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EDPR confident Biden's US renewables law won't be cut by Trump

EDP Renovaveis, the world's fourthlargest wind energy producer, believes U.S. renewable energy legislation introduced under President Joe Biden will not face considerable cuts when Donald Trump is successful him in January, its CEO stated on Wednesday.

The renewable energy sector experienced strong development throughout Trump's first presidency and lots of major tidy energy investments that have actually gained from Biden's Inflation Reduction Act (IRA). lie in Republican states, Miguel Stilwell d'Andrade stated. in a call with experts on Wednesday.

Our company believe that the benefits these states have actually gotten under. the individual retirement account make it not likely the legislation will deal with substantial. cuts, Stilwell d'Andrade said.

I continue to see strong growth in the United States, he. included.

Trump has vowed to ditch overseas wind tasks on his very first. day in workplace and to roll back environment guidelines executed. under Biden.

EDPR shares fell 11% on Wednesday, in line with other tidy. energy utilities in Europe, which dropped after Trump's. triumph in Tuesday's presidential election.

Stilwell d'Andrade said that 18 Home Republicans composed a. letter to House Speaker Mike Johnson safeguarding the IRA's tidy. energy tax credits, arguing that 80% of investment streams go to. Republican states.

This suggests tasks, growth in these states, he said.

The brand-new Trump administration might focus on restoring or. reversing the closure of nuclear projects, and there might be. discussions about using more gas, however it will not be against. renewables, he said.

Need for electrical power is being driven by data centres and. decommissioned nuclear plants will require time to be revived. online, he included.

The U.S. is EDPR's biggest market by installed capacity,. with around 8 gigawatts (GW), or practically half of its overall.

(source: Reuters)