EDP, Portuguese energy group whose biggest shareholder is China Three Gorges, reported a net profit of EUR 518 million until September, which compares with EUR 510 million in the same period last year.
In a statement sent to the Portuguese Securities Market Commission (CMVM), EDP said the rise in profits was supported by the activity outside Portugal, namely the positive performance of renewables in Europe and networks in Brazil.
In Portugal, losses increased to EUR 181 million between January and September due to the extreme drought that has affected the Iberian Peninsula and affected hydroelectric production, which was 63% below average, and the increase in energy prices on wholesale markets.
EDP developing 4.3 GW of renewables capacity in Europe, Americas and Asia
In the third quarter, EDP posted a profit of EUR 211 million, which represents a 26% rise compared with the EUR 167 million profit posted in the same quarter last year.
From July to September, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 1.0 billion.
Regarding investment, the group’s gross figure doubled in the first nine months to EUR 5.5 billion, 96% of which was allocated to renewables and networks.
In the last 12 months, the group has installed an additional 2.7 gigawatts (GW) of renewable capacity.
In terms of operating results, recurrent EBITDA increased 21%, to €3.5 billion, driven by renewables and networks, which mitigated a 55% fall in recurrent EBITDA from hydropower generation, customers and energy management operations in the Iberian Peninsula.
The group’s debt, meanwhile, rose to EUR 15.3 billion, which, according to the company´s CEO, Miguel Stilwell d’Andrade (pictured above), “has a lot to do with the acceleration of investment”, namely a “historical record of projects under construction of around 4,300 MW” and the enlargement to 29 markets, with the entry into Asia and Germany.
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