The U.S. will continue to transition away from fossil fuels and towards renewable energy despite the tariffs imposed by President Donald Trump, according to the CEO of the power plant manufacturer Wartsila.

The President has outlined a comprehensive plan to maximize oil production. This includes declaring an energy emergency in order to expedite permits and withdrawing from a global pact against climate change.

Hakan Agnevall, CEO of Wartsila, said that the Trump administration's proposed changes would not prevent the energy transition in the U.S.

Agnevall said that renewables are growing faster than ever before in the U.S. He said that he believes the trend will continue because wind and solar energy are cheap.

While offshore wind projects might face restrictions, he said that onshore wind and Solar will proceed.

He said that around 40% of Texas' installed power generation is renewable. Texas, also known as the "oil and gas state", was one of Wartsila’s most popular markets for new power stations using both conventional and renewable power sources.

Wartsila in Finland, which manufactures ship engines as well as power plants, beat analyst's expectations on Wednesday by exceeding their fourth-quarter order totals.

A little under 30% of the company's sales come from North America. Agnevall acknowledged that the energy sector could be affected by potential U.S. Tariffs against the EU, but said it was difficult to predict the impact.

Agnevall stated that the power grid capacity in the U.S. had reached a limit and data centre developers are looking to build their own power plants.

He said, "This could become an interesting business." (Reporting and editing by Jan Harvey in Helsinki, Anne Kauranen)

(source: Reuters)