The Portuguese energy group EDP has released its 2020 results, posting a €901m net profit (+6%). The company’s power output decreased by 4% to 64 TWh in 2020, with wind and solar accounting for 45% of the total, followed by hydro (29%), gas (15%) and coal (9%). EDP produced 22.8 TWh in Portugal (+2%), 16.6 TWh in the United States (+6%), 12.8 TWh in Spain (-15%) and 8.2 TWh in Brazil (-14%). As of December 2020, EDP had 23.7 GW of installed capacity (-11%), including 11.2 GW of wind (+5%), 7.1 GW of hydro (-19%, due to the sale of 6 hydropower plants totalling 1.7 GW in Portugal), 2.9 GW of gas (-23%, due to the sale of the Castejon CCGT power plant in Spain) and 2 GW of coal (-37%, due to the closure of the 1,180 MW Sines power plant).
EDP plans to invest €24bn between 2021 and 2035 in the energy transition to be totally coal-free by 2025 and carbon neutral by 2030. 80% of this investment will be in renewables, with a commitment to deploy 4 GW/year and double solar and wind capacity by 2025.
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