February 20 (Renewables Now) - Spanish grid operator Red Electrica de Espana (REE) will allocate 25.5% of its five-year investment budget to the integration of renewable energy.
REE will spend total of EUR 6 billion (USD 6.8bn) in support of the energy transition, as well as to consolidate its position as the benchmark operator of telecommunications infrastructure, expand its business abroad and accelerate innovation in Spain, according to the 2018-2022 strategic plan, presented on Tuesday.
Investments in the renewable energy segment will amount to EUR 1.538 billion, while storage programmes will get EUR 215 million by 2022. Among them, REE highlighted the Soria-Chira pumped-storage hydropower plant in Gran Canaria, as well as the development of battery storage in the Balearic Islands and Tenerife.
Interconnection capacity will be increased, both nationally and internationally, to guarantee supply against the variability of renewable generation, REE said.
Decarbonisation, digitalisation and decentralisation will mark the new paradigm of the electricity sector in the grid operator’s near future. REE will invest a total of EUR 560 million into new digital technologies, such as intelligent networks and big data, to support a system that will have a large share of renewables in the upcoming years.
REE’s operations in Chile and Peru will have a budget of EUR 1.057 billion, or 20% of the total, allocated to the new electric transport infrastructure.
(EUR 1.0 = USD 1.13)