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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on January 22, 2024

    Featured image for article about Top Stories

    Wind, solar energy output hit record high in Italy in 2023

    By Francesca Landini

    MILAN (Reuters) -Wind and solar energy production hit a record last year in Italy, as the country more than doubled its newly-installed green source capacity, power grid operator Terna said on Monday.

    Solar panel generation rose to 30.6 Terawatt hours (TWh) while wind farms produced 23.4 TWh, Terna said.

    It added that all renewable sources, including hydroelectric plants, covered nearly 37% of electricity demand, up from 31% in 2022, showing that 2030 energy transition targets for the country could be feasible.

    Italy aims to generate nearly two thirds of its electricity from renewable energy sources by 2030, the energy ministry said last June in its draft Plan for Energy and Climate (PNIEC).

    However, the development of solar and wind farms in Italy faces multiple challenges including a lengthy process to win permits and in some cases resistance from local administrations and the public who fear damage to both the landscape and agriculture.

    On Monday Terna also said that newly-installed renewable capacity rose by 5.8 gigawatt (GW), signalling a big jump compared with 2022 when new additions in green capacity were equal to 2.7 GW.

    Power production from gas-fired and coal-fired stations fell respectively 17.4% and 42% last year compensated by the rise in both green production and electricity imports from abroad.

    In 2023 total power consumption in the country fell 2.8% year-on-year, to 306.1 TWh, Terna added.

    (Reporting by Francesca Landini, editing by Alvise Armellini and Keith Weir)

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