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5 December 2007 - Italian power utility Edison has announced plans to invest some €3bn ($4.38bn) in the electric power sector over the next five years including around €1bn in renewable energy assets as it aims "to grow in markets outside Italy and in the area of renewable energy source."
Edison said it expected to overshoot its carbon dioxide (CO2) emission targets by 12m tonnes a year in 2008-2012, an increase from 7 m tonnes expected a year ago.
The company said it planned to cover up to 85 per cent of the CO2 deficit by earning credits on the so-called CIP-6 green energy projects and the rest through aggressive acquisition of emission rights, including direct investment in international projects and buying shares in CO2 funds.
Edison said it was assessing a number of growth opportunities outside Italy with a total capacity of 1000 MW. It has included in its plan only projects that have made "reasonable progress" in areas of strategic interest, such as Greece, Turkey and the Balkans.
Under the plan, Edison seeks to double the installed capacity of its wind farms from 270 MW currently and invest to expand its installed hydroelectric power plants.
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