Cleaning Up: Leadership in an Age of Climate Change

Why Renewables Are Booming Despite the Politics | Ep245: Miguel Stilwell d'Andrade

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Feb 18, 2026

Miguel Stilwell d'Andrade, CEO who led EDP from coal-heavy utility to over 90% renewables. He talks about surging US electricity demand from AI and re-industrialisation. He recalls the Iberian grid collapse and what it taught about resilience. He explores why renewables look like a top investment, rising PPA prices, and the role of offshore wind and networks in energy independence.

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ADVICE

Safe-Harbour To Secure US Tax Credits

Safe-harbour projects now to lock in US tax credits that last through 2030.
Start procurement or construction early so projects qualify and capture valuable credits.

INSIGHT

Surging US Power Demand Creates Opportunity

US electricity demand is surging due to data centres, AI and re-industrialisation.
Miguel Stilwell d'Andrade argues this creates one of the best renewable investment opportunities in decades.

INSIGHT

Higher PPA Prices Reflect Cost Inflation

Higher PPA prices reflect increased cost of capital and higher capex, not pure developer margin.
Tariffs and supply-chain differences make US panel costs much higher than in Europe.

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This week on Cleaning Up, Michael Liebreich sits down with Miguel Stilwell d’Andrade, CEO of EDP, one of the world’s leading clean energy companies.

From the front lines of the energy transition, Miguel explains why electricity demand in the United States is exploding, driven by AI, data centres, and re-industrialisation, and why this could make renewables one of the most attractive investments of the decade. He also shares how EDP transformed itself from an 80% coal-based utility into a company generating over 90% of its electricity from renewables.

But the transition hasn’t been entirely smooth. Miguel recounts the dramatic moment when Spain’s grid collapsed, taking Portugal down with it, and what it taught him about resilience, grid stability, and the hidden challenges of running a modern clean power system.

They also dive into:

Why soaring power demand is changing energy economics
The real story behind renewable costs and rising electricity prices
The link between European competitiveness and energy independence
The political and economic reality of investing in US clean energy
Why resilience may define the next phase of the transition

This episode was recorded prior to the recent storms in Portugal. For more information on how EDP is responding to the storms, and what to do if you are affected by them, please visit: www.edp.com

Leadership Circle:

Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live.

Links and more:

EDP website: https://edp.com/en
The £60 Billion Plan To Rewire Britain | Ep227: John Pettigrew https://www.youtube.com/watch?v=S7Lg1A958aA
The Enormous Ambition Of Germany’s New Grid Build Out | Ep233: Tim Meyerjürgens: https://www.youtube.com/watch?v=PQgUuJ-dx78
The $60 Billion Plan For Europe’s Largest AI Data Centre | Ep235: Robert Dunn https://www.youtube.com/watch?v=juAyLAUmU3w
The Price of Resilience - Ep8: Roger Dennis https://www.youtube.com/watch?v=CELQT31riDE