Redeia has increased the investment targets set out in its current Strategic Plan to €4.8 billion to accelerate the green transition in Spain. The Plan initially announced by the Company in 2021 contemplated a total investment of 4.4 billion with a 2025 horizon.

This figure - which also reflects the current inflationary environment - represents a 10% increase in the investments of its subsidiary Red Eléctrica, the Transmission System Operator (TSO) of the Spanish electricity system and backbone of the green transition in Spain. Following this update, the Company's estimate is that Red Eléctrica's investment volume for the 2021-2025 period will be around €3.7 billion compared to the €3.35 billion presented in 2021. Redeia made this announcement during the presentation of the 2022 financial results.

For Beatriz Corredor, Chairwoman of Redeia, “the green transition is an urgent process that requires us to redouble our efforts. Therefore, from Redeia -through Red Eléctrica- we are promoting our investments and showing our commitment towards Spain’s leadership in renewables as a key piece to advance the strategic autonomy of the European Union”.

Along these lines, the CEO, Roberto García Merino, highlighted that “2023 will mark a turning point because Red Eléctrica will accelerate its investment in the transmission grid; our forecast is to reach a volume of more than €700 million, approaching the all-time record investment levels of 2010 and 2011”.

The Strategic Plan is on the right track

During the event in which the results were presented, both the Chairwoman and the CEO highlighted the fact that the Company is moving in the right direction to comply with the Strategic Plan.

Redeia presented this roadmap with a 2025 horizon in February 2021, earmarking 75% of its investment plan to the transformation of the energy model through the development of Spain’s electricity transmission grid and cross-border interconnections, as well as through the deployment of energy storage solutions and the efficient operation of the system.

Currently, at the halfway point of this plan, the group has already invested almost one third of the planned amount in the electricity transmission activity in Spain and is progressing according to plan regarding the investment in the Salto de Chira pumped storage hydroelectric power station in Gran Canaria, a strategic tool for System Operation.

Moreover, the group has completed its organic and inorganic investment target in international markets. In addition, more than 40% progress has been made in the investment target set for the satellite activity.

The 2022 results contributed significantly to this progress. According to the communication made today, Redeia's investments registered a volume of €1,032 million, representing an increase of almost 80% compared to 2021.

The evolution of this amount has been marked by Red Eléctrica's investment effort, which last year was 25% higher: €532 million. As a result of this effort, the subsidiary has initiated strategic projects included in the 2021-2026 Plan, such as the commissioning of the link between Lanzarote and Fuerteventura, the completion of the Caparacena - Baza electricity axis in the province of Granada, the development of the Ibiza-Formentera link or the cross-border interconnections with France and Portugal.