It's necessary to reintroduce nuclear power in Italy to reduce its dependence on natural gas from countries such as Russia and Algeria, Enel SpA (ENEL.MI) Chief Executive Fulvio Conti said in an interview with daily la Repubblica Monday.
Italy's energy mix "isn't balanced" as 65% of Italy's power is generated from gas, CEO of the Italian utility said. "Gas, as we know, comes from two countries, Russia and Algeria, hence we are tied to an oligopoly of suppliers."
Italy could build up to five nuclear plants each with a capacity of 1,800 megawatts for a total cost of about EUR14 billion, Conti said. The CEO said construction could be carried out by a consortium of utilities or interested companies, although Enel could finance it alone.
The construction of these nuclear facilities could be spread over 14 years at a cost of EUR1 billion annually, Conti added.