EDP announces 26% Q1 profit increase

PORTUGAL: EDP Renovaveis has announced a 26% rise in net profits for Q1 on the back of higher prices and better performance.

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EDP, which owns US developer Horizon Energy, said its net profit rose to €62 million ($80 million) against a forecast of €54 million.

Revenue for the period increased by 22% to €346 million. Additionally, electricity output and wind capacity rose by 18% and 9% respectively.

The announcement follows the Portuguese government's sale of a 21.35% stake in EDP to Chinese state-owned energy group China Three Gorges (CTG).

The Portuguese government approved the Chinese company's €2.7 billion offer ahead of lower bids from Germany's E.on and Brazilian generators Electrobras and Cemig. The 21.35% stake makes CTG the largest shareholder in Portugal's principal electricity generator and wind-power developer.

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