Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

Portugal

Portugal

EDPR profits 9% lower in Q1

PORTUGAL: Lower wind capacity factors in Europe and a temporarily higher property tax burden in the US pushed EDPR's net profit down 9% to €68 million.

Higher property taxes in the US contributed to EDPR's net profit falling in Q1
Higher property taxes in the US contributed to EDPR's net profit falling in Q1

EBITDA also fell 2% to €373 million in the first quarter of 2017. The results were also "impacted by an above-average first quarter in 2016," EDPR said.

Revenue was 4% higher at €528 million as increased generation in North America and Brazil counteracted a marginally lower average electricity price at €60.50/MWh.

Load factors from its generating assets in Europe fell four percentage points compared to 2016, which enjoyed "outstanding" wind resource, the developer said. 

The firm also suffered an approximate $9m increase in operational costs due to the timings of property taxes in the US.

The cost of EDPR's debt has been cut by restructuring and prepaying €2.4 billion since the first quarter of 2016 while repayment of a further €1.4 billion has been extended from 2018 to 2023.

EDPR's share price reacted by falling 0.85% to €6.99 by midday 2 May. This brought it closer to the €6.80 price parent-company EDP offered for the 22.5% of the shareholding traded on the Lisbon stock exchange in March.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs