EDP暂停巴西风电光伏新项目，电力削减成中资可再生能源投资最大障碍

Global CEO of EDP Miguel Stilwell d’Andrade Betty Laura Zapata/Bloomberg The reduction in energy generation from renewable sources, known as "curtailment" in the electric sector, has emerged as a major challenge for companies in the sector, including EDP, which sees it as a barrier to expanding new wind and solar projects in Brazil. Power curtailment compensation could top R$3bn EDP shifts Brazil strategy toward power grids and storage EDP launches battery project in Chile, eyes Brazil market In an interview with journalists at the company's headquarters in Lisbon, EDP's global CEO, Miguel Stilwell d’Andrade, indicated that the solution to the issue lies in a combination of investments in transmission, energy storage, attracting demand to regions with excess supply, and regulatory measures. "In Brazil, 'curtailment' is a significant issue. I would say it is probably the number one issue among the top three challenges we face in Brazil at the moment," said the executive. Stilwell d’Andrade noted that the significant advancement of renewable generation in the Northeast, combined with the growth of distributed generation, especially with the expansion of rooftop solar panels, has exacerbated bottlenecks in the distribution of energy produced by wind and solar farms, leading to network congestion. The executive suggests that part of the solution could be expanding transmission infrastructure to increase capacity for transporting energy produced in the Northeast to major consumption centers. Another alternative under consideration is bringing demand closer to generation hubs by establishing large energy consumers, such as hydrogen projects and data centers, thereby reducing the need for distribution. In addition to infrastructure solutions, Stilwell d’Andrade mentioned that regulatory changes currently under discussion could help alleviate the sector's problem. On Tuesday (21st), the Ministry of Mines and Energy (MME) made progress on the issue by publishing a commitment term to resolve disputes related to "curtailment," with compensation that could exceed R$3 billion for companies affected by the cuts. However, experts consulted noted that company participation remains uncertain, as not all claims have been addressed. "Curtailment" is a challenge faced in other markets as well, albeit with some differences. In Europe, he stated, there are both cuts due to transmission network limitations and so-called economic "curtailment," when the excess of renewable generation drives electricity prices to zero, prompting generators to voluntarily reduce their production. In both cases, according to the executive, part of the solution involves investing in networks to redirect energy where needed and in battery storage. EDP already uses batteries as part of its strategy to handle generation constraints in other markets. Last month, the Portuguese company began operating its first hybrid park with wind generation and storage in South America. The system, part of the Punta de Talca wind project in Chile, received an investment of $44 million (approximately R$230 million) and aims, among other objectives, to reduce impacts associated with "curtailment." Globally, the company has 550 MW of batteries in operation, mainly in the United States. Energy storage through batteries is also seen as a way to mitigate the effects of cuts in Brazil by allowing the energy to be used at different times of the day. Although a final decision has not yet been made, EDP is evaluating opportunities in energy storage in Brazil, amid expectations for the government's first battery auction scheduled for the end of this year. "We will certainly consider participating. We haven't made a decision yet, but we are analyzing this possibility," he said. Facing current challenges, EDP has withdrawn new wind and solar energy projects from its business plan in Brazil for the next three years. According to Stilwell d’Andrade, any potential resumption of investments in these segments will depend on greater predictability regarding the solutions adopted to resolve the issue of electricity generation cuts. "We are investing significantly in Brazil, in distribution and transmission. We have participated in various auctions. At the moment, however, we are not investing in wind and solar projects because, given the 'curtailment' issues, this market is not very attractive. We might even consider investments in natural gas. I know there have been some recent auctions in this area. We will certainly look at the battery segment as well," he said. Despite the pause in new renewable generation projects in Brazil, EDP maintains a global strategy of expansion in clean energy sources and sees competitiveness in these sources compared to other generation options. About 60% of EDP Renováveis' investments are currently concentrated in the U.S., a market where, according to Stilwell d’Andrade, projects tend to be larger and face fewer implementation obstacles. In Europe, on the other hand, the main hurdle to accelerating renewable expansion is the delay in obtaining licenses and permits for new ventures. EDP, which will celebrate its 50th anniversary in 2026, has transformed its energy matrix over the past two decades. According to Stilwell d’Andrade, the company shifted from a generation portfolio composed of more than 80% thermal sources to one with more than 90% renewable sources. In Brazil, EDP's first international market outside of Portugal, the company has operated for about 30 years and has a generating park with 4 gigawatts (GW) of installed capacity, entirely renewable, consisting of 3 hydroelectric plants, 11 wind farms, and 3 solar complexes. The company also operates in Brazil in the segments of electric power transmission and distribution. EDP plans to invest R$10 billion in distribution between 2026 and 2030 and another R$3.7 billion in transmission between 2026 and 2028. Since 2005, the company has accumulated R$44.7 billion in investments in the country. The commitment to the Brazilian market was recently reinforced with the renewal, for another 30 years, of distribution concessions in São Paulo and Espírito Santo. Together, the two concessionaires serve about 4 million consumers. *The reporter’s travel costs were covered by EDP