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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  EDP - Energias de Portugal, S.A.    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
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Portugal selects multi-billion post-coronavirus hydrogen projects

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07/28/2020 | 10:02am EDT

Portugal's government has selected more than 30 multi-billion euro hydrogen projects interested in building production units of so-called "green" energy in the country after the coronavirus pandemic.

The selection comes as Portugal prepares an application to Europe's Important Project of Common European Interest (IPCEI) scheme for hydrogen, part of a strategy to speed up renewable hydrogen projects in polluting sectors.

In a statement late on Monday, the environment ministry said the government received 74 expressions of interest but only 37 projects, representing a total investment of around nine billion euros, passed to the next phase.

More information will be required after this phase, and then the final round of projects that will be part of the application will be announced.

Portugal's utility EDP-Energias de Portugal, oil group Galp, holding company REN and others announced they were one of the selected consortiums.

They aim to create an industrial project for the production of "green" hydrogen, a cleaner energy source than fossil fuels, near Sines, south of Lisbon.

"The project has an important international dimension, both for its export vocation and for the mobilisation of partners with extensive experience in the hydrogen value chain," the consortium said in a statement.

In April, Environment Minister Joao Matos Fernandes told Reuters Portugal wanted a greener post-coronavirus future, aiming to build a solar-powered hydrogen unit near the port of Sines, which would start in a year and could attract up to 5 billion euros (4.5 billion pounds) of private investment.

The goal is to extract "green" hydrogen from water using electrolysis, an energy-intensive but carbon-free process if powered by renewable electricity.

However, a group of economists and energy experts signed a manifesto last week against the government's hydrogen strategy, warning it would cost double or triple more than to produce energy using natural gas.

By Sergio Goncalves


Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. 3.24% 4.285 Delayed Quote.9.55%
GALP ENERGIA, SGPS, S.A. 1.88% 6.962 Delayed Quote.-54.23%
LONDON BRENT OIL 1.57% 38.32 Delayed Quote.-38.33%
MARTIFER SGPS, S.A. 2.43% 0.38 Delayed Quote.-2.11%
REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. 1.81% 2.245 Delayed Quote.-18.93%
VESTAS WIND SYSTEMS A/S -0.05% 1094 Delayed Quote.62.73%
WTI 0.11% 36.285 Delayed Quote.-36.69%
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Financials
Sales 2020 13 522 M 15 779 M 15 779 M
Net income 2020 785 M 916 M 916 M
Net Debt 2020 11 825 M 13 799 M 13 799 M
P/E ratio 2020 20,7x
Yield 2020 4,59%
Capitalization 16 319 M 19 029 M 19 042 M
EV / Sales 2020 2,08x
EV / Sales 2021 2,12x
Nbr of Employees 11 620
Free-Float 70,8%
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Technical analysis trends EDP - ENERGIAS DE PORTUGAL, S.A.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4,79 €
Last Close Price 4,14 €
Spread / Highest target 41,4%
Spread / Average Target 15,9%
Spread / Lowest Target -20,2%
EPS Revisions
Managers
NameTitle
Miguel Stilwell de Andrade Chief Executive Officer & Chief Financial Officer
LuŪs Filipe Marques Amado Chairman-Supervisory Board
Eduardo de Almeida Catroga Member-Supervisory Board
Felipe FernŠndez Member-Supervisory Board
Maria Celeste Ferreira Lopes Cardona Member-Supervisory Board
Sector and Competitors
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EDP - ENERGIAS DE PORTUGAL, S.A.9.55%19 029
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IBERDROLA, S.A.11.33%73 014
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