EDP Renewables increased its installed capacity by 10% in the last twelve months, reaching a total of 15.2 GW in the first half of 2023. Overall financial performance was penalised by weak wind generation in the USA due to El Niño weather phenomenon and other non-recurring negative impacts.
Recurring EBITDA in the first half of 2023 totalized 764 million euros, a 13% decrease in a like for like comparison with the first half of 2022, which excludes asset rotation gains booked in this period in the previous year as they will be booked in the second half of 2023.
Recurring Net Profit reached 102 million euros, reflecting weak wind, the cancellation of an offshore PPA in Massachusetts, the impact from a retroactive regulatory review in Spain of the electricity prices assumptions for 2023 and a provision from Romania related to regulatory clawbacks. The company generated 18 TWh of electricity through 100% clean energy, a 1% year-on-year increase.
Recurring Net Profit reached 102 million euros, reflecting weak wind, the cancellation of an offshore PPA in Massachusetts, the impact from a retroactive regulatory review in Spain of the electricity prices assumptions for 2023 and a provision from Romania related to regulatory clawbacks. The company generated 18 TWh of electricity through 100% clean energy, a 1% year-on-year increase.
EDPR invested €2.3 billion in the first half of 2023, with 85% of the €2.1bn capital expenditure going to Europe and North America. The net debt increased to €5.7 billion compared to year-end 2022, primarily due to increased investments offset by the capital increase.
During this period, EDPR added 321 MW of solar power to its portfolio. Additionally, the company brought 147 MW of onshore wind power online from new projects in Italy, Spain, and Portugal. Currently, 85% of EDPR’s global portfolio is onshore wind, 13% is solar (with 4% being distributed solar), and 2% is offshore wind through the OW joint venture.
