EDP Renewables announced the four-year postponement of the Southcoast Wind project, which plans to install 2.4 GW of offshore wind energy off the coast of Massachusetts. Initially scheduled to begin in 2025 and be operational in 2030, construction is expected to begin in 2029.
The decision was made due to the uncertainty generated by the executive orders of the US president, Donald Trump, which have created obstacles for the renewable energy sector in the country, reveals ‘Negócios’. As a result, the company recorded a 133 million euro impairment in its offshore business in the US.
The CEO of EDP Renewables, Miguel Stilwell, explained that, despite having interconnection and financing already available, the company opted for a longer postponement to deal with the current scenario of instability. According to him, US offshore energy prices are around $150 per MWh, and the project still has long-term strategic value, even with the change in schedule. In addition, the company intends to reduce the pace of investments in new renewable capacity to 3.5 GW between 2025 and 2026.
Despite the challenges, EDP Renováveis ??does not intend to abandon the North American market and will continue to assess the impacts of the new policies.
