Latest news with #EDPR
Reuters
20-05-2025
- Business
- Reuters
European shares inch higher, supported by utilities and telecom
May 20 (Reuters) - European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities (.SX6P), opens new tab rose 1.1%, with Portugal's EDP Renovaveis ( opens new tab climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold." Shares of renewable energy firms Oersted ( opens new tab jumped 13.3% and Vestas Wind ( opens new tab 4% after U.S. President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. Among other stocks, Salmar ( opens new tab dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs (GRG.L), opens new tab, Upper Crust owner SSP Group (SSPG.L), opens new tab and distributor Diploma (DPLM.L), opens new tab climbed between 3.7% and 14.5% after reporting results.
Reuters
09-05-2025
- Business
- Reuters
Portugal's EDP reports 21% profit rise as Iberia rainfall boosts hydro
LISBON, May 9 (Reuters) - Portugal's largest utility EDP ( opens new tab reported a stronger-than-expected 21% increase in first-quarter net profit on Friday, after heavy rainfall boosted hydroelectric output in Iberia, where power prices almost doubled. Net profit rose to 428 million euros, beating the average forecast of 368 million euros in an LSEG poll of analysts, even though it did not make a capital gain in the quarter. A year ago it had booked 108 million euros worth of capital gains. Subsidiary EDP Renovaveis ( opens new tab, the world's fourth-largest wind energy producer, on Thursday reported a 24% fall in net profit to 52 million euros. EDP said in a statement that total electricity generation increased 5% to 18,300 gigawatt-hours (GWh), sustained by "significant rainfall" during the first three months of the year in Iberia, which filled reservoir volumes to 88% of their capacity. In the Iberian market, first-quarter average electricity spot prices almost doubled year-on-year to 85 euros per megawatt per hour, it said. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 6% to 1.42 billion euros, compared to 1.38 billion euros expected by analysts.
Reuters
08-05-2025
- Business
- Reuters
Wind energy firm EDPR sees core recurring profit rising 13% in 2025
LISBON, May 8 (Reuters) - EDP Renovaveis ( opens new tab, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow 13% in 2025 on the back of a solid operational performance, despite a 24% drop in net income in the first quarter. The renewables arm of Portugal's EDP ( opens new tab said earlier that its first-quarter net profit fell to 52 million euros ($59 million), despite a solid revenue increase. That was slightly below the 54.8 million euro average forecast by analysts polled by LSEG. EDPR said it booked no capital gains from the sale of wind and solar assets – part of a strategy of disposing of stakes in mature plants to finance new ones – in the first quarter. A year ago, it booked 58 million euros of capital gains. Overall revenue grew 21% to 763 million euros on the back of a 10% increase in power production to 10.9 gigawatt-hours (GWh), "with Europe and North America representing more than 80% of total generation output", it said in a statement. Its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA), or core profit, rose 5% year-on-year to 476 million euros. Excluding capital gains, recurring core profit grew 20%. CEO Miguel Stilwell de Andrade said it was "a good set of results, supported by capacity expansion and operational efficiency", and EDPR now estimates a recurring EBITDA of 1.9 billion euros in 2025. It expects 2 billion euros of proceeds from transactions of renewable parks in 2025 that should result in capital gains of 100 million euros. It sees net debt falling to 8 billion euros in December from 8.9 billion in March. The CEO denied media reports that the company wanted to sell part of its 50% stake in Ocean Winds, the joint venture with France's Engie for offshore wind. "This stake is strategic and we like that joint venture," he said. ($1 = 0.8846 euros)
Reuters
08-05-2025
- Business
- Reuters
Wind energy firm EDPR's profit falls 24% despite strong revenues
LISBON, May 8 (Reuters) - EDP Renovaveis ( opens new tab, the world's fourth largest wind energy producer, said on Thursday its first quarter net profit fell 24%, despite a solid revenue increase, as it did not make any capital gains in the period unlike a year earlier. The renewables arm of Portugal's EDP ( opens new tab said net profit fell to 52 million euros ($58.78 million), slightly below the 54.8 million euro average forecast by analysts polled by LSEG. here. The company 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 quarter. A year ago, it logged 58 million euros in this type of gains. Its overall revenues grew 21% to 763 million euros on the back of a 10% increase in power production to 10.9 gigawatt-hours (GWh), "with Europe and North America representing more than 80% of total generation output", it said in a statement. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 5% year-on-year to 476 million euros, beating the average forecast of 466 million euros. ($1 = 0.8846 euros)
Reuters
01-04-2025
- Business
- Reuters
Portugal's EDPR to auction 90 new wind turbines after pulling out of Colombia project: auctioneer
BOGOTA, April 1 (Reuters) - Portugal's EDP Renovaveis ( opens new tab will offer 90 new wind turbines at auction after pulling out of major Colombia wind energy projects, the website of industrial equipment auctioneer Escrapalia showed on Tuesday. The Vestas V162-5.6 MW turbines will be sold in an online auction, Escrapalia said. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. EDPR, the world's fourth-largest wind power producer, posted an unexpected net loss of 556 million euros in 2024 on heavy one-off impairments on projects in the United States and Colombia, even as revenues increased. EDPR announced the closure of the projects in La Guajira province in December because of conflicts with nearby communities opposed to wind development which delayed licensing processes. The auction winner will be notified between May and June and the company will have 15 days to approve the sale, the auctioneer said.
