ARKANSAS, Oct 29 (Future Headlines)- Portugal’s EDP is on a path to significantly boost its renewable energy output, aiming to reach over 90% renewable electricity production in 2024, up from the current 85%. This remarkable progress comes as a result of strategic decisions, including the closure of coal-fired plants in Brazil and Spain.
EDP has set a clear course toward a greener future. The company recently declared its intention to divest 50% of its Abono unit, which houses two coal-fired plants with a total capacity of 904 megawatts, in the Asturias region of Spain. These plants, Abono I and Abono II, will undergo significant changes. Abono I is set to be closed, and other remaining coal-fired plants in Spain, namely Soto 3 and Los Barrios, are to be shuttered. Furthermore, Abono II will undergo conversion to a natural gas-fired plant by mid-2025.
This bold move aligns with EDP’s commitment to transition toward cleaner and more sustainable energy sources. By selling the Pecem coal plant in Brazil in September and implementing these changes in Spain, EDP is set to attain a remarkable transformation. According to CEO Miguel Stilwell, EDP’s global electricity production will exceed 90% renewable by 2024, predominantly through hydro, wind, and solar energy sources, an impressive increase from the 85% recorded as of September.
Stilwell expressed the company’s dedication to making this transition a reality, saying, “We are taking concrete steps, and we will further consolidate our position as one of the greenest utilities in Europe by 2024.” This commitment underscores EDP’s role in combating climate change and aligning with international targets for sustainable energy production.
The plan to transition Abono II into a natural gas plant by the second half of 2025 is part of EDP’s broader strategy. The company is devoted to minimizing the environmental impact of its operations and maintaining the existing workforce at the site. Furthermore, EDP envisions a future where Abono II plays a role in green hydrogen production.
The company has ambitious plans to install a 100-megawatt electrolyzer at the Abono II site, designed for the production of green hydrogen, a key driver in the transition to a sustainable and low-carbon economy. The final investment decision concerning the hydrogen unit will be made in 2024.
This endeavor aligns with EDP’s broader sustainability goals. The company aims to eliminate coal-fired energy generation from its portfolio by the end of 2025 and to exclusively rely on renewable energy sources by 2030.
By adopting a forward-thinking approach and committing to renewable energy sources, EDP is paving the way for a greener and more sustainable energy future. The company’s actions not only reflect a commitment to mitigating climate change but also position it as a key player in the global transition to cleaner energy production.
This shift in energy production is essential in achieving international climate targets and provides EDP with a competitive edge in the ever-growing renewable energy sector. By adapting to the changing energy landscape, EDP sets a positive example for other energy providers, further promoting the transition to cleaner and more sustainable sources of power.
Writing by Moe Khaled; Editing by Sarah White