EDPR chief says Big Tech green power boom takes edge off Trump win fears
Continued state-level demand and green manufacturing in Republican districts other reasons to be sanguine, says Miguel Stilwell d’Andrade
The CEO of global renewables giant EDPR said he's “not particularly worried” about the outcome of the US election, betting on soaring green power demand from Big Tech and continued commitment from America’s states to outweigh any drawbacks from a Donald Trump victory.
Concerns have been raised that a sweeping Republican victory in the White House and Congress could prompt attempts to roll back the federal Production Tax Credit (PTC) and Investment Tax Credit (ITC) incentives that have underpinned growth for successive administrations – including Trump’s last term.
“A big part of renewables growth is state driven,” said Stilwell d’Andrade, leaving the incentives the main factor at risk from federal interference.
“The consensus in the market is clearly that you would not touch this part of the [Inflation Reduction Act climate law]… not the core PTC and ITCs.
“PTCs and ITCs have been bipartisan for many years.”
The EDPR chief also namechecked the heavy bias of renewable equipment manufacturing towards Republican states and soaring demand from tech giants to power data centres as “reason to take comfort” whatever the election’s outcome.
He spoke as EDPR almost tripled net profits for the first half of 2024 to €210m ($228m), as operating income grew and the group banked the proceeds from sales made as part of its asset rotation strategy.
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