EDPR posts record pre-tax profits

PORTUGAL: Spain's 7% electricity sales tax has failed to stop EDP Renovaveis record a 60% rise in pre-tax profits for the first quarter of 2013.

EDPR enjoyed Q1 profit rise despite paying higher tax on its Spanish generation
EDPR enjoyed Q1 profit rise despite paying higher tax on its Spanish generation

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More than half of EDPR's 4GW of installed wind capacity in Europe is located in Spain, and the Portuguese generator said the sales tax had cost it EUR 11 million in the first three months of 2013.

However, this was dwarfed by the huge rise in EDPR's European generation, up by more than a third from 2,109GWh in the first quarter of 2012 to 2,874GWh for Q1 2013.

Partly driven by an extra 300MW of installed European capacity, this generation increase, combined with electricity price rises in EDPR's other core markets of Brazil and the US, helped the generator post global revenues of EUR 414.7 million in Q1 2013, up 20% on the same period last year.

Pre-tax-profits were up 60% from EUR 92.7 million in Q1 2012 to EUR 148.6 million this year. This represents an increase in profit margins of three percentage points, from 76% to 79%.

Another key indicator for the firm's profitability was also on the up: revenues per average megawatt in operation rose from EUR 49,200 in Q1 2012 to EUR 55,500 in Q1 2013.

Whether EDPR's strong revenue growth can continue remains to be seen: the figures for the first three months of 2013 include 515MW of newly installed capacity, 300MW in Europe and 215MW in the US. Going forward the developer has just 84MW of capacity under construction, spread across projects in Poland, Romania and Portugal.

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