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Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

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Italy’s Grid Operator to Invest $18 Billion to Support the Rise of Renewables

Italy’s power grid operator Terna SpA plans a record-high five-year investment of $18 billion (16.5 billion euros) by 2028 to support and accelerate the country’s decarbonization, the company said in the details of its new industrial plan 2024-2028.

Most of Terna’s capital expenditure (capex) through 2028 will go to strengthening and expanding the transmission grid and developing cross-border interconnection capacity, “to guarantee increased security, resilience and efficiency of the system enabling it to handle the growing integration of renewable sources,” Terna said in a statement.  

In a draft energy plan, Italy aims at a 65% share of renewables in power generation by 2030, up from a previous target of 55%.

“The success of Italy’s decarbonisation process will depend on developments in the following areas: growth in generation capacity from renewable energy sources, development of the grid’s transmission and storage capacity and, lastly, increased adequacy of the electricity system,” Terna said in a statement.

“In this scenario, as Transmission System Operator, Terna will play an increasingly important role in driving and enabling the country’s sustainable and carbon-free future.”

Italy’s transmission system operator is not the only one in Europe targeting multi-billion-dollar investments in the grid to accommodate the rising share of renewables in electricity generation.

Poland’s grid operator said last week it would spend as much as $16 billion on upgrading and expanding its power grid to accommodate additional renewable and nuclear capacity. Grid operator PSE said that its draft investment plan includes more than 3,000 miles of 400 kV transmission lines in a push to hasten the transition of the country’s energy sources from coal to cleaner energy.

In the UK, National Grid ESO is proposing a plan of $73.6 billion (£58 billion) in investment in the grid to meet growing demand and the rise of renewable power sources.

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“The current electricity grid is reaching its capacity and is unable to transport much more electricity without reinforcing the network,” the Electricity System Operator (ESO) said in a report. 

By Charles Kennedy for Oilprice.com

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