EDP To Cut U.S. Investment For 2010-2011

Portuguese utility Energias de Portugal SA (EDP) will cut its U.S. investment by 10% in the next two years, the Wall Street Journal reports.

According to the report, which quotes EDP CEO Antonio Mexia, challenges in securing long-term contracts, a sharp drop in electricity consumption and delays in the passage of federal energy legislation will cause EDP to reduce its planned U.S. investments by 10% this year and next year, which is equivalent to a cut of 500 MW.

The company installed 700 MW of renewable energy capacity in the U.S. last year through its EDP Renovaveis SA business unit, and its U.S. investments represented 58% of all of its renewable energy additions in 2009. The company is currently the No. 3 wind power generator in the U.S., after Florida Power & Light Group and Iberdrola.

SOURCE: Wall Street Journal
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