EDPR boosts production by 20% but prices slump

PORTUGAL: EDP Renovaveis (EDPR) achieved a 20% increase year-on-year in electricity production to 18,054 GWh with a corresponding 12% increase in revenue.

EDPR has added over 500MW of wind capacity in the last 12 months

EDPR recorded revenue of €1.21 billion while Ebitda was 8% higher at €847 million, according to the company's third quarter results.

On the downside, its average electricity price fell 7% to €60.20/MWh reflecting a decrease in the price of the Spanish pool and Polish green certificates as well as the effect of the consolidation of ENEOP assets in Portugal.

Prices were also lower in North America and Brazil, mainly through the impact of increased production, EDPR said.

Net profits fell 71% to €29 million but, adjusted for one-off costs, the figure was 2% higher year-on-year at €63 million, the company added. 

EDPR added 504MW of new capacity in the last 12 months, mostly in North America and Brazil, bringing its total onshore wind capacity to 9.65GW. Of 788MW under construction 200MW are in Mexico, a new market for EDPR.