EDP posts €518M profits to September

 In Companies, EDP, Energy, News

Portugal’s energy giant posted a slight increase of 1.5% in profits to €518 million by September.

While its operations in Portugal suffered a €181 million loss, the electricity company posted the best performance since 2018. (€297million)
The result was “wholly supported by the positive performance of international operations, particularly renewable energies in Europe and electricity network operations in Brazil”.
But in Portugal losses were over €181 million. “The extreme drought (hydro-electricity production 63% below expected) and the high prices of electricity in the Iberian wholesale market in this period (€186/MWh, +137%), were the main contributing factors for the negative net result in Portugal of -€181 million in 9M22”.
EBITDA increased 21% to €3.046 million. Not counting exchange variations, this was an increase of 15% with a “strong contribution in growth from EDP Renováveis and in the electricity networks in Brazil”.
Dissecting the results, recurrent EBITDA in the aggregated segments hydropower, client services, and energy management in Iberia suffered a fall of 55% to €196 million “negatively impacted by a greatest hydropower crisis of the past few decades that saw hydropower down 3.3TWh on expected output within a context of high wholesale energy prices”.