EDP to Invest in 1.5 GW of Green Hydrogen by 2030

Highlights :

  • The announcement was made during the COP26 climate conference in Glasgow.
  • So-called green hydrogen, produced using renewable electricity, is seen as a key power source that can reduce pollution from long-haul heavy transport, steel and chemical industries, as well as power generation.

Portugal’s largest utility EDP said on Tuesday it was increasing its bet on green hydrogen and aimed to reach 1.5 gigawatts (GW) of installed capacity by 2030, capitalising on its presence in key markets such as Iberia, the United States and Brazil.

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The announcement, made during the COP26 climate conference in Glasgow, came after EDP presented a strategic plan in February that envisaged investing in 250 megawatts (MW) of hydrogen electrolysers capacity by 2025.

So-called green hydrogen, produced using renewable electricity, is seen as a key power source that can reduce pollution from long-haul heavy transport, steel and chemical industries, as well as power generation.

EDP did not reveal how much it would invest, adding the plan would involve converting old coal-fired power stations into hydrogen centres as well as investment in new production units.

“The fight against climate change is urgent and requires immediate action,” said CEO Miguel Stilwell d’Andrade, adding EDP aimed to produce 100% of energy from renewable sources by 2030 and was “taking concrete steps to support the decarbonisation of all sectors of the economy.”

“Renewable hydrogen will play a crucial role in this path and there is no time to waste,” he said in a statement. “The time to strengthen ambition and make it happen is now.”

EDP said its “current presence in strategic markets, such as the Iberian Peninsula, U.S. or Brazil, and in regions where there is a favourable context for the development of hydrogen projects will be decisive”.

It wants to take advantage of locations with good solar and wind resources, support infrastructure, proximity to industrial customers, and a favourable regulatory environment, among other conditions, EDP said.

EDP said in February it would invest 24 billion euros over five years, mostly in renewable power and grids, as it seeks to accelerate by 20 years its push to go “completely green”.

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