EDP to Book Around EUR100 Million in 2020 Due to Shutdown of Coal Plants -- Update
14 July 2020 - 7:53PM
Dow Jones News
--EDP anticipates an extraordinary cost of around EUR100 million
in 2020 due to the closure of coal plants in Iberia
--The decision takes into account the deterioration of market
conditions that occurred in 1H
By Giulia Petroni
EDP-Energias de Portugal SA said Tuesday that it expects to book
costs of around 100 million euros ($113.5 million) before taxes
this year following a decision to shut down its coal power plants
in the Iberia region.
The Portuguese energy company said the decision takes into
account the continuing deterioration of market conditions for these
plants in the first half of the year.
In December, EDP had already assessed the lower competitiveness
of coal plants in the region due to the higher cost of carbon
dioxide emissions, lower gas prices, and the planned faster pace of
growth of renewable installed capacity.
EDP added that it is developing projects related to the energy
transition in the regions where the coal plants are located.
In Portugal, the company has submitted a generation license
waiver for the Sines power plant to be effective in January 2021
and is developing a project to produce green hydrogen at the
site.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 14, 2020 05:38 ET (09:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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