.jpg)
6 hours ago
2
Article content
(Bloomberg) — Policy uncertainty is deterring investment in US energy projects, though surging power demand tied to artificial intelligence will continue to support wind and solar farms, Engie SA Chairman Jean-Pierre Clamadieu said Friday.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
“It’s very difficult for companies to invest when you don’t see what framework or environment in which your project will develop,” Clamadieu told Bloomberg News on the sidelines of an international climate summit in Belém, Brazil.
Article content
Article content
Article content
Still, the French energy giant would like to invest more in the US, where it’s already one of the largest renewable developers, and it’s also finding opportunities in other parts of the world, Clamadieu said. That includes the Middle East and India, where the focus is “on quick development” and “trying to reduce” investor risks, he said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Under President Donald Trump, the US has scaled back tax subsidies that were supporting zero emission energy ventures. The Trump administration also has canceled permits for some renewable projects and issued stop-work orders for others.
Article content
Among the targets is SouthCoast Wind, an offshore wind farm planned near Massachusetts that’s a joint venture between EDP Renewables and Engie.
Article content
A federal district court dealt a blow to SouthCoast Wind earlier this week when it ruled that the Trump administration could reconsider a Biden-era permitting decision for the project. The developers are now weighing their options. They still have the underlying government offshore wind lease.
Article content
“To be frank, we aren’t expecting to develop this project at this point in time,” Clamadieu said, adding that while it’s not a good thing to wait, “it might be the reality.” Because SouthCoast isn’t as advanced as other wind farms under construction in US waters, “it offers opportunities for us to be a little bit more patient,” he said.
Article content
Article content
Related: Engie CEO Says Tariffs, Power Inflation Hamper Growth in US
Article content
In the meantime, electricity demand is climbing, fed by the fast-growing AI industry and the development of power-hungry data centers essential to support it. Renewable wind and solar are key near-term sources of electricity, as new nuclear projects take years to develop and there’s a shortage of turbines for natural gas power plants.
Article content
Engie has inked deals to supply Meta Platforms Inc. with electricity from four renewable projects in Texas.
Article content
Customers clamoring for energy “think that renewable solar and wind are indeed important opportunities to secure their access to low-carbon energy, and they’re coming to us,” Clamadieu said. “Renewable is a technology which has demonstrated its efficiency, both on wind and solar, and we are able today to develop new projects in a pretty short period of time.”
Article content
English (US)