Trump’s victory promises to shake the United States energy and environmental policywith broad implications for the production of oil and “hydraulic fracturing” (shale gas)energy development offshore windthe construction of new thermal power plants and the sale of electric vehicles.
One of the key states that gave Trump victory is Pennsylvania, the manufacturing heartland. ‘hydraulic fracturing (shale gas extraction)that the now new president supported throughout the campaign. The future suggests more gas production that Joe Biden had frozen.
For all these reasons, the election of the new North American president shook the Ibex 35 this Wednesday, with sharp declines in all Spanish energy companies. In just one day the sector has lost more than 6,000 million euros of capitalizationwith Acciona, Acciona Energía, Solaria and Iberdrola among the most affected.
Additionally, Trump made tariff and tax cuts key parts of his pitch to voters and promised during the campaign to pursue a climate policy he called “new green scam”.
But what will happen to Joe Biden’s Inflation Reduction Act (IRA)? As it has already been operating for two years, if it were suspended, it would regain rejection of Trump’s Republican co-religionistswho would oppose a complete repeal of energy and manufacturing tax credits.
Eighteen Republican members of Congress have already sent a letter to Trump asking him not to repeal it. Still, Trump could use his executive power to implement other changes that would not benefit Spanish energy companies, and what is clear is that oil and gas companies stand to be the main beneficiaries.
Iberdrola networks
The United States is a central market for Avangrid (subsidiary of Iberdrola in the United States) and has organic investment commitments of more than 30 billion dollars until 2030 and, for now, it hopes to comply with it in all scenarios.
Even though he has a great offshore wind projects And renewable with assured support, the 80% of your business is made up of networks. Since the regulation of the networks depends on the Länder, it is each state which decides for itself and not the federal administration. The company’s projects would therefore not be compromised.
Under the last Republican administration (Trump), Iberdrola continued to grow and invest. And it also expanded and invested in the administration of Joe Bidenas previously with that of Barack Obama. Avangrid, headquartered in Orange, Connecticut, has approximately $44 billion in assets and operations across 24 U.S. states.
Thanks to his company networksAvangrid owns and operates eight electricity and natural gas companiesserving more than 3.3 million customers in New York and New England. And in the profession of renewableexceeded 9,000 MW of installed renewable wind and solar capacity this summer, and has several offshore wind projects in the pipeline on the country’s east coast.
Repsol projects
The United States remains a fundamental country in the 2024-2027 strategic update of Repsol for its high-quality energy assets, favorable business environment and growth potential.
At the American giant, he has assets of upstream in the Marcellus Shale in Pennsylvania, the Eagle Ford Shale in southern Texas, the Gulf of Mexico, and the North Slope in Alaska.
Map of Repsol installations, lines of action and main data
Repsol started producing electricity in its first solar power plant in the United States in 2022 in New Mexico and has more than 2 GW of renewable energy capacity installed or under construction in the country today.
The multi-energy company also has downstream in natural gas, crude oil and product marketing and sales.
Activate Energy
Acciona Energía has significantly expanded its presence in the US renewable energy market in recent years. The company has a total of 2,800 MW installedto which must be added two other new 300 MW wind farms in Texas, which it has just acquired for 186 million euros.
The company led by Rafael Mateo has in its portfolio some of the most notable renewable projects in the country. This is the case of the Red-Tailed Hawk photovoltaic power plant, located near Houston. With a capacity of 458 megawatts peak (MWp), it is the largest solar complex the company has built to datesimilar to the largest existing in Spain.
Also of note is the 190 MW Cunningham Battery, one of the largest operational battery energy storage projects on the Texas grid.
Acciona’s U.S. team is involved in all aspects of renewable energy, including project financing, construction and operational development, as well as energy marketing.
Naturgy
Naturgy is currently developing a portfolio of more than 30 projects based on solar technology, with a capacity greater than 6,000 MW.
In the words of the company itself, this is a “strategic market” for it. In 2021, Naturgy acquired Hamel Renewables in the United States, a renewable company specializing in solar and storage, with a portfolio of projects of solar energy of 8 GW.
This portfolio also included 4.6 GW of energy storage projects located in nine states across the country, including a total of 25 projects, totaling 3.2 GW solar and 2 GW. storagecould be operational before 2026.
Naturgy started the construction of one of its projects in January star in the country. This is its second large photovoltaic plant in the United States, the grimes projectlocated in the state of Texas, which will have a capacity of 210 MW.
Grimes joins 7V Solar Ranch (240 MW), the first renewable energy project developed by Naturgy in the United States, which began operation months ago with the first energy discharge.
