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Talking Business

but it's nothing. so i think some rebalancing. i'm not saying complete, say, self—reliance. this is crazy. but some rebalancing needs to be happening because it is healthy, and i think this russian example was maybe extreme, but lessons should be learned from that. the same would apply to the us and the us is more or less in the same situation, as far as pv panels are concerned. and let me end on this. francesco, what is what's the future of europe's energy mix? where is it going to come from? i think it's going to be extremely decarbonised, going forward, and it is going to be nuclear and renewables most of the times. when i say that it's because nothing is 100%. 0k? nothing is 100%. this is something

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Talking Business

thanks for your time. francesco, let's start with this, because i want to hear your personal thoughts on how the war in ukraine, the russian invasion, has has reshaped our energy industry. well, i think it showed very clearly how a dependence on one single source of energy is dangerous for europe. and i think that that example is probably going to be repeated everywhere else if if people want to pay attention. honestly, this was not the first time we had already a pre—warning in 2014. and now we have to really take it seriously and understand that we have to do something about this. so a very tough year to be in the energy business with all of this volatility. and francesco, what have been the biggest challenges for you? i think the biggest challenge we've had is concentrate on our large customer base. i mean, we have in europe something close to 20 million customers that we tried to shield from this volatility

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Talking Business

it happened in 22, 23 when this incredible mess took place and there everything started. i think we will see this acceleration retrospectively taking place across these couple of years. now that we are in the middle of it, we complain that it's not fast enough. so with your big push into renewables, let me ask you this, francesco. back injuly, the iea, the international energy agency, warned that china has an 80% share of the solar panel manufacturing industry. china also dominates wind turbine manufacturing. so how does the world stop itself becoming overreliant on china for renewables? just in the same way that we've seen with russia and fossilfuels. let's say that we are altogether overreliant in china from many, many things, notjust renewables. we made an implicit pact with asia.

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Talking Business

perhaps if fusion becomes the energy of the future, that will be the case, and renewables, of course, will increase dramatically. i think europe will not be completely domestically independent for a very, very long time, if ever. well, on that point, megan richards, a real pleasure having you on the show. thanks for your time and i'll talk to you soon. thank you. so that need to come up with a new strategy to tackle the energy crisis is not lost on the companies that supply the market either. italy's enel, it's the world's second biggest energy company behind only the state grid corporation of china. and it's embarking on a very ambitious transformation plan, which will mean by 2040 it only sells electricity generated from renewable sources such as wind and solar. and i've been catching up with its big boss, francesco. a real pleasure having you on the show.

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Talking Business

viable and more friendly to the environment. so let's accelerate that. that's a focus in the next few years. francesco, as we know, you're trying to oversee a very ambitious refocusing of enel into a major player in renewable energy. and i'm wondering, has this global energy crisis, has it been a catalyst in terms of unlocking both the necessary funding and government support to to move away from fossil fuels? i think if there were any doubts, i think this crisis has wiped it out. i mean, it clearly is difficult to sustain the fact that we should not move to a different electricity mix. definitely. this has been. an acceleration in that sense. like all accelerations that happened late, you wish this acceleration would be even larger. and i think you will see, looking back maybe five years down the road, we will say, where did it all happen?

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Talking Business

through the 20, 22 years, thanks to fixed price contracts we had stipulated in 2020 and 21, thanks to fixed price we typically sell forward two years and we try to stick to our commitment with them, shielding them from this great crisis. why this is important, it's because, you know, our business is all about customers. we exist because of their demand and their needs for energy. and if we break the implicit back that links them with us, that's going to be a damage that is much worse than a hit on the economic results of a year or another. so we know gas prices have been at record highs, oil at near—record highs since the russian invasion. and it's left millions of households and businesses around the world just struggling to pay their energy bills without government help. so, francesco, what's it going to take to to get them back down to so—called normal levels?

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Talking Business

to the environment. so let's accelerate that. that's a focus in the next few years. francesco, as we know, you're trying to oversee a very ambitious refocusing of enel into a major player in renewable energy. and i'm wondering, has this global energy crisis, has it been a catalyst in terms of unlocking both the necessary funding and government support to to move away from fossil fuels? i think if there were any doubts, i think this crisis has wiped it out. i mean, it clearly is difficult to sustain the fact that we should not move to a different electricity mix. definitely. this has been. an acceleration in that sense. like all accelerations that happened late, you wish this acceleration would be even larger. and i think you will see, looking back maybe five years down the road,

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Talking Business

that we tried to shield from this volatility through the 20, 22 years, thanks to fixed price contracts we had stipulated in 2020 and 21, we typically sell for two years and we try to stick to our commitment with them, shielding them from this great crisis. why this is important, it's because, you know, our business is all about customers. we exist because of their demand and their needs for energy. and if we break the implicit back that links them with us, that's going to be a damage that is much worse than a hit on the economic results of a year or another. so we know gas prices have been at record highs, oil at near—record highs since the russian invasion. and it's left millions of households and businesses around the world just struggling to pay their energy bills without government help. so, francesco, what's it

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Talking Business

francesco. a real pleasure having you on the show. thanks for your time. francesco, let's start with this, because i want to hear your personal thoughts on how the war in ukraine, the russian invasion, has has reshaped our energy industry. well, i think it showed very clearly how a dependence on one single source of energy is dangerous for europe. and i think that that example is probably going to be repeated everywhere else if if people want to pay attention. honestly, this was not the first time we had already a pre—warning in 2014. and now we have to really take it seriously and understand that we have to do something about this. so a very tough year to be in the energy business with all of this volatility. and francesco, what have been the biggest challenges for you? i think the biggest challenge we've had is concentrate on our large customer base. i mean, we have in europe something close to 20 million customers

Russia , Show , Francesco , Pleasure , Thanks , Invasion , Let , Energy-industry , War , Ukraine , Thoughts , Europe-s

Talking Business

so i think some rebalancing. i'm not saying complete say self—reliance. this is crazy. but some rebalancing needs to be happening because it is healthy. and i think this russian example was maybe extreme, but lessons should be learned from that. the same would apply to the us and the us is more or less in the same situation. as far as pv panels are concerned and let me end on this. francesco, what is what's the future of europe's energy mix? where is it going to come from? i think it's going to be extremely decarbonised going forward and it is going to be nuclear and renewables most of the times. when i say that is because nothing is 100%. 0k. nothing is 100%. this is something we have to fight. 100%.

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