Portuguese energy giant EDP has reaffirmed its commitment to the United States as a key market despite contrary remarks on renewable energy.

According to Essential Business, Miguel Stilwell de Andrade, CEO of EDP Renewables (EDPR), made it clear that the US remains a large market for the company, regardless of political shifts.

In an interview with CNBC, which is cited by Essential Business, Stilwell de Andrade emphasised that the “[The United States] needs all the supply [of energy] that is possible, pointing out that as the world's largest economy pushes for leadership in artificial intelligence, the need for energy to power data centers is growing.

“We continue to see them [the United States] as a big market, a big growth market,” said the CEO of EDP in an interview with CNBC, cites Essential Business.

“[The United States] needs all the supply [of energy] that is possible,” whether it is renewables or gas, he continued, pointing out that these should be the main energy sources powering data centres”, he said.

“I believe that the United States wants leadership in artificial intelligence and digital”, added the Portuguese energy boss.

For that, they need data centres and for that they need energy, and we are here to provide that energy,” Stilwell de Andrade concluded.

Despite entering the US market in 2007, EDP has invested 20 billion euros and its expansion has continued under the Trump administration. Despite Trump’s opposition to renewable energy, whereby he stated that wind turbines are “an economic and environmental disaster”, EDP has remained tied to its US investments.

According to Essential Business, “The shares of the EDP group recorded strong falls on the Lisbon stock exchange this Tuesday, with the ‘parent company EDP’ falling 1.76% to €3.069 and EDP Renováveis (EDPR 2.11%) falling 2.11% to €9.26.”

Citing that “The company’s bonds were punished by the anti-renewables stance held by Donald Trump, who in his inauguration speech as the 47th president of the US this Monday reiterated that the country’s energy future is “drill, baby, drill”, meaning drilling oil wells.”

Despite this, EDP remains committed to its investment strategy, with a €25 billion renewable energy plan through 2026, with the US responsible for around 40% of that investment.