EDPR sees 68% profit fall

PORTUGAL: Portugal’s EDP Renováveis (EDPR) recorded a net profit fall of 68% for the first nine months of 2010, partly due to costs relating to newly commissioned capacity.

In a statement to market regulator CMVM on November 3, EDPR said gross operating profit was up 28% to €473.1 million, the respective margin reached 71%, operative costs increased 49% to €189 million, while capex dropped 25% to €1.120 million.

Over the past 12 months, EDPR installed 1.3GW of capacity (+27%) and aims to add 400MW of new capacity in 2010, to reach its growth target for the year of 1.1GW.

At the end of September, EDPR managed a portfolio of assets of 6.2GW in seven countries. Electricity production was 35% higher than in the same period last year, totalling 9,818GWh.

The company has 895 MW under construction (703MW in Europe, 122MW in the US and 70MW in Brazil).

Gross installed wind capacity stood at 6,917 MW (3,567MW in Europe, 3,337MW in the US and 14MW in Brazil).

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