EDP's Comprehensive Approach to Renewable Energies, Green Hydrogen, and Energy Transition
Key Ideas
  • EDP aims to be 100% green in energy generation by 2030 and carbon neutral in value chain by 2040, with 98% of energy coming from renewables in 2024.
  • Investing 17 billion euros by 2026, including 2.5 billion euros for solar energy projects, EDP is on a path to add 3 GW of renewables annually until 2026.
  • Active in green hydrogen, EDP has advanced renewable hydrogen projects globally, leveraging former coal power plant sites for renewable hydrogen hubs.
  • Despite challenges, EDP's strategy aligns with the growth of hydrogen production by 2030, positioning the company as a leader in the energy transition.
At The smarter E Europe, EDP emphasized climate protection through the We Choose Earth Tour Conference and participation in the Utilities for Net Zero Alliance. EDP's goals include achieving 100% green energy generation by 2030 and carbon neutrality across its value chain by 2040, with 98% of energy already sourced from renewables in the first half of 2024. The company plans to invest 17 billion euros by 2026, with a significant allocation to solar projects for families and companies. With over 26.6 GW of renewable capacity globally, EDP aims to add 3 GW of renewables annually until 2026, capturing the expanding renewable electricity generation capacity worldwide. The company is actively involved in the development of renewable hydrogen projects, with a focus on green molecules to support decarbonization in various industries. EDP's transition from fossil fuels includes creating renewable hydrogen hubs in sites of former coal power plants, with pilot projects in Brazil and Portugal and commercial scale projects in Portugal and Spain. The company has secured substantial public funding for these projects. Regarding nuclear power, EDP believes in a diversified energy mix focusing on renewables and battery storage due to the long timeline and high costs associated with nuclear power. The company advocates for technologies with shorter time to market and believes gas will have a backup role while coal must be phased out. Addressing negative electricity exchange prices, EDP emphasizes the importance of mechanisms like Power Purchase Agreements (PPAs) for price stability and clean energy investment attraction. Stable government-promoted auctions and capacity mechanisms are also crucial in ensuring the availability of necessary technologies in the electricity market.
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