The head of energy giant Enel says renewables are key to getting prices back to pre-Ukraine war levels.
But Enel is planning to leave many of those countries as it focuses on renewable energy and becoming carbon neutral by 2040.It is investing heavily in making solar panels as it expands an existing factory in Sicily and builds a new one in the US.Enel's Francesco Starace says that new supplies of renewable energy are key to cutting prices
Soaring energy prices have been the biggest contributor to inflation and the cost of living crisis in the UK, the US and the eurozone.triggered by Russia's invasion of Ukraine "showed very clearly how dependence on one single source of energy is dangerous for Europe", Mr Starace said.However, that shift to renewables also has risks.
In July, the International Energy Agency said that China's dominance of solar and wind turbine production creates "potential challenges that governments need to address"."Some rebalancing needs to be happening because it is healthy," he said, when asked about geopolitical tensions interfering with energy supplies.
This has helped drive Enel's investment in solar panels, although the expansion of the Sicilian factory will still meet only 10% of Europe's needs, he said.Political leaders have also acknowledged that Europe needs to get its
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