Innovation in the Red Eléctrica Group consists of providing value by driving and promoting the incorporation of technologies, solutions and new ways of working as a lever for growth and efficiency that, in a structured manner, promote a cultural change to successfully undertake the Group's future challenges, hence supporting its long-term sustainability and that of the electricity system as a whole.
The innovation vectors are those areas of activity where the Company considers it more relevant to promote innovation over the upcoming years, establishing a specific innovation plan for each area. Innovation is not limited only to the four vectors related to People, Technology, Digitalisation and Sustainability, but also aims to place special emphasis and focus on the efforts made in these areas regarding innovation..
For the 2016-2019 period, the four mentioned vectors are proposed along with certain priority courses of action that will help guide the plans and programmes.
Technology Vector. Technological Development Plan
The ‘Technology’ innovation vector has a specific development plan for the 2016-2019 period. In this plan, the key actions, grouped into a series of technological courses of action, aim to promote cooperation between the business units, avoid overlaps and maximise synergies between projects carried out in the same area.
For years, the company's innovation spending has been growing steadily. In 2016 this spending was € 8.6 million, targeting more than 70 projects.