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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
  Report
Real-time Euronext Lisbonne  -  11:35:20 2023-02-03 am EST
4.649 EUR   -0.58%
01/30EDP, Cepsa to Collaborate on Large-Scale Green Hydrogen Production in Spain
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01/27EDP Electricity Generation Rose in 2022
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01/26Edp Energias De Portugal S A : 2022 results to be impacted by impairment cost related to thermal plant in Brazil
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Portugal seeks to become major exporter of green hydrogen

11/10/2022 | 01:33pm EST
FILE PHOTO: A hydrogen pump is displayed at the NHA annual convention in Long Beach

LISBON (Reuters) - Portugal expects to become a major producer and exporter of green hydrogen with 70 private investors or groups planning to spend 10 billion euros ($10.2 billion), the environment minister said on Thursday.

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 and power generation.

Duarte Cordeiro said that his country's strong focus on low-cost wind and solar power will allow the production of hydrogen and other renewable gases at competitive prices and ensure greater energy independence. He did not give a specific time frame for the 10 billion euro investment nor say when exports would start.

In a normal year, 60% of electricity consumption in Portugal comes from renewable sources, and the government wants that share to reach 80% by 2026.

"We believe that Portugal will be an important (European) producer of hydrogen and renewable gases in the short term. The projects are in different stages of development," he told a parliamentary committee.

Portugal should be able to meet its own hydrogen needs and to export, he said, adding that most exports would go by sea instead of the planned pipeline between Iberia and France, dubbed BarMar.

Brussels has mapped out a plan to scale up green hydrogen projects across polluting sectors to meet a net zero emissions goal by 2050.

Portugal's largest utility EDP and oil and gas company Galp Energia are both planning to build green hydrogen plants in the same industrial hub of Sines.

Portugal's three main glass producers and two biggest cement makers, together accounting for 10% of the country's industrial carbon emissions, also joined a new consortium to launch a green hydrogen plant.

($1 = 0.9846 euros)

Read more:

ANALYSIS-Race to ship clean Canadian hydrogen to Europe navigates choppy water

High gas prices spur green hydrogen investment -report

(Reporting by Sergio Goncalves; Editing by Andrei Khalip and Lisa Shumaker)

By Sergio Goncalves


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -2.83% 79.73 Delayed Quote.-3.41%
EDP - ENERGIAS DE PORTUGAL, S.A. -0.58% 4.649 Real-time Quote.-0.15%
EDP CORPORATION 1.59% 27540 Delayed Quote.43.44%
GALP ENERGIA, SGPS, S.A. -1.14% 12.09 Real-time Quote.-4.12%
WTI 0.00% 73.419 Delayed Quote.-4.63%
All news about EDP - ENERGIAS DE PORTUGAL, S.A.
01/30EDP, Cepsa to Collaborate on Large-Scale Green Hydrogen Production in Spain
MT
01/27EDP Electricity Generation Rose in 2022
DJ
01/26Edp Energias De Portugal S A : 2022 results to be impacted by impairment cost related to t..
PU
01/24Edp Energias De Portugal S A : Results of the cash tender offer for outstanding hybrid
PU
01/23Tender Offer Final Results Announcement
AQ
01/23Tender Offer Indicative Results Announcement
AQ
01/17Target Acceptance Amount Announcement
AQ
01/16Edp - Energias De Portugal, S.a. Inf : Cash tender offer for outstanding Hybrid and new is..
PU
01/16Edp Energias De Portugal S A : Cash tender offer for outstanding Hybrid and new issue of g..
PU
01/16EDP - ENERGIAS DE PORTUGAL, S.A. announces Tender Offer
AQ
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Analyst Recommendations on EDP - ENERGIAS DE PORTUGAL, S.A.
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Financials
Sales 2022 18 084 M 19 625 M 19 625 M
Net income 2022 845 M 917 M 917 M
Net Debt 2022 15 220 M 16 517 M 16 517 M
P/E ratio 2022 21,8x
Yield 2022 4,11%
Capitalization 18 350 M 19 913 M 19 913 M
EV / Sales 2022 1,86x
EV / Sales 2023 1,86x
Nbr of Employees 12 990
Free-Float 66,0%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 4,65 €
Average target price 5,80 €
Spread / Average Target 24,7%
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Managers and Directors
Miguel Stilwell de Andrade Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer
JoŃo LuÝs Ramalho de Carvalho Talone Chairman-Supervisory Board
Rita Sousa Head-Compliance
Fernando Maria Masaveu Herrero Member-Supervisory Board
Sector and Competitors
1st jan.Capi. (M$)
EDP - ENERGIAS DE PORTUGAL, S.A.-0.15%20 180
NEXTERA ENERGY-9.57%150 230
DUKE ENERGY CORPORATION-0.44%78 577
SOUTHERN COMPANY-3.91%74 636
IBERDROLA, S.A.-1.74%73 611
ENEL S.P.A.7.00%59 786