REE to invest EUR 3.2bn to aid energy transition in Spain

Spanish grid operator Red Electrica de Espana (REE) will invest a total of EUR 3.221 billion (USD 3.6bn) in the development of the high voltage transport network and the operation of the electric system to enable the energy transition across the entire territory of Spain.

The amount represents 53% of the total investment budget of EUR 6 billion laid out in the 2018-2022 strategic plan, REE said on Thursday.

The EUR-3.2-billion investment will be divided as follows: EUR 1.538 billion will be allocated to the integration of clean energy; EUR 908 million will be used to strengthen the reliability of transport networks and the security of the supply; EUR 434 million will go towards the expansion of technological and digital tools; EUR 215 million will be directed at storage projects; and EUR 54 million will go towards energy control systems.

REE said that the roadmap for 2019 and beyond was packed with projects, many of which are already in the execution stage. Among them is the interconnection line with France through the Bay of Biscay, as well as other projects to absorb new renewable energy generation in Spain.

(EUR 1.0 = USD 1.14)

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