No significant power problems for this winter, says EDP CEO

EDP CEO Miguel Stilwell de Andrade said on Friday that this year’s winter should go by ” with no significant problems with energy”, with 2023 being “the biggest unknown” for a sector in need of investment.

“I think we are prepared for the winter of 2022. Storage is at maximums, so if we have a mild winter, we should be able to get through the winter without significant problems with power. I think the biggest unknown is 2023,” Miguel Stilwell de Andrade told a panel at the Web Summit in Lisbon.

“Let’s not forget that Russia has cut off gas to Europe after they supplied it for much of 2022,” the CEO added at the panel “Fully Loaded: Powering the Transition to Renewable Energy”, where he considered that 2023 will be “a big question mark”.

Stilwell de Andrade also considered that investment in renewable energy is not enough and that “double or triple investment” should be taking place.

“The problem is that in many countries we are not able to invest as much as we would like,” he lamented, saying that “it’s not a lack of capital, it’s not a lack of technology, it’s just a question about how you can bring in more projects.”

Stilwell de Andrade reinforced that the renewable energy sector does not need subsidies, but rather clear and stable policies.

“In terms of investment, we need huge investment, but in terms of incentives, renewables no longer need incentives or subsidies. We don’t need subsidies, but we need clear, predictable and stable policies and regulations. Investors in renewables want long-term predictability,” he pointed out.

The EDP CEO believes that the energy sector is undergoing “a massive transformation” that could last for several decades.

The Web Summit, which kicked off on Tuesday, ends today, with its seventh edition reaching its maximum capacity with 71,033 participants from 160 countries, with the largest number of startups and investors ever.