EDPR profits soar 163% in H1
EDP Renovavéis enjoyed a bumper first half of the year with net profits up 163% to €210 million on the back of a 5% increase in production, as well as gains from assets rotation. The net profit compared favourably to the €80 million made in H1 in 2023.
According to the company, this improvement reflects “the recovery of operating performance and asset turnover gains, despite the increase of €64 million in financial costs”. The net result also includes “a negative impact of €46 million related to projects under development in Colombia,” according to the report sent to the Securities Market Commission (CMVM).
In the six months to June, EDP Renováveis carried out three transactions under an “asset rotation” strategy — in the US, Canada and Italy — “for a total of 0.8 GW of renewable capacity”, which contributed €171 million of gains to EBITDA (earnings before interest, taxes, depreciation and amortisation). This grew 26% year-on-year and totalled 960 million euros for the half.
EDP Renewables also highlights the contribution of a 5% increase observed in renewable energy production, which totalled 18.9 TWh (terawatt hours), with the US market registering by far the highest production growth, in the order of 15%. This variation compares with a smaller increase of 4% in electricity generation in Europe and a sharp decrease of 41% in the South American market.