EDP profits fall 11%
Portugal’s electrical energy giant EDP saw profits tumble 11% in H1 to €306 million worldwide, while losing €111 million in Portugal.
EDP’s Net Profit reached €306m in H1 2022, a decrease of 11% like-for-like. H1 2022 results were marked by the positive performance of renewables and networks in Brazil.
This result was strongly penalised by the extreme drought in Portugal in a context of high electricity prices in the wholesale market, resulting in a -€111 million loss in Portugal in H1 2022.
Investment increased 23% like-for-like to €1.7Bn in H1 2022, of which 97% refers to renewable energy and electricity networks, in a strong alignment with the energy transition.
During the last 12 months, EDP installed +2.5 GW of renewable capacity, and 75% of electricity production came from renewable energies, despite the increase in thermal generation that mitigated the lower hydro output.
Recurring EBITDA increased 19% to €1,944 million at H1 2022. When excluding the impact of exchange rate changes, Recurring EBITDA increased13% (+6 p.p. YoY).
“The results were positive because of the strong performance of renewables in global terms and electricity networks in Brazil”, but was “strongly penalised by the drought in Portugal”, states the company.
However, the EBITDA from hydropower on the Iberian peninsula suffered a fall of €300 million YoY, penalised by water resources in Portugal at 66% below average. The EBITDA of hydropower in Brazil exceeded H1 2021 with a 29% growth to €93 million.
The recurrent EBITDA in the electricity networks segment saw “strong growth” of 25% to €732 million, driven by a 70% increase in EBITDA of networks in Brazil.