financetom
Business
financetom
/
Business
/
Portugal's EDP confident of its US plans despite Trump wind review
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Portugal's EDP confident of its US plans despite Trump wind review
Jan 22, 2025 6:42 AM

DAVOS, Switzerland (Reuters) - EDP is confident its existing U.S. onshore projects will not be affected by President Trump's wind power decisions, its CEO said, but Portugal's largest utility company will revise its future business plan and growth expectations in coming months.

Trump suspended new federal offshore wind leasing on Monday, pending an environmental and economic review, and analysts now say the chances of any new U.S. developments are zero for now.

EDP, which plans to grow its renewable energy globally by around two gigawatts in 2025, has 40% of its investments until 2026, which are worth around $9 billion, channelled to the U.S., said CEO Miguel Stilwell d'Andrade.

"A lot of the wind (projects) that we have in the United States is already operational and working, and we expect that there will be no issue around that," Stilwell told Reuters on the sidelines of the World Economic Forum on Wednesday.

Stilwell said that EDP is revising its business plan, in terms of its capital expenditure programme, to look at the results of Trump administration decisions, executive orders and other factors.

"Over the next couple of months, we shall go back to the market and present revised numbers for the next period until 2030. This doesn't mean we'll be giving guidance till 2030 but we're looking obviously at our expectation of growth for the next few years," he said.

"We're probably talking about $2-$3 billion over the next two years through 2026 ... but I'd say that most of that we will move ahead with anyway, because they seem to be in areas that are not impacted by these executive orders," he added

Most of EDP's U.S. investments are focused on solar power and battery storage, in which there are a lot of growth opportunities, Stilwell said.

EDP's subsidiary, EDP Renovaveis, is the world's fourth largest wind energy producer. It operates globally through its exclusive investment vehicle, Ocean Winds - a joint venture with French energy firm Engie - to capture marine wind energy opportunities around the world.

One of the company's large-scale offshore wind farms, Ocean Winds' SouthCoast Wind, located about 20 nautical miles south of the island of Nantucket, Massachusetts, is in late development stage and is expected to generate up to 2.4 gigawatts of offshore wind energy by 2030.

Stilwell said he continues to see good opportunities in the U.S., with demand for power expected to grow further, driven by AI, digital transformation and onshoring manufacturing.

"We obviously need to be very careful about pricing the risk to make sure that we are not running the risk of tariffs, or the risk of having to import a lot of materials and components from outside the United States ... but in that sense we are quite comfortable," he said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Celcuity Plans Phase 3 Trial of Potential Breast Cancer Therapy, Receives Additional Term Loan
Celcuity Plans Phase 3 Trial of Potential Breast Cancer Therapy, Receives Additional Term Loan
May 30, 2024
08:46 AM EDT, 05/30/2024 (MT Newswires) -- Celcuity ( CELC ) said Thursday it plans to launch a phase 3 clinical trial to evaluate gedatolisib in combination with other drugs as a first-line treatment for patients with HR+/HER2- advanced breast cancer who are resistant to endocrine therapy. The combination includes either ribociclib or palbociclib, both cyclin-dependent kinase inhibitors, along with...
Sector Update: Consumer Stocks Gain Pre-Bell Thursday
Sector Update: Consumer Stocks Gain Pre-Bell Thursday
May 30, 2024
08:50 AM EDT, 05/30/2024 (MT Newswires) -- Consumer stocks were advancing pre-bell Thursday, with the Consumer Staples Select Sector SPDR Fund ( XLP ) marginally up and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) 0.1% higher. Burlington Stores ( BURL ) shares rose 15% after the company reported higher fiscal Q1 adjusted diluted earnings and revenue. Birkenstock...
Foot Locker +13% After Q1 Earnings - Here's Why
Foot Locker +13% After Q1 Earnings - Here's Why
May 30, 2024
Foot Locker, Inc. ( FL ) shares are trading higher in the premarket session on Thursday. The company reported first-quarter adjusted earnings per share of 22 cents, beating the street view of 12 cents. Quarterly sales of $1.874 billion, missing the street view of $1.880 billion. Total sales decreased 2.8% year over year, while comparable sales fell 1.8%. In the...
--Street Color: BorgWarner Promotes Joseph Fadool to Operations Chief
--Street Color: BorgWarner Promotes Joseph Fadool to Operations Chief
May 30, 2024
08:46 AM EDT, 05/30/2024 (MT Newswires) -- (Street Color news is derived from real time discussions with market professionals globally subscribed to the Street Color Premium Chat service on Bloomberg IB Chat and the ICE IM. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.) Price: 35.00, Change: +0.21, Percent...
Copyright 2023-2026 - www.financetom.com All Rights Reserved