REUTERS NEXT-U.S. subsidies better than EU ones on energy re-shoring, Enel CEO says

Reuters
·1 min read

NEW YORK, Dec 1 (Reuters) - The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe's biggest utility Enel said in an interview during the Reuters Next conference.

"There are better ways to doing things than the system in Europe, and the U.S. have a great package not only to change the infrastructure and the energy generation mix but also to help re-shore some critical components," Enel's Francesco Starace said.

The United States approved a $430-billion new green energy subsidy package in the summer labelled Inflation Reduction Act that offers tax breaks for components used in renewable energy technologies on condition they are made in North America.

Starace called "problematic" the global dependence on Chinese solar materials, and confirmed Enel would ramp up its solar panel manufacturing capacity in Europe and in the United States with two plants.

Europeans will eventually find an agreement on how to reduce the volatility of gas prices, the CEO of Enel said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/] (Reporting by David Gaffen; writing by Francesca Landini Editing by Nick Zieminski)

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