Renewable energies save €6.3 billion over seven year

António Mexia, the CEO of the largest electricity company in Portugal, told news agency Lusa last week that the country has saved €6.3 billion in fossil fuels between 2005 and 2012 due to renewable energies.

According to the head of EDP, the majority of savings was achieved as a result of energy generated by wind and water. Claiming that €6.3 billion is a “very interesting number” and one that “should be pronounced slowly as it means a lot of money”, the CEO added that the figure implies “the creation of wealth by replacing imports, which is a matter of significance for national growth”.

The CEO, who spoke to journalists after the inauguration of the second hydroelectricity power plant in Alqueva, in the Alentejo, also said that Portugal’s ability to grow is one of the most “determinant” factors in the country’s current scenario and labelled Portugal’s return to debt markets as an “excellent sign”.