Rhein on Energy and Climate

EdP, the Portuguese power utility, has sold a 25 percent stake of its renewable energy unit, EdP Renewables, for € 1.5 billion. Demand for shares exceeded five times the offer.

EdP is following the example of other European utilities, in particular EDF and RWE. It is, however, more ambitious in its effort to go renewable: by 2015 it aims at generating two thirds of its electricity from renewable sources, essentially wind, compared to 39 percent today. Only EDF can compete with such a high share of non-C02 emitting electricity, thanks to its focus on nuclear.

Portugal with its long windy coast line is particularly well positioned for wind energy. But so are Ireland, Scotland, Denmark, Netherlands and Spain. They are bound to follow the Portuguese example.

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