Latest news with #EDPR
Bloomberg
4 days ago
- Business
- Bloomberg
EDPR to Shift Focus Within Asia to ‘High-Growth Markets'
EDP Renewables SA is shifting its focus within Asia-Pacific toward 'high-growth markets' such as Japan, Australia and Taiwan, a spokesperson said in a statement. The green energy unit of Portuguese utility EDP SA wants to 'optimize EDP's portfolio in the region by focusing on markets with strong fundamentals for renewables,' the spokesperson said. They added that there was 'recognized uncertainty in the sector.'
Mint
4 days ago
- Business
- Mint
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
EDPR plans to install up to 1.75 GW in new capacity in U.S. Republican lawmakers want to repeal renewables incentives CEO says company not changing its installation targets LISBON, - EDP Renovaveis, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.
Reuters
4 days ago
- Business
- Reuters
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
LISBON, June 17 (Reuters) - EDP Renovaveis ( opens new tab, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.
Yahoo
4 days ago
- Business
- Yahoo
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
By Sergio Goncalves LISBON (Reuters) -EDP Renovaveis, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
20-05-2025
- Business
- Reuters
European shares inch higher, supported by utilities and telecom
May 20 (Reuters) - European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities (.SX6P), opens new tab rose 1.1%, with Portugal's EDP Renovaveis ( opens new tab climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold." Shares of renewable energy firms Oersted ( opens new tab jumped 13.3% and Vestas Wind ( opens new tab 4% after U.S. President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. Among other stocks, Salmar ( opens new tab dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs (GRG.L), opens new tab, Upper Crust owner SSP Group (SSPG.L), opens new tab and distributor Diploma (DPLM.L), opens new tab climbed between 3.7% and 14.5% after reporting results.
