Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Telecom Italia expands green power supply deal with ERG

Published 09/05/2023, 12:41
Updated 09/05/2023, 12:48
© Reuters. FILE PHOTO: Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic

MILAN (Reuters) - Telecom Italia (BIT:TLIT) (TIM) said on Tuesday it had expanded a power purchase agreement (PPA) with Italian renewables group ERG as part of Italy's biggest phone company's efforts to shift to green energy.

TIM said the new nine-year contract will integrate an existing agreement to add 200 gigawatt hours of electricity annually, entirely produced by ERG's renewable plants.

On the back of the new contract, TIM's power purchase agreements of renewable energy will cover some 34% of company's energy purchases in Italy, TIM said.

TIM is the second-largest energy consumer in Italy. As of December, it covered some 46% of its domestic energy use from renewable sources. It aims to entirely rely on green energy by 2025.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.