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Strong dollar pushes down EDPR revenue

PORTUGAL: Regulatory changes in Spain and higher costs from a stronger dollar resulted in EDP Renewables' revenue dropping by 3% to €1.27 billion in 2014.

ECO 100-3MW turbines at EDP Renewables' Le Vieux Moulin plant in France
ECO 100-3MW turbines at EDP Renewables' Le Vieux Moulin plant in France
Net profit was down 7% compared with 2013, at €126 million.

Selling prices in North America and Brazil were up 5% and 12% year-on-year to $50.8/MWh and BRL 346.4/MWh ($121/MWh) respectively.

These were outweighed by a 10% price drop to €80.3/MWh in Europe, which accounts for 47% of EDPR's total output.

The Spanish government's regulatory assault on the wind sector combined with a lower wind resource resulted in a €92 million fall in revenue to €346.8 million in Spain.

Revenues also suffered in Romania, as green certificates fell to the floor of their regulated collar, while sales rose elsewhere in Europe.

EDPR's global installed capacity grew by 471MW to just over 9GW of almost exclusively wind power, and global production was 3% higher at 19.8TWh.

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