Brian McCowan, Zondits staff, 6/9/2022
In a stark departure from typical utility industry talking points, the CEO of Enel, a giant European utility, states that it is “stupid” to continue burning natural gas for generating electricity and for heating homes and commercial buildings. In a CNBC interview conducted at the World Economic Forum held May 22-26 in Davos Switzerland, Enel CEO Francesco Starace stated that renewable energy alternatives are “cheaper and better,” and that “Gas is a precious molecule and you should leave it for … applications where that is needed.” Starace says that the appropriate applications are industrial processes including the production of chemicals, paper, ceramics and glass.
Enel was founded in Italy in 1962 and is now a global energy supplier serving 30 countries with a total capacity of over 90 gigawatts of electric generation and distribution. According to Enel’s website, the utility is rapidly progressing toward 100% renewable energy and is actively investing in solar, wind and geothermal projects throughout Europe, Latin America and the U.S.
Read the full CNBC article excerpting the interview here.