European companies started to cut their targets for renewable energy.
Many of the most important power companies have started to either change or review their targets to develop renewable energy because of high costs in development and low costs of electricity. This comes as a sign of the general difficulties that present in transitioning away from fossil fuels. The continent’s largest renewable energy producer, Starkraft, announced the review of their annual targets for new renewables capacity, while EDP, an important Portuguese energy company started cutting back its plans quoting high interest rates and low power prices. On the other hand also Denmark’s Ørsted, recognized as the world’s largest offshore wind developer, downgraded its targets for renewable energy for 2030 by more than 10GW, a measure enough to potentially supply millions of homes. The downgrade of this particular target came as…
