholder is China State Grid, has presented its Strategic Plan for the period 2024–27, focused on facilitating the energy transition while maintaining financial and operational standards.

REN, Portugal’s electricity and natural gas grids operator, is committed to reducing its environmental footprint significantly. The company aims to decrease its Scope 1 and 2 emissions by 60% by 2030 compared to 2019 levels, along with a 30% reduction in Scope 3 emissions by 2030 compared to 2021. Furthermore, REN plans to transition to 100% green debt by 2030, aligning its financing with its sustainability objectives.

The strategic plan forecasts an annual EBITDA of between EUR 500M and EUR 540M, with an annual net profit projected to range between EUR 105M and EUR 120M. REN aims to reduce net debt to a level between EUR 2.6B and EUR 2.5B. Additionally, the company has updated its dividend policy to increase its dividend per share by 2% per annum until 2027.

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REN’s investment strategy for the next four years focuses on supporting the Energy Transition. The company plans to increase its average annual CAPEX by up to 70% compared to the previous period, totaling EUR 1.5-1.7B during 2024-27. This investment will enable the connection of renewable energy projects to the grid, improve network quality and resilience, strengthen green gases infrastructure, and expand its presence in Chile.

The increased investment in REN’s strategic plan is expected to have a positive impact on the Portuguese economy. It will create job opportunities within REN and among its contractors and local suppliers, thereby contributing to national income.

REN aims to invest EUR 3M in communities by 2027 and EUR 2M in employee capabilities over the same period. Additionally, the company plans to ensure that 100% of its employees are trained in ESG principles by 2030, underscoring its commitment to social responsibility and sustainability.

 

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