Portugal's EDP profit dips 7% after no capital gains
It said consolidated net profit stood at 709 million euros ($812 million), compared to 775 million euros a year ago.
EDP said it booked no capital gains from the sale of wind and solar assets – part of a strategy of disposing stakes in mature plants to finance new ones – in the first half. A year ago, it logged 184 million euros in this type of gains.
Excluding capital gains, recurring net profit rose 27%, supported by a robust growth in electricity generation "with a strong contribution from U.S. operations, and a solid performance of electricity networks in Iberia and Brazil", it said in a statement.
Subsidiary EDP Renovaveis (EDPR.LS), opens new tab, the world's fourth-largest wind energy producer, on Wednesday reported a 56% fall in net profit to 93 million euros, although its recurrent profit tripled compared to a year ago boosted by its U.S. business.
EDP said total electricity generation increased 12% to 34.6 terawatt-hours, sustained by high rainfall in Iberia that filled reservoir volumes to 87% of their capacity and by natural gas power plants.
It added that after the April 28 power outage in Iberia, production from natural gas plants was prioritised to strengthen the resilience of the electrical system.
In the Iberian market, first-half average electricity spot prices also rose to 62 euros per megawatt hour, from 39 euros a year ago, it said.
Consolidated earnings before interest, taxes, depreciation and amortisation fell 4% to 2.6 billion euros, but excluding capital gains, recurring EBITDA increased by 7%.
As of June, EDP's installed capacity reached 32.3 GW, up 3.1 GW from a year ago.
($1 = 0.8735 euros)
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