Naturgy to Invest $1.09 Billion in Spanish Networks via Distribution Unit
By Joshua Kirby
Naturgy Energy Group SA is to invest 920 million euros ($1.09
billion) in its electricity networks in Spain as part of a drive
toward digitalization and the energy transition.
The Spanish energy firm said Monday that it will invest the
money via its electricity-distribution subsidiary UFD over the next
three years to 2024.
A third of the money will go to digitalizing the network,
another third to integrating the new generation of renewable energy
and the remainder to connecting new consumers, Naturgy said. The
investment will be focused principally on the north-western region
of Galicia, and the rest on the central part of Spain including
"For Naturgy, the energy transition is an opportunity," said
Naturgy's director general of energy and network management, Pedro
The transformation of distribution networks will allow better
provision, as well as digital and more environmentally-friendly
services for customers, he added.
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(END) Dow Jones Newswires
June 21, 2021 08:12 ET (12:12 GMT)
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