EDP says US will continue to be a large market for the Portuguese energy company despite Donald Trump’s “drill, baby, drill” remarks

 In Economy, EDP, EDPR, News, Renewables

The CEO of EDP’s renewables arm EDPR (2.11%), Miguel Stilwell de Andrade, says that the Portuguese electricity company continues to see the United States as a major market for the company, with growth prospects, even in the context of the new presidency.

“[The United States] needs all the supply [of energy] that is possible,” he believes, pointing to the leadership goals of the world’s largest economy with regard to artificial intelligence.

“We continue to see them [the United States] as a big market, a big growth market,” said the CEO of EDP in an interview with CNBC, broadcast this week.

“[The United States] needs all the supply [of energy] that is possible,” whether it is renewables or gas, he continued, pointing out that these should be the main energy sources powering data centres”, he said.

“I believe that the United States wants leadership in artificial intelligence and digital”, added the Portuguese energy boss.

For that, they need data centres and for that they need energy, and we are here to provide that energy,” Stilwell concluded.

EDP has already invested €20Bn in the United States since it entered this market in 2007, and also did so during the last administration led by Donald Trump, recalled the head of the electric company’s executive team.

The shares of the EDP group recorded strong falls on the Lisbon stock exchange this Tuesday, with the ‘parent company EDP’ falling 1.76% to €3.069 and EDP Renováveis (EDPR 2.11%) falling 2.11% to €9.26.

The company’s bonds were punished by the anti-renewables stance  held by Donald Trump, who in his inauguration speech as the 47th president of the US this Monday reiterated that the country’s energy future is “drill, baby, drill”, meaning drilling oil wells.

Shares also took a tumble earlier this month after Donald Trump called Eolic wind turbines (He called them “windmills”) an “economic and environmental disaster” in his rant against Eolic wind farms.

The new president said he didn’t “want even one built” during his tirade against renewable energy.

EDPR currently has a €25Bn investment plan for renewables to 2026 with the US responsible for around 40% of that investment. The markets reacted accordingly to the Donald Trump statements by taking a tumble.